That was a good thing and Biden was right back then, to side with reason, above establishment. This is why you no longer have to have rich parents to be college educated. Previously, only they could get approved for such a large loan. You can't give bankruptcy protections back to federal student loans, you can only take away unsecured loans for students.

Investor funded federal loan programs had been established putting real college in people's grasp and that was held back by the bankruptcy block. With that inappropriate issue in the way, they thrived....too well.

The government failed to do its duty to then protect consumers as everyone watched the 20 year slow motion train wreck, crash, burn to the ground, and only now come t sweep up the ashes of Corinthians and ITT Tech.

The population grew and the amount of student borrowers grew, giving investors profitable returns. This was despite the well known terrible amount of repayment failures. Allowing more barrows, with less regard for their realistic ability to repay, just increased that flow of profit. The desire for unrealistic equability in loan acceptance through it into overdrive. It became a ponzi scheme at its heart, which was unsustainable, crashing and burned big time.

Life and many things in it aren't equitable; pretending they are just hurts those who did have extra opportunity and/or did work extra hard. The equitable crusade is a selfish and nefarious one.