Wow, here are some real horror stories on student loans and thanks (I'll assume) to bankruptcy law changes, the debt is very tough to get out of.
Seems there is one guy out there who has created a website StudentLoanJustice.org trying to get anyone to listen.
This article in the New York Times goes into some real horror stories.
Basically people cannot find jobs or get sick and so on and can't pay them off, but the late fees, interest rate increases, penalties read like your classic predatory credit card.
Donna Troestler, 47, who graduated from the University of Wisconsin, Oshkosh, in 1998 with a degree in biology and microbiology, was traveling to sell scientific instruments in 1999 when she suffered an injury that caused recurring problems. It took years for her to figure out what kind of work she could do, given her new health limitations; in the meantime, she deferred payments on about $23,000 in loans.
“I never thought in a million years that I was ever going to have a problem with working and making money,” Ms. Troestler said. In 2002, she defaulted on her loans, which then ballooned with fees and penalties to $63,000, she said. In 2003, she found a job at the University of Wisconsin, Madison, where she still works. But then she found that her wages had been garnished, taking about $500 a month from her $2,500 take-home pay, she said.
I see! We all need education and training....so we can go into massive debt and make less than before college?