Because it’s a predatory loan.
If you get a loan to buy a car – and then don’t pay the loan – they take the car. There was a collateral value to the loan.
If you get a loan to get an education – and then don’t pay the loan – they follow you for the rest of your natural-born life. They will sue you, garnish your wages, impose civil penalties, etc.
A car is a car. An education is the one thing that guarantees our society’s stability.
We shouldn’t be preying on people that are contributing directly to the betterment of society.