Thanks, Gene, for this article. When the banks got the federal government to guarantee student loans so they did not have to worry about defaults, they not only began to hand out money hand over fist, they became predatory - actively soliciting teen-agers with tempting brandishments who did not need their parents' consent to yield to the banks' enticements. Of course, colleges & universities got on the band wagon big time, raising their tuition much higher than inflation year after year because their "customers", the youngsters, were being enticed by the banks into taking out extravagant loans. "Don't worry, Kids, once you get your college degree, you'll make so much money you can pay back these debts easily." NOT!!! Of course, parents were left out of the loop - the kids could take out loans without them knowing, and the banks and the universities took advantage of them and their parents. It's been a racket all along. There's no solution for the future until the collusion racket is acknowledged and stopped. From Jeannette in Michigan
Thanks for the read and for the catch!
Thoughtful analysis. Possible typo in paragraph 7; probably meant to add the word “debt” after “higher student.”
Thanks, Gene, for this article. When the banks got the federal government to guarantee student loans so they did not have to worry about defaults, they not only began to hand out money hand over fist, they became predatory - actively soliciting teen-agers with tempting brandishments who did not need their parents' consent to yield to the banks' enticements. Of course, colleges & universities got on the band wagon big time, raising their tuition much higher than inflation year after year because their "customers", the youngsters, were being enticed by the banks into taking out extravagant loans. "Don't worry, Kids, once you get your college degree, you'll make so much money you can pay back these debts easily." NOT!!! Of course, parents were left out of the loop - the kids could take out loans without them knowing, and the banks and the universities took advantage of them and their parents. It's been a racket all along. There's no solution for the future until the collusion racket is acknowledged and stopped. From Jeannette in Michigan