[Obadiah]

Oh boo hoo. I had no idea of the consequences of borrowing $100,000. Everybody's a victim, even those taking multiple loans up $100,000 over multiple years. Yeah, no idea what that meant or that I would actually, you know, have to be responsible and pay it back.

The stupidity, it burns. The idea that these people are deceptive enough to even suggest they were a victim is almost unbearable.

[Soul of the South]

“I had no idea of the consequences of borrowing $100,000.”

During the Obama administration the federal government took over administering and providing college loans from banks. It would not surprise me that Department of Education administrators, as well as college financial aid counselors, are not telling students about the implications of taking on significant debt. Clearly parents are not teaching life skills.

It is time to get the Department of Education out of the student loan business. Put it back in the hands of banks, or let the colleges with huge endowments issue loans to students they find deserving. The taxpayer should have zero involvement in issuing, guaranteeing, collecting, or forgiving college loans.

The purpose of college is to teach young people the skills needed to be productive citizens. One place to start is teaching them about personal finance, including the consequences of debt.