The same rules apply to college loans. The loans increased demand and allows the market to bear higher prices. What happened next should be a mystery. Yet the plan to fix it is either debt forgiveness (not a solution per se) or more loans.
The failure to see the pattern is a failure of the US higher edu system. The irony funny. Sad but funny.
Japan tried to push 99 year mortgages back in the 1980s and they didn't last long until their property values collapsed.