Today's edition of WorldNetDaily linked an article from the New York Times about a Puerto Rican immigrant who was duped into taking large amounts of student loans to become a hairdresser. Now, given that there is a need for hairdressers, I'm not against student loans to become one if that in fact will tend to give someone a good paying job. However, one thing in the article stuck out; Ms. Tejada was interviewed with a translator.
OK, so we're giving student loans to people who do not even know the main language of this country well enough to explain their loan situation to a reporter--a situation any banker with green eyeshades would tell you is not conducive to being able to repay student loans. If we wonder why we have double-digit default rates for loans that cannot be discharged in bankruptcy, it's insanity like this.
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