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Yes, but when the school craters and the DOE forgives the obligation, we taxpayers pick it up. The putative student has the dreams, we get the expense. As they say, when you are in a hole, rule #1 is stop digging. Instead of proposing actions to limit the damage to taxpayers - take a look at the Democratic House agenda. They are holding hearings to skewer loan servicers who made mistakes in informing borrowers of their cheapest options. This is not rearranging the deck chairs on the Titanic, this is waxing a polishing the deck chairs on the Titanic. Jut listen to Sen. Warren - she gets very exercised about minor errors made in servicing loans, but she has nothing to say about the enormity of the burden being off-loaded on taxpayers.

I had a medical school graduate come to my office a couple of years ago - with what was then $588K in student loan debt. All of it federally guaranteed. He graduated medical school and could not get accepted into ta residency program. He then complete a masters degree in a health sciences field, all paid for with student loans. Tried for residency again, did not get any acceptances. Goes back for yet another masters degree in a health science field, and returns to the residency lottery and comes up with a goose egg again. At the time his $588K came off of deferment - the minimum monthly payment was $8100. He was making $1200 a month tutoring children for standardized testing.