Making it riskier to lend to students again is a pretty regressive policy. It will definitely decrease the average student debt burden, but only because you'll be denying people the opportunity to incur the debt (and go to college) to begin with.
You're ignoring the feedback loop here. Supposedly wider availability of loans didn't increase enrollment, just tuitions. Before 1993 student loans weren't riskier for the lender. The government was on the hook for the loan if the student defaulted. The lender was never in danger of not getting their money.
