It's accurate, but the top 20% of the country pays 80% of the tax revenue. So really it's just "the mildly competent and up" pay for the loans.
I personally would prefer it if we went back to pre-sallie may days where only our gifted were able to get federal student loans to go to school, and only under extreme scrutiny of if it was statistically likely you'd be able to pay them back with a good job afterwards. Either prove you're good and worth the risk, or fund it yourself, y0.
I digress. Cool for a lot of idiots who haphazardly stumbled into college because they felt social pressure and just signed on with whoever would give them a loan under whatever terms without doing any ROI analysis.