[Rick Lee]

Banks will lend for this stuff because they can't lose. They're guaranteed a profit because they get the money cheaper from the US Dept. of Ed. than they can charge for it AND the loan is guaranteed by the taxpayers. It's a great business to be in. The insanity is that just about every politician thinks it's a great vote getter to promote college education for everyone. College is NOT for everyone and it doesn't need taxpayer support while also building mountains of student loan debt....which Obama now wants to wipe away if you go to work for the gov't. Unreal.

Sometimes I get the feeling colleges and universities spend whatever they want, divide that annual amount by the number of students they have and then call that the tuition. When your income comes from the gov't. and students paying with OPM, then why not treat it like Monopoly money?

Personally, I can't understand why anyone gets a loan for an area of study that is unlikely to pay them enough to repay the loan. And it's a vicious cycle. Keep lending them more money, even if it takes seven years to graduate because if you stop the lending, they can't get a job that pay enough to repay the loan. Pure madness.