Yes, it really does sound like the pre-crash mortgage market:
What kind of incentives motivate lenders to continue awarding six-figure sums to teenagers facing both the worst youth unemployment rate in decades and an increasingly competitive global workforce?
Soon, student loans will only be for the rich.
(Me? I’m never going to pay back a dime of mine, blood from a stone, etc.)
It’s considerably more dangerous than the mortgage crisis. Judgments caused by a defaulted mortgage are generally dischargeable in a chapter 7 bankruptcy provided you surrender the property. Student loans can’t be discharged in a bankruptcy.
Given the current state of the GOP, I think we’re about 15 years away from debtor’s prisons returning.