Big Wall street banks love them because they can loan billions to high
risk borrowers and the taxpayers guarantee the loans
Schools love them because they can raise tuition knowing the govt.
will provide the financing.
Politicians love them because they can appear they are helping
students when in reality they are raising costs which strengthens the
cycle of dependance on loans.
Meanwhile the middle class pays higher taxes and higher education costs.
Students are saddled with overwhelming debt that is not discharged in
bankruptcy and can be collected by extraordinary means.
This is a perfect example of lobbyist and special interest groups
using govt. for their benefit. Anyone who criticizes it is labeled
selfish and evil for denying young adult when really it is the Fed. doing the harm.
