The point is that students should repay their debts, but there's more to the story. It's not an open-and-shut case. The colleges and universities are running a racket, and the federal government and high schools are helping them do it.
I agree with everything you stated above this paragraph that I quoted.
The problem is with the idea that every student requires the same education and that every student is created equal. The reality is that not everyone is suited for college and some are better at a trade, while some are just lazy and want to fail at life. Once you hit grades 9 thru 12, you should be given the option for an education that concentrates on a path through college or trades. Heck, you can even have studies in retail/restaurant management for those who might work in those industries during high school.