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

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Offer a dumb 18-22 year old a government backed loan he doesn't have to start paying until after he graduates and tell the school that they can charge whatever they want because there is no limit to the loan amount and you end up with some serious issues.

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This is exactly why I'm paying my nephews tuition. He barely got his citizenship before he was getting letters in the mail daily for loans and credit cards.

We got him a credit card in his name and I pay it in full.

They prey on the youth to get into debt and own your soul forever. It's absolutely abhorrent. When citizens do it it's loan sharking but when a bank does it everyone recommends it.

And to emphasize how fricked this practice is the OTers at the Houston get together can attest to how poor his English is