. . .So, only 22 percent graduate and 43 percent default on the loans, leaving us holding the bag because students have been sold a bill of goods by slick marketers." ("Congress Should Put a Stop to For-Profit College Rip Offs", Peter Fenn, US News)
Can you believe it: "43 percent default on their loans"? That's got to be some kind of record. Good grief, at the peak of the subprime fiasco the loans were only blowing up at a 6 percent rate. This is 7-times bigger than subprime. And we're not talking chump-change either. There's hundreds of billions involved in this Ponzi-scam. And on top of that, the Fed has been using the distorted numbers from this flimflam to show that a credit expansion is underway.
There is more on the link - read it and think about THIS taxpayer RIPOFF
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