College is a silly luxury for most people. They just party around for 4 years and now obama wants to take money from you and give it to them. Do we bail out yacht-owners who can't make their payments?
Well it seems you have no concept of the situation facing millenials so I will explain it to you.
Back in the day, baby boomers were able to get jobs and be trained at that job to do other tasks. Today that is rarely the case.
Today, to get a number of jobs, you need a college degree. Many of those jobs really don't require 4 years of additional education like salesman or insurance agent yet to get those jobs, you need one. Even trade jobs need a certificates to get at a technical college. You use to be able to go to the union hall, work as an apprentice and learn a trade. Now, you have to go to these high priced technical school, spend 30K to learn a trade that might only pay $15/hour to start.
So companies are looking for bachelor's degree graduates to where now you need an associates or bachelors degree to have a chance at a good paying job and even that doesn't guarantee you anything. So these kids don't have any other options but to go to school.
Then you have colleges raising tuition because of decreasing state funding and the fact that they know these kids need a degree to get a job. So they can jack up the rate with no standard to hold them to. Not a shock that colleges came out against a DOE standard ranking that ranks employment of graduates and salaries.
I understand the value of an education. People should strive to be more educated and the quest for knowledge should always be the goal of universities but right now, businesses are taking advantage of colleges for a job training center that they don't pay for and that wasn't what colleges and universities were created for. It was for the free exchange of ideas and to challenge yourself intellectually.
So to summarize. Rising tuition, lower amounts for scholarship/state funding and no true alternatives for young people have lead to the out of control costs of college which leads to high student loan debt. And people spending all their money on their student loans aren't going to be good for the economy because that could be money spend at other businesses.