The Student Loan Scam
30th April 2022
Currently there is somewhere around $1.6 trillion outstanding in unpaid student loans. That is approximately twice the amount of all credit card debt. And many thousands of college graduates and dropouts find themselves unable or unwilling to repay their student loans.
How did we get into this mess? It goes back to the Higher Education Act of 1965, but, as with so many government programs, the senators and representatives who voted for it never imagined how it would transform higher education, in part by driving costs relentlessly higher. Now the Biden administration is trying to buy votes in the midterm elections by promising to cancel the entire $1.6 trillion outstanding debt.