When a system is so rigged that the only way out is to declare personal bankruptcy isn't a solution.  Filing for bankruptcy is a stain on your credit rating that doesn't come off.  It impedes your ability to get loans of any type.  When your credit rating drops any loans or credit cards you are able to get have sky high interest rates.  So, you are victimized again and again.  Students should be protected by consumer protection laws.  As for students and their families, they should be made aware of the risks they assume when enrolling but they should also be able to file malpractice claims as you would against other professionals.