The government will give out a loan to students for basically any reason, as long as their family doesn't make too much money. Think about the insanity of that kind of investment practice. No "business plan", no estimates of ROI, no collateral, little to no grade submissions. It's a bad way to invest.
If a student is going to get a loan, what I think the government and banks should do is require them to file a proposal explaining how they plan to recoup the cost of their education using real, hard market data. If you want to become a archaeological historian, you need to research what sorts archaeology jobs are in your neighborhood and what they will make.
Sounds good in principal, but would require a very large investment in a bureaucracy to carefully evaluate and vet the load applications of every student in the country.
If a student is going to get a loan, what I think the government and banks should do is require them to file a proposal explaining how they plan to recoup the cost of their education using real, hard market data. If you want to become a archaeological historian, you need to research what sorts archaeology jobs are in your neighborhood and what they will make.