Many awful facts pointed out in this article:
- the cost of a private college has soared thirteen-fold over the past 40 years,
- college tuition has risen twice the rate of inflation and four times the rate of wage growth.
- the federal government guarantees student loans, when a student defaults the federal government pays the loan originator the balance of the loan plus interest. The government then hires a collections agency to recoup its money and adds a 25 percent collections fee on the defaulter,
- Student loan debt has now outpaced credit card debt, at $829 billion versus $826 billion.
- From 2004 to 2005 alone, student debt increased by 30 percent.
- a majority of undergraduates owe $20,000 in student loans, up 108 percent in a decade,
- 45 percent of college graduates from the class of 2009 earned less than $15,000 in 2010.
- 25 percent of all government loans default, 30 percent of community college loans default, 40 percent of two-year college loans default, and for-profit schools have a 43 percent default rate.
- student loan debt could not be dissolved through bankruptcy
