In response to:

Terminate the Racket of College Loans

JJinNJ Wrote: Jun 12, 2012 10:38 PM
I owe my education and career to the student loan program. I paid my loans off because I chose a career that paid well and was in demand. Being a political novice at the time, I did not realize that colleges and universities and liberal, professorial leaches would subsist by suckling at the government teat. I believe subsidizing a college education is not a bad idea, as it can produce a wealth of talent to the private sector. I think we need to change the paradigm from "loans" to something akin to 401Ks. Phase it in to allow middle class families time to prepare for the bills of higher education, while universities begin to understand that they need to start drawing consumers to their product instead of pandering to professors.

One of the ways to cut the big-spending binge engaged in by the federal government is to terminate the racket of college loans. It's counterproductive, discriminatory and a bad investment for both taxpayers and students.

College-loan debt has soared to nearly a trillion dollars, more than credit-card debt or auto-loan debt. Financial commentators are beginning to compare college-loan debt to the housing bubble that nearly brought down the banking system in 2008.

However, it's not the banks that will be the big losers if the bubble bursts. It's the taxpayers, because the government is now on the hook...