You could design a program that works for trade schools as well.
It could also be set up that it's in the banks best interest to give out the loans, there isn't the same risk associated like there was with the housing market.
Trade schools seem to have a significantly lower number of potential drop-outs/fuck-ups than the broader college system. The risk isn't the same as with the housing market, but there's still a great amount - not every student is going to pay back their loans *OR* the banks make the application process more rigorous. The problem is that while people have the option to rent property versus owning a property, there isn't a direct correlation for the educational/job market.
The traditional blue collar/white collar situation simply doesn't exist and we have people with Master's degrees making $40k per year. There's no established formula for success--rather, the established formula has proven to be wrong. I think it's finally falling upon the colleges and universities to prove their institution's worth. I'm still more than a decade from sending a child to college, but I can't say I have faith that a degree will be worth the investment.