re: At least half of students defaulted or failed to pay down debt within 7 years

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That being said cost of college is outrageous and it's growing rapidly. Something needs to be done and quickly.

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Government backed/easy-to-get loans are the problem. There is literally zero incentive to keep costs down or to even limit enrollment. The school gets their money no matter what with no consequences if a student drops out or can't pay his/her $100k loan for a history degree.