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Well, here in the US we circumvent that by only charging the rich whiteys and basically giving the vast majority of minority students very large scholarships. We have need-based grant programs as well. The Pell Grant and Stafford program kicked in a lot for me each year. Some of it was grant, most of it was loans.
And, I think student loans are an excellent way to achieve the goal of having individuals attend school now, becoming more producting -- and wealthy -- members of society, and then letting the student pay off the loans over a large period of time. It keeps smart people from getting a free government leg up on the backs of the less smart people, but achieves the goal of allowing those who cannot afford school to go to school. The one drawback is that this will sometimes prevent students from going down an educational path that leads to less likely income (such as art or drama). For me, the decision between graduate school in English vs. Law School was largely economically-based.
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