Student Loans are a huge transfer of wealth from young Americans to University administrators and professors, who usually earn well into six figures. To pay those admins and professors, the universities raise their tuition.
A well intentioned program has gone completely off the rails and young Americans are the victims.
The program was never intended to put young Americans hopelessly in debt so that Univ. admins and profs could drive $100,000 cars.
“.....a huge transfer of wealth from young Americans to University administrators and professors....”
Exactly!
It is/was a racket and I am shocked none of medias (theirs or ours) focus on that.
There should be a special assessment on all university endowment funds and/or operating surplus until these loans are liquidated.