The predatory part is not the lender but the educational institution itself by over-selling the value of the future diploma/degree without an eye toward the ability to repay the loan. In addition, these loans are the financial lifeblood of the institutions that allow them to run up tuition rates, fees, room/board, etc. Without this cash infusion, the institutions would have to find ways to keep costs in line and stop gold-plating every aspect of their offerings. This is also why most baccalaureate programs have class hour requirements in excess of the typical load taken per semester to allow a 4-year graduation plan.
We are paying for all our children’s Associate degrees. Past that, they are on their own.
My oldest is finishing his BA and plans to go to law school. He went to local schools, did not live on campus, and had academic scholarships. After law school, he will have about 100k in debt.
My middle child took a year off to deal with a medical issue. He will graduate with about 14k in debt.
My youngest is still in high school. He will probably out-earn them all or live at the poverty level. Such is the fate of a lot of people with Asbergers.
Great thing about this combination is that it forces them to go into a field that will pay.
Basic basket weaving underwater lesbian dance theory is not a viable major.