Private student loan companies in the United States are lending billions of dollars to students without the means to pay them back, resulting in defaults and ruined credit histories. Young students do not have the life experience to know exactly what they are signing and are erroneously told that college is a guarantee of a good future. These lenders give out obscenely excessive loans with high interest rates to kids without jobs, without co-signers, and without an inkling of future ability to pay back. This is similar to giving mortgages to people who could not pay them back, resulting in major economic instability. Student loans will be the next bubble to burst. These lenders should be investigated and regulated appropriately to ensure that future students are not taken advantage of.
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