Bankruptcies are not a cure all. They are a way to force creditors to work with debtors to either get the debt to where it can be paid back, or git rid of debts the debtor will ever be able to pay. The idea is to prevent usury or debt servitude. It also has the effect of introducing a risk to a loan where the lender can lose their money, and has to consider if it is a good idea to write the loan. Student loans are risky, so the government guarantees them, but even so the default rate is high. Perhaps our focus should be on figuring out why so many loans default and working on bringing expenses and outcomes to an alignment where people don't default.