This entire program is stupid. No bank would loan a 17 year old 100k, 50k or even 20k with no job history or payment history. Why does our federal government do this? Any loan officer who lends that kind of money to a student fresh out of high school would be fired on the spot. So why does our federal government loan money to these people? It's an awful idea!
Education is great, but we don't need to be sending our kids to expensive private schools because "the campus looks nice" or any other [censored] reason that they use to justify wasting that kind of money. I see too many people happy to graduate, and then they are miserable for years afterword because they work their [censored] off and have give all of their money back towards their student loans. Or worse yet, they don't work or are underemployed and can't make their payments. Or the worst scenario (and I see this all too often), is people graduate and then buy a new car because "they deserve it," then get married (20k+) and buy a house and have kids, instead of getting rid of that awful student loan debt accruing fees and interest. I know people in their 50's who are still paying these things off. It's terrible.