The education loan flood is eerily similar to the fannie mae & freddy mac debacle. It is based on the same assumptions. Free money! The principal difference is the house mortgage borrowers can default if they can't make the payment. They can just dump the house. But student loans stay with you forever! It is a financial policy return to the dark ages. It also caused, it can be argued, the massive spike in education, just like when housing went up.
How about we let the kids who are up to their eyeballs in debt for a useless degree, give it back? Since they got talked into 'buying' this degree, let them give it back. They don't get the piece of paper for the cushy job that was promised, & the banks & academia have to cancel the loan. Let them take a hit on their predatory lending practices, not just dump it on the student (and their parents).
The promise of easy money is never kept. It may drag on for a while, but like any ponzi scheme, there will be an end, & it is usually bad for those left holding the bag. The housing loan scam from the politicians with easy money for everyone was one. The student loan scam will be next.
America is the only country that went from barbarism to decadence without civilization in between.
"Those who steal from private individuals spend their lives in stocks and chains; those who steal from the public treasury go dressed in gold and purple."
Marcus Porcius Cato
"The world is a dangerous place to live; not because of the people who are evil, but because of the people who don't do anything about it."