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There are other issues to consider. No-one from a poor background would choose to study English Literature or Philosophy if they are going to wind up with $40,000 loan to pay off at the end - so you will see a gradual detorioration in collective knowledge as non-money making degrees take second place to law, accountancy etc. etc.
There is no reason why a graduate tax can not be instigated in place of loans. In fact, being a tax, the system would be more flexible and could lead to raising an even greater amount of cash for the education system than the loan based system, especially as this would mean paying taxes over the working life-time of the person involved.
And of course, it solves the issue of those who recieve the beneifts of a degree paying for that degree, while not discouraging those from poorer backgrounds partaking in a system that should be a right, rather than a priviledge.
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