The cost of a college education is increasing two to three times the overall rate of inflation, according to the U.S. Bureau of Labor Statistics. Student loan defaults have doubled since 2005, according to the U.S. Department of Education. Many can't buy homes or new cars, which affect the economy. Salaries aren't making up for the debt. Most loans are taking 15-20 yrs instead of 10. The people that stay in school and earn degrees should be able to have some help since the prices of the classes are so high. It’s negative for both student-borrowers and the economy.
The majority of student loans are backed by the government through banks and that means the creditor in is the tax payer, who if students default on these loans will be subject to carry the burden. Something needs to be done.