Federal loan programs (subsidized, unsubsidized and direct PLUS loans) still means that the average student is able to borrow a substantial amount of money without really considering their eventual ability to repay. True, it's not "limitless", but I think that's fair use of hyperbole.

I went to college at 27, and the money was sort of limitless. The free money was pretty limited (grants and direct loans), but there were enough usurious private lenders to keep you in debt for the rest of your life.

My son qualified for $100 a year in federal loans. To my dismay, he actually took that loan. I had to have a conversation with him that it is better to just pay the $100 and not have the possibility of missing payments, getting interest and penalties, etc... Everything he has is a private loan which I cosign for -- and with an 850 credit score, I didn't get anywhere close to the advertised interest rates.