Federal loan sharks

The Wall Street Journal has this very interesting piece (H/T Traditional Catholicism) about how the federal government is into the loan sharking business with federally backed student loans.  More or less, in return for getting accepted into a school of your choice, they'll keep students in debt slavery for a lifetime with no possibility of release through bankruptcy--and after a certain time of delinquency, they tack on large penalties.  Even better--and the Gambinos never even dreamed of being able to do this--they will work to cancel professional accreditations and licenses for those who are delinquent. 

Now how that last thing will actually help people pay their loans is beyond me, but that is the law, and it's why that with approximately 25% default rates, a gross failure in any private loan scheme, they're evidently still turning a profit on the deal.  I dare suggest it's time to rein in the nation's nastiest loan sharks.

Guess I'd better watch my kneecaps now.  :^)