Originally Posted By: OneEyeJack
I was lucky enough to graduate before government backed student loans put the price of an education through the roof. I lived on rice and beans, lived part of the time in my VW bus, showering in the gym, played football, baseball and if the offseasons worked.
Today I see students with these loans driving new(er) cars, living in luxury apartments (compared to my then life style) and playing/partying instead of studying and working.
From what I see the politicians, the bankers, and the schools got together one night while playing poker, smoking a cigar and having a few drinks and said, "I've got this idea to make a boatload of money with a cash flow model that will keep us in the gravy for decades to come....". The politicians will get re-elected, the bankers will get their cut right off the top and the schools can raise their tuition without being embarrassed and focus on political correctness instead of difficult stuff like science, math, and engineering. They called their scheme government backed student loans, fly now, pay later. They only used proven, time tested methods and from their point of view, it's working great for them.
+1 Well said. My story also, but didn't play sports. U Wisc '67