In response to:

The Student-Loan Scam

Gordon Wayne Wrote: May 04, 2012 12:41 AM
Good points Michael, but you miss the "cause-&-effect": Removal of bankruptcy protections from student loans, combined with draconian collection powers (such as wage garnishment) on already inflated original principals & VERY heavy late fees, penalties & interest, mean the Dept of Education makes about $1.22 for every dollar of defaulted student loans; private lenders make similar (if not greater) amounts. Since the Dept of Ed benefits more when students default, they have NO incentive to advise Congress to STOP raising the loan limits for Student Loans; of course, when students can borrow more, dishonest Universities "raise tuition to match" increased borrowing abilities: http://GordonWatts.com/Higher-Ed-Tuition-Costs.html for more info.//

Editor's note: This column was originally published in THE DAILY BEAST.

Does it make sense for the government to take taxes from the big majority of Americans who never managed to win college degrees in order to subsidize the pricey education of the fortunate few who get to attend top universities?

Why is it fair to increase burdens on stressed-out working families so the feds can reduce future interest payments on student loans for members of the elite?

Isn’t President Obama’s current push to spend a $6 billion on college-loan relief precisely the sort of rob-from-the-poor-to-give-to-the-rich outrage that...