The student loan crisis is, like many other stories, based on greed and corruption. Tuition is so high and criminal, and this is the direct result of Government-backed student loans. This of course created more students, generated more revenue, and allowed more hiring at the administration and staff levels(diversity provosts, etc).
Students that had to go wildly into debt did so to pay for all of this waste (graft).
So, how do we get out of this fine mess? The first thing should be to change the law to allow students to declare and discharge their loans into bankruptcy. This solves the problem of the students being buried by debt.
Also, get the stupid Government out of the student loans business. If students had to go into the private market to get loans, some market discipline would emerge.
The result would be fewer students, tuition would fall, and some schools would even shut down. It would also force students to think long and hard about what they are going to study, which would put pressure on universities to cut the less valuable departments.
This won’t happen though. The robbery of middle-class families will continue. Parents think they have to do this for the future of their children.
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