I graduated from New York University in 1946 under the great G.I. Bill. But now I understand that total government loans to kids for college education have climbed over one trillion dollars. An article just received from the magazine, Rolling Stone, is entitled, "Ripping Off Young America: The College Loan Scandal." An excerpt below:
The federal government has made it easier than ever to borrow money for higher education -- saddling a generation with crushing debts and inflating a bubble that could bring down the economy .. The upshot of all this is that the government can essentially lend without fear, because its strong arm collection powers dictate that one way or another, the money will come back ... Student loan collectors have power that would make a mobster envious. Collectors can garnish everything from wages to tax returns to Social Security payments and yes, disability checks. Debtors can be barred from ... Log in or subscribe to continue reading.
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