That may be a problem, but it's a bit beside the point I was making. Whether or not college costs & therefore debt is increasing as a result of easy loans says nothing about the job prospects of graduates from bachelor programs. Even if we posit a world where the loans didn't exist, college costs were lower, and therefore just as accessible as it is today then we still have the same underemployment problem. If such a change instead resulted in more students learning a trade, we still have to same downward pressure on trade wages because the labor supply increases relative to demand.

With or without government subsidized loans, there is a jobs market issue.