>If you're getting a necessary degree, it's very uncommon to default on your loan because you'll be in demand and getting a decent wage. Banks understand this fact and will do the math to give a loan anyway.

Why doesn't it make economic sense to declare bankruptcy in any situation, even if you're a CS major from Stanford, at 22 when you have nothing if you've got a loan in the six figures and IF you're allowed to do so, which is what you're implying (loans that aren't guaranteed)?