Here. Excellent analysis of the problem, but he also offers solutions:
For higher education, the solution is more value for less money. Student loans, if they are to continue, should be made dischargeable in bankruptcy after five years — but with the school that received the money on the hook for all or part of the unpaid balance. Up until now, the loan guarantees have meant that colleges, like the writers of subprime mortgages a few years ago, got their money up front, with any problems in payment falling on someone else. Make defaults expensive to colleges, and they'll become much more careful about how much they lend and what kinds of programs they offer.
[. . .]
Another response is an increased emphasis on non-college education. As the Wall Street Journal has noted, skilled trades are doing quite well. For the past several decades, America's enthusiasm for college has led to a lack of enthusiasm for vocational education.
Absolutely right. The notion put forth by the foolish Obama and others that anyone can profit from a college education is absurd on the face of it.