The people who put a gun to his head and forced him to take out those loans should be prosecuted!
He doubled down on stupid by following a philosophy degree up with a master’s in creative writing.
Anyone who lends $20,000 to an 18-year-old for any purpose ought to be holding the bag for the loss - alone.
The problem is not that 18-year-olds are defaulting on the debt. That was inevitable. The problem was that these loans were made at all, which is what people who have been paying attention to the issue have been saying for decades now.
It’s funny, when the Boomers went to college it was practically free, or affordable enough to be paid on a part-time job while going to school.
Why does it cost as much as a house now?
In exploring these questions, not in demonizing defaulters who were largely coerced via immense social pressure into signing documents they did not understand, is where you will find the truth of the matter.
Their Baby Boomer parents and Greatest Generation grandparents put in place policies that sent the price of a college education through the roof by loaning money to anyone who asked for it while at the same time requiring a college degree for every job that paid over ten bucks an hour. Any job that didn't require a college degree was either shipped overseas or replaced by imported slave labor who worked for peanuts.
There's blame to go around.