Colleges are run as a business model because they cannot continue without the money. There are a number of colleges that have been taken over or closed because they could not make ends meet.
The story is that the cost to educate a student is not fully covered even by full tuition, but the student/parental contribution portion of college finances is important. Many colleges are need aware for that reason. They don’t want to admit students who cannot make the cost. Most colleges, however, simply gap. Take it or leave it. The financial aid package st those schools are comprised entirely of federal and state monies. They have no coffers to give out aid. Maybe some merit money.
The idea behind paying for college is with parent/student past, present and future earning. Those parents who are concerned about this from the get go start college funds, 539s , something for the future if financially possible. The old piggy bank, savings account, savings bonds are staples in my family for college money from an early age. Then when the kid is off to college, families tighten the belt as they make payments out of current paychecks, maybe take a second job, stay at home parent gets a job. The student is expected to contribute too with current income from summer and part time jobs. If savings and what can be used from income is not enough, future earnings in the form of loans are tapped. That is the model.
The problem come when there are little or no of insufficient savings and not enough that can be gleaned from income, and people think they can make that up from future earnings, ie loans. When you couldn’t save enough, make enough to make up at least 2/3 the cost of college, to think you can schloff it all off into the future is usually unrealistic.
I would not look at the consequences of too much stuff loan debt from the lens of sensationalism on part of the media. Doubt very much very many, in fact hardly any, are leaving the country just because of student loan debt. Makes a good story. The debt plus interest will be awaiting these expats if and when they return in those cases.
Not to say student loan debt isn’t causing horrible problems. For those students who don’t have family support in getting started in living wage jobs, having a monthly loan payment on top of trying to get s career launch is a tremendous burden. Then if parents took on PLUS or co-signed loans, and they aren’t able to repay them, it becomes a debacle. Instead of becoming a springboard for success, college has become another financial burden.