Your post is so unrealistic it's not even funny. It's the super rich kids who don't want to work and who have never worked for a living. It's the middle class kids who have to work while going to school. They struggle to pay their student loan debt after graduation even if they can't get a job after graduation! I saw a youtube video about a young girl who graduated with an enormous amount of student loan debt after graduating, who had to work 3 minimum wage jobs to support herself and pay off her student loan debt, because she could not find a job in the field she had studied for. You don't know what you are talking about. The banks are making a killing off these student loans because these kids and their parents cannot afford to pay for college.
Originally Posted by SassySue
Actually Sassy, you are the one who doesn't know what you're talking about. The banks are NOT “making a killing off these student loans”. In fact, they don't even offer many programs anymore since the federal government now runs most of its loan programs directly. So you need to find a new scapegoat. Why don't you blame the colleges? They've been raising their prices at double or triple the rate of inflation each year for the past 4 decades! That's why middle-class parents can no longer afford to pay for college for their kids. It's the COLLEGES AND UNIVERSITIES who push all this debt on new students. They rake in millions of federal loan dollars. They use this money to overpay their professors, add bloated administrative staffs, and make the cost of college completely unaffordable. The correlation between the availability of federal student loan programs and soaring college tuition costs is overwhelming!
To help you put this into perspective - if you took all of the credit card debt in the US today and added several hundred billions to it, it would still be less than the amount of student loan debt outstanding! We now have over $1.2 trillion in student loan debt - that's a national disgrace!
You and Bernie Sanders and Elizabeth Warren like to accuse those “greedy bankers” of so-called “predatory lending” don't you? According to the left-wing narrative, during the housing bubble the banks pushed too many poor suckers into buying houses with mortgages they couldn't afford, right? So where is your outrage (and Elizabeth Warren's outrage) at the colleges and universities? They are heaping mountains of debt on unsuspecting 18-year-old students who have zero income, no collateral and no financial sophistication. That sounds pretty damn “predatory” to me. When are you going to direct your anger and frustration at the right culprit?