Student loans should have NEVER been government backed. This led to a huge increase in the cost of a degree as well as the creation of completely pointless and useless degree programs (gender 'studies' for example). This also created MASSIVE administrative bloat where many schools have probably 20x more administrators than teachers, nearly none of them providing value of any kind but making $100k+/year. We also convinced everyone that you can not be successful without a college degree (this is obviously false and there are a lot of people, multi millionaires or more that never graduated from college). It is all just one big Ponzi scheme. Archive: https://archive.today/E0YjA From the post: >>Here’s a puzzle: how do you create a trillion-dollar debt bubble that can’t be popped? Answer: make student loans non-dischargeable in bankruptcy. Now, here’s a trickier one: how do you fix this mess when the solution threatens a multibillion-dollar industry? This isn’t just a theoretical exercise. It’s the reality we’re living in. The U.S. student loan system is a perfect storm of misaligned incentives, regulatory capture, and unintended consequences.