An awful lot of individuals who were unable or unwilling to make the effort to acquire a certificate of competency in a particular field of study that led to gainful employment, were simply GIVEN loans with no visible collateral, and when the time came to repay the obligation, they had no means of doing so.
Trapped like a fly in a spiderweb, they could only struggle futilely. The new liberal solution? ALL college level education should now be “free”.
Not everybody is college level material, so this casting of seed on barren ground is futile at best. The striving and deprivation that are involved in the years of acquiring the necessary training or mental discipline are themselves a means of forging a productive and satisfying lifetime.
Not to say, that those who either by talent or by inclination, do not seek a college degree, are in any way a lesser person than the student who had prepared in advance for college. The problem is, that those who prepare for trade work hare held in lower regard than those who aspire to lofty professions.
But plumbers are as important to any society as philosophers, and any economic model that results in making either plumbers or philosophers of lesser value, shall find that neither their pipes nor their theories hold water.
When the govt loans some mope 100,000 for a degree in Black studies, you have a sub prime bubble.