A generation of people being systematically lured into making unwise financial decisions is a racket.
How do people rationalize putting young people into debt slavery instead of having them spend their earnings in the free market, stimulating the economy?
Because they (the people rationalizing) didn't realize the game has changed since they left college (or their lack of access to college)
This is why schools should bear more of the risk. They are ones that are recommending that the kids takes the loans and help them select majors.
I couldn't believe how much financial aid (all loans) I was offered for law school. (I took about 10% of what was offered.)
I don't think we've actually run out that string however; you have to go a long, long way before academe recognizes the futility of throwing more 'guidance' at the problem.
Law school tuition is insane, I can only imagine if you paid for your room and board and tuition with loans and that was only 10% of the aid offered you must have been offered like 500k.