The road to hell is paved with good intentions. It's a good idea that everyone that wants it should get an education. The underlying problem is - exactly like healthcare - the system is set up to INSURE PAYMENT. This causes 2 massive problems.
1st - It creates an artificial monopoly in higher education's economic solar system. Econ 101, monopolies only benefit suppliers. There is absolutely ZERO incentive for the suppliers of education to keep costs down. The cost of education continues to rise unabated.
2nd - And to the point of the article, it burdens a generation of people with debt they can't get out from under - ever. Consumer debt is 100% modern day slavery.. Now if someone is going to be doctor, engineer, lawyer, architect etc then you can argue the 'investment' is likely to pay for itself. But the majority get a liberal arts degree or do something professionally that relegates the education to consumerism.
So yes, I'm advocating for turning the system on it's head for the long-term good of common person.
As it sits, these Student Loan organizations get draconian laws written so that people can never get out from under the debt. For example, if you have a real estate license in the state of WA, if you get behind on ONE student loan payment, they pull your real estate license - your means of making money.
Going full circle, the article is suggesting if people are forced to spend their expendable-dollar on debt, they won't spend it in the economy - thus no economic growth.