Student loan debt is a huge problem. While there is a claim that 60% of student debt is owned by those who are 'rich and upper class' (earning more than $74,000 a year), most of those people started only being upper class after they got educated, got a job, and got settled with a lot of debt (after all, why would a trust fund family or the rich take out student loans when they could just pay for their kids to go to college upfront and be done with it?). Basically, it is a situation where people are pretty much given two options: get into a higher tax bracket while suffering from enough debt to make their gains almost meaningless, or stay in their current tax bracket indefinitely.
Why don't people feel like they need degrees? Well, many jobs are using software that basically can throw your application in the trash if you do not have a college degree or have a certain gap in your work history. All of this causes a problem where depending on where you live, not having a college degree or not having a certain amount of work experience means your application goes into the trash before you even get an interview. Many of these programs are implemented by companies that run bulls*** jobs: jobs created by middle management that do not have too much real utility and - in some cases probably would not require a college degree, but you probably would not be able to get one of these jobs without a degree. The concept of these jobs was introduced in the book Bulls*** Jobs: A Theory by anthrolopologist David Graeber.
While education is important, this system forces some people to try to put themselves in debt to get a job they could have done without a college education and might not serve much of a functional purpose in the long run. In fact, without companies using algorithms and techniques that prevent people from getting these jobs without a college degree, these people could probably work such jobs to sustain their families or earn enough to eventually go to college without putting themselves in debt. Another alternative is to have some of these meaningless jobs can be removed while focusing on making education more affordable.