The blame lies in government policies that dispensed with any pretense of due-diligence when underwriting education loans. Students could borrow whatever the colleges charged, so they did. That's why college tuition has risen 1200% in the past thirty years.
Most eighteen year old kids don't understand what a burden repaying a loan can be, since most of them have never earned a single honest dollar in their lives.
Most eighteen year old kids don't understand what a burden repaying a loan can be, since most of them have never earned a single honest dollar in their lives.
Exactly right. What sensible lender would give someone an equal amount of money to pursue a chemical engineering degree or a history of dance degree? If college loans were a free market then lenders would be checking your transcripts and potential even more diligently than do colleges.