In Australia we just have more regulation and standards on what gets to call itself a university and so is allowed to offer "commonwealth supported" courses. There are still "University of Phoenix" type places around but because they can't call themselves a university they don't trick many people (they mostly prey on foreign students).
In our system the government sets prices and directly pays the education provider for "commonwealth supported places". The student has to repay the government only a part of that cost, and it is indexed to inflation and you don't have to make repayments until your income is around ~$50,000 AUD.
As an outside I think Americas two big problems with higher education is the lack of national standards, which is feed by your student loan system.
In our system the government sets prices and directly pays the education provider for "commonwealth supported places". The student has to repay the government only a part of that cost, and it is indexed to inflation and you don't have to make repayments until your income is around ~$50,000 AUD.
As an outside I think Americas two big problems with higher education is the lack of national standards, which is feed by your student loan system.