I like that this works for both readings.
If you say to yourself "Obviously the solution is to eliminate federally backed student loans" that's political suicide because it means most people can't have a tertiary education (even if at some future date this chance means the institutions charge less than today)
If you say to yourself "Obviously the solution is to make tertiary education free at point of use" that's political suicide because it means a big tax hike to pay for it, plus either an unprecedented interference by the state in the operation of non-state entities offering education OR the state builds loads of extra institutions in competition with those pre-existing non-state establishments.
Of course, never say never, twenty years ago who'd have guessed major US politicians would be saying actually maybe we should just have single payer healthcare?
https://www.benefits.va.gov/gibill/montgomery_bill.asp
Bonus points.. you learn skills/trades/work-ethic/survival-skills/basic-medical-training, and will be useful in an emergency for the rest of your life.
1. Students are price insensitive for college if they don't have to pay for it up front.
2. Banks are incentivized to loan unlimited money to students because the federal government guarantees the loans with zero exceptions-- the bank gets repaid no matter what, so it's very low risk.
3. Colleges and universities are incentivized to increase tuition, because the demand curve is almost completely flat because of 1 and 2.
The solution seems obvious to me: stop guaranteeing student loans, and stop subsidizing them. But nobody want to do it because it's political suicide.