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[quote=Anonymous][quote=Anonymous]They CHOSE their schools, I don't imagine anyone held them at gunpoint to apply and attend. [/quote]

It's the same as these people who bought way more house or took on more loans than they cuold actually afford.  Yes, they shouldn't have done it, but also, the lenders should never have taken that risk.  There was something very wrong with the way the loan/risk/reward situation was set up.  the people making the decision whether people could afford the loan were not the same people as those who would end up paying if the lenders defaulted.

In the student loan situation, there is NO RISK to the lenders whatsoever as they would be reimbursed by the federalgivernment.   So there was no reason for them to say "hang on a sec -- we're making a ton of $200,000 loans to people going to grad school/professional school -- surely all these people can't actually find jobs in their field and pay us off.  Some will default so let's at least tighten up a bit."

but they didn't do that and apparently they also lent money to students for things like living expenses.  NOT GOOD.[/quote]

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