That's where all of the ill-gotten, hiked up tuition revenues went to.

Better yet, clawback all university endowments in excess of $500 Million to turbo the non-performing student debt and release these people from their debt slavery. You could wipe out the bottom ten percent of the entire chunk of student debt just with Harvard, Yale and Stanford alone (combined $100B in endowments)

I would rather have my countrymen free of non-dischargeable debt that is a millstone around their purchasing power than to have them "honor their contract" with evil people.