Maybe. You might also underestimate how hard it is to basically give up on your dreams after putting a ton of time and money into accomplishing a goal.
Say there's a student with $30,000 in undergraduate debt and a 3.9 GPA in animal biology, good test scores, and a boatload of volunteering. Do you really think they're all the sudden going to think "Wait.... this math doesn't work. I better bail and throw away most of the hard work I've already done." Even if that's the correct decision (and from what I've seen, it probably is for many if not most people), that's not how people actually think or act.
It's a tough spot and I just think it's easy to say "Meh, I wouldn't take on all this debt" if you are actually in a position not to (rich parents, super cheap state school and/or scholarship) but in reality this isn't going to be how most people think. Hence we have a higher education bubble and too many vets (which I guess benefits me... as Saint Bernards are expensive
)