>>It’s way past time for some enterprising lawyers to craft a class action suit claiming fraud in inducement of students to take out these loans.<<
Where the heck did I logon to today? Bizarro-FR??
Just who in the heck is the “inducer?” The student applied to the college, applied for the loans, went of their own accord and kept signing loan documents! What was the fraud? I know I was never promised a job as a result of college — I personally assumed that it would increase my CHANCES of getting a BETTER job.
Or did gray matter just disappear in a few generations?
The government, and both public and private colleges are brainwashing kids and parents from an early age to believe that it makes sense to invest heavily in “college”. The government gives special tax treatment to student loans, regardless of what sort of studies they’re used for — just has to be on the government’s list of “eligible” schools, and that includes all sorts of worthless schools and worthless programs of study. Poorly educated people have no clue what sort of college is worthwhile and what sort isn’t, and both high school and college counselors are always happy to point to examples of people who majored in some fluff humanities field and went on to have great careers — leaving out the part about the Ivy League college, the subsequent top 5 law school or business school, and the well-connected parents.