The current bankruptcy law was a reform. Graduates were declaring bankruptcy ASAP as the fastest way to get out of debt. Lenders were then reluctant to make any loans unless fully secured by cosigners. That state of affairs hurt the poor the most.
The real problems are worthless degrees (as you noted) and the absurd tuition. The cost structure is way out of whack. Quality education could be offered for far less, but as long as everyone can get loans there is no incentive.
I think a good reform would be to limit the amount the government will secure to what can be repaid in the field of study in a reasonable time.
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