In student lending, the education lobby has convinced well-meaning people that higher education automatically translates to middle-class earnings. Unfortunately, reality doesn’t bear this out. Over $1 trillion of oustanding student debt has been accounted for in the third quarter of 2013, in contrast to the declining dilenquincies for mortgage, credit card, and auto debt according to the Federal Reserve Bank of New York. In an effort to extend college to everyone, the federal government has managed to create yet another potential crisis for which citizens, borrowers and taxpayers alike, will be on the hook.
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