So much of this is incorrect

>the government took them over during Obama's time.

The government did not take over student loans during Obama's presidency. From the 1990s on, there were two types of federal loans with the exact same amounts and interest rates. Direct loans or FFEL loans. They consolidated all federal loans into the direct loan process.

>well educated well paid teachers would never cost 70k a year

Ok, and you can't borrow $70k per year in federal loans, at least not as an undergrad. Undergrads can borrow a few thousand dollars a year in federal loans.

>could set limits for the cost of education

How? They can't even set limits on the price of insulin. How are they going to get 3000+ entities to agree on a price?

Look, student loans are a massive problem. I personally think the answer is to stop requiring a college education for every single job, to make sure everyone gets a living wage for full days work, and for the feds to stop giving any funds to private schools and colleges, but that's a mich bigger problem