In the US, if you do this, you still owe the money. It is true that subsidized student loans are not dischargable by bankruptcy. However, as a practical matter I don't think it matters: car loans and student loans have essentially the same default rate: 11% vs 10%,Because in an extreme case I can park the car, call the loaner and say "Come pick up your car, Im done with it."
How dare me! It's been literally hours! Don't I have anything better to do!and you have received two answers, and you have addressed neither.
In any event, I think the more germane response was that nitsuj had an expectation that a particular college degree would entitle him to a given future income, and that didn't happen. There was a famous 2008 US News and World Report article claiming the Net Present Value of a college degree was - on average - $300,000. The key to that is - on average - as they say "your mileage my vary".