Student Loans a Trillion-Dollar Boondoggle

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