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The college debt crisis is not so much about specifics like the rising cost of education or that more women and minorities are attending now than in the past.
by zackmorris 10y ago
The college debt crisis is not so much about specifics like the rising cost of education or that more women and minorities are attending now than in the past. It's really about corruption.
Fannie Mae and Freddie Mac got big after the saving and loan scandal in the 80s, orchestrated by Neil Bush:
https://en.wikipedia.org/wiki/Savings_and_loan_crisis https://en.wikipedia.org/wiki/Savings_and_loan_crisis
https://en.wikipedia.org/wiki/Neil_Bush https://en.wikipedia.org/wiki/Neil_Bush
Sallie Mae got big after Reagan largely defunded public universities, switching to student loan based funding with the goal of moving those loans over to private institutions.
So what it basically comes down to is each generation keeps getting fleeced by these private firms while the government looks the other way, and taxpayers pick up the tab.
Just watch as this thread fills up with thousands of comments blaming this or that. They have us all distracted bickering amongst ourselves so we don't see who is profiting. If we want to fix higher learning in America, we need to go back to pre-1980s policies and get private financing out. Universities should be funded by endowments set up by the alumni who have profited greatly by the quality educations they received. It's no wonder that people are doing the math and opting out of college because the loans are too expensive. It was never supposed to be like that in the first place.