Suppose it was discovered that B of A,  JP Morgan Chase, and other banks had actually been making, not losing money on defaulted subprime home mortgages, and in fact made more money when the loans defaulted than if they remained in good stead.  Now, suppose further that it turned out that Fannie Mae had a similar perverted financial motivation that gave it a clear preference for loans to default. Finally, suppose that even the Federal Housing Administration actually realized a net profit on defaulted subprime home loans.   This is, in fact, precisely analogous to what is happening, and has been happening for years for defaulted, FFELP, student loans- which comprise the large majority of all student loans, nationally.
Government Profiting on Defaults

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No, it's not possible for student debtors to escape financial devastation by declaring bankruptcy.