Dutch here. We also have huge debt, on average. But if we lose our job and don't find one within 1 year (of unemployment benefits) and welfare after that isn't enoughh you can still sell your house. You can't really sell your degree to make up for the debt.
That being said, someone in the US also easily earns double salary compared to Europe and has lower taxes.
That being said, someone in the US also easily earns double salary compared to Europe and has lower taxes.