I believe loans should only go to students that are seeking degrees in high demand areas (Engineering, Medical Sciences, etc). You want a degree in Gender Studies and lesbian dance theory? Hand over the money up front. That would reduce the cost of college due to colleges only offering in demand degree fields. And the supply of useful idiots getting loans for a degree that qualifies them to be a barista for the rest of their life would dry up.

Government is like a baby: An alimentary canal with a big appetite at one end and no sense of responsibility at the other. - Ronald Reagan

For why should my freedom be judged by another man's conscience? - 1 Corinthians 10:29