But borrowing that or much more if you are borrowing living expenses is insane and the government should not be subsidizing it.

Let's face it. Some rich parents will be getting jail time for spending $500K to cheat and get their kids into USC or Stanford, etc. They shell out this money in hope their rich kids meet other rich kids and are not at risk of marrying someone without money.

Not recommending cheating, but if your parents are drowning in money and want to fund a $500K bachelor's degree in American Studies at Stanford with comfy living accommodations - and you can get in without cheating - more power to you.

But borrowing money subsidized by taxpayers to pursue such folly should never be allowed.

We can't even blame your parents because students can ignore parental advice and rack up mountains of debt.