Another great success of the federal student loan program

H/T Mr. D.   According to the New York Times, one in six people with a federal student loan to pay off is in default, meaning that they are at least a year behind on their payments.  It's exactly what you would expect if you were handing out student loans to students with no regard to whether they're qualified for the college of their choice, and with no regard to whether their proposed course of study gives them a reasonable chance at paying off the loans.

Which, of course, is exactly the case.  And in doing this, the federal government is doing exactly what any other loan shark would do--keep the record of the loan until death, ruin their credit, and so on.  It's a good business for the debt collectors, and a near violation of the 13th Amendment, but if we want to help students, maybe it's time to terminate the federal student loan program and let students face a real banker who will ask the relevant question:

Bob, your SAT scores are 150 below the average for the college you'd like to attend, and you're wanting to spend about $200,000 to get a degree in gender and ethnic studies.  What makes you think that you will be able to repay this loan?  

It sounds cold, but it's hardly as cold as allowing the federal loan sharks to have their way with vulnerable young people.