Yes you can concoct contrived scenarios that make it seem like a bad idea to borrow, this is true for any borrowing, not just college loans. There are always such risks in life, yes you could get injured or go broke or get sued. A cost-benefit analysis does not (and should not) include low-probability events or contrived worst case scenarios. You can do a separate risk analysis, get insurance, plan for contingencies, etc., but that is not part of the expected cost or expected benefit calculation.

Getting seriously injured is not an average case scenario, but there are loan deferments for such scenarios anyway. The interest on student loans is quite low, it does not add a “ton” of time to your payback period unless you borrow a ton and pay as slowly as possible.