No. Loans should be based solely on the ability to repay.
I agree that not everyone is college material but, who makes that determination? I don't like testing and think SAT's are a lousy indicator of performance (Disclosure: I only scored 990 on them). A life long friend of mine graduated top of our high school and proceeded to fail out of college.
If a borrower decides they'd like to indebt themselves and go to college, let them. I also support the notion that federal loans can't be forgiven in a bankruptcy. I want my tax money back.
I reject your, "Lured," assertion. People make their own decisions. If they decide to take on the debt and take their chances with college, that's a decision they need to live with. A college degree guarantees nothing, it just makes options available.
After other addition:
That's a persuasive argument. I'm not entirely swayed your way yet but, the "value of the underlying asset," is something to consider.
Your notion isn't offensive, in my opinion.