Private student loan companies have created a financial crisis situation for young Americans who have sought or completed higher education. This has occurred through unethical, predatory lending practices, paired with rigid and unrealistic repayment terms and outrageous interest rates on private loans.
A similar situation emerged via the sub-prime mortgage crisis, and people received assistance. Banks were bailed out entirely. However, there is no option for "foreclosing" on a private student loan, nor are there bailouts for struggling students/graduates.
Private student loan lenders MUST revise their lending practices and expand options for repayment, using terms more similar to Federal education loan repayment terms.
Crippling debt should not be the only thing earned in college.