The Student Loan industry is an unmitigated failure, regardless of which side of the political aisle you fall on. I don't need to list its screw-ups, other than the fact that it's so bad that the government has discussed bailing everyone out of it. Oversight, monitoring, and accountability have been found to be seriously lacking in its K-12 spending, while the aggregate results of seen in student performance have been well below acceptable.
We should be spending on education. But how the funds are being used is an issue.