Although we have come to expect every program created, touched or
tweaked by the fine hand of government to eventually bog down in
scandal, waste and bureaucratic inertia, the Obama administration has
outdone itself with the student loan program. Recently it came to light
that this trillion-dollar boondoggle is producing more and more
borrowers who fail to graduate. Not only are they deeply in hock when
they leave, they also lack the college degree that might enable them to
land the jobs needed to pay off their loans. Fully 30% are dropping out
these days, compared to less than 25% a decade ago, according to think
tank Education Sector. Even worse news for taxpayers is that dropouts
are far more likely to default on their loans, falling behind at four
times the rate of graduates.
...................
Rick Ackerman
