It is cut and dried: there is a sucker born every minute and two to take their money. In this case, “their” money will become our money as I am sure the nanny state will have us under write the loans these dolts took out.
There is an interesting parallel to the sub prime debt culture. They were preyed upon, in the words of the government, by the banks and mortgage companies who pushed through ridicules mortgages knowing a good number of them could never be paid back. So, I guess the government will only be too glad to gloss over this problem with another trillion of debt.
Critical thinking and math skills are so lacking now, fewer and fewer of our young adults cannot put together a simple budget and extrapolate how much income they need to service debt and living expenses. Whose fault is that? The government that runs our education program is primarily to blame here IMO yet it will shift that blame onto those who preyed upon the dolts who took the bait and the result is the government will become the enabler by way of my wallet.
Then "we" shouldn't give out loans to everyone who asks for them. If I go to my bank and ask to borrow a million dollars to take a lavish vacation to Monte Carlo, they'll laugh in my face. I have no ability to pay back a million dollar loan and nothing for them to recover when I default.
Loaning someone $100k to attend a worthless college is irresponsible lending. They have degrees that aren't worth the paper they're printed on, they're working entry-level jobs. How are we, the taxpayers, supposed to recoup our losses? You can't draw blood from a rock.
These loans should've never been made in the first place.