Our education system is too expensive and many students use private loans to cover their tuition costs. For example, a year at USC is $59,000.
According to the pew report in 2010, 70% of total debt was owed by households headed by those under 45. The average national owed by students was 26,000 dollars. Advanced degrees will owe considerably more and all trends point towards increased borrowing.
When students graduate, jobs are scarce and their overwhelming debt can be untenable. Private loans have less flexible hardship options and considerably higher variable interest rates.
Student are crippled with the burden of their privatized loans. The federal government should allow private loans to be consolidated and guaranteed through the federal goverment. The same as with Direct Loans