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Someone who makes 50K a year w/ 0 assets shouldn't be able to take out a mortgage for a million dollar house. The solution to a system that allows them to do that is not to have taxpayers cover the mortgages, but to make sure there are consequences to banks giving them out.
Similarly, someone shouldn't be able to take out 200K to get a degree in gender studies or another field that would make it unlikely they could ever pay it back, but they can now because those loans are financed by the government.
We should have a system where, like with other loans, you have to make the lender responsible for only giving out loans that are likely to be paid back. The solution isn't to reward bad loans, but to create real consequences for them.
Further, if you make universities be the lender, they won't artificially inflate their costs because that would lead to a bunch of people not paying them back. Especially if they can discharge those loans in normal bankruptcy situations.
