Did you know that the Government of Germany pays the full cost of post-secondary education for all of its students? Even for American students who speak German?
The student loans program needs to be seen in a completely different light. Here we are now recruiting even younger people with even less knowledge or understanding of credit and pushing them to lock themselves into major debts so that immediately upon leaving college or university they begin making their perpetual payments to the banks.
The banks don’t care about he principal. They don’t need the principal. What they need and want is your perpetual payments to them, and you must not be allowed to escape until you are very old.
That’s when the medical bills kick in…