It makes a lot of people start their working life in serious debt. Others opt never to work, and thus avoid re-paying the loan; others leave the country so they can start with a clean slate.
If we want a well educated workforce so we can compete in the 21st century then we should acknowledge that we have to pay for it. The alternative is a poorly educated low wage McJob economy.
(I am not, nor ever have been, a university student.)