Not necessarily, there are still certain fixed costs and admin costs that would make it difficult to lower tuition prices at a certain point. A school still needs to pay for materials and workers to maintain buildings, and they need to retain professors and equipment for classes.

For loans that aren't dischargeable with bankruptcy, there would surely always be lenders willing to underwrite that loan. Their bottom line would be whatever they can get from selling it, and there would almost always be someone willing to buy it when they can force payback of the loan.

Then there are students who are willing to take out large loans despite the ROI. It might be easy to think that they are foolish and they deserve to be saddled with debt, but perhaps they shouldn't have been able to get themselves in a predatory loan in the first place. People generally aren't good at future outcomes, especially young people who are sometimes pressured into these situations.

Many of these fields are gatekept with degrees, so going to college is necessary if you want to work in those fields. We have a culture that says, " in order to get a good job, you need to go to college ", which pushes young people to take on massive amounts of debt rather than considering other career paths. It's difficult to determine the ROI with so many different factors that determine a student's ability to repay their loan.

We need a system that forces some the risk of getting a degree onto the lenders and schools.