The entire premise is based on a questionable foundational assumption. The argument goes that you pay for an education but that can’t be taken back in bankruptcy proceedings or recovered when defaulted on. I’ll agree that what people pay for is an education, but what makes that education valuable in terms of employment is the paper that proves you have it. If the college won’t validate your attendance and degree what do you have except an unverifiable claim that makes you indistinguishable from candidates that don’t have a degree?