This student loan program allowed the colleges to increase the cost of their product with no risk to them that people would stop paying for their product. It would be better to eliminate the program and let the colleges sink or swim. Maybe people would learn that there are occupations out there that pay well and do not require a college degree. If that happened, the schools in question might cease to exist. What this program is is a subsidy for an extravagant industry.
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No man's life, liberty, or property are safe while the legislature is in session.
--Mark Twain (1866)