It's mind-boggling how a nation is able to develop a system that forces its young to spend a large part of their life paying for the salaries of bank employees and managers, simply because they want an education. It's even more mind-boggling that these students can then get rid of this dept easiest by joining the system themselves, simply shuffling around money to make more money to pay off their dept.

And then Jamie Dimon calls Bitoin a ponzi scheme... Our entire economy is a ponzi scheme.

All of our money is created as dept, as such banks collect money on all of the money ever created. They create nothing of value for this. Why do we accept this?

"Those borrowers had made payments after being sued over loans that were legally uncollectable, either because the statute of limitations had passed or because National Collegiate lacked the documentation needed to collect the debts in court."

This sounds a lot like what was happening during the financial crisis a decade ago. Lenders were selling mortgage loans to Wall Street to be bundled into collateralized debt obligations. After those CDOs got sold a few times, people lost track of who actually owned a particular loan. When borrowers defaulted, it was in many cases impossible to prove who was legally entitled to collect on the debt.

(A line in a spreadsheet that says John Doe owes you $500K is not very convincing evidence to a judge - you need to be able to provide a document with John Doe's signature on it.)

Student loans are becoming insane.

My own loan was initially government issued with a reasonable interest rate, but a year after finishing uni, it was sold off to a private fund that decided to jack up the interest rate to nearly 7%! In the UK, education used to be free. Now kids are leaving 3rd grade universities with 50k GBP debt, a ridiculously high interest rate and no quality job prospects. That's a lot of pressure on young shoulders (my sibling is going through this currently, and I can see how distressing it is).

And they wonder why young people can't get on the property ladder! The ignorance on behalf of the government is astounding! I'm not sure I'd want my kids to go through that, even if it means missing out on the social experiences of university.

"A random sample of nearly 400 National Collegiate loans found not a single one had assignment paperwork documenting the chain of ownership, according to a report they had prepared." https://mobile.nytimes.com/2017/07/17/business/dealbook/stud...

Why aren't judges fining them /their lawyers? Can I sue John Doe and demand that he pay me the money he took for his mortgage? Before filing a lawsuit, the "I bought your loan so pay me" chain should be settled in an acceptable way. Otherwise it's fraud.

I'm obviously very old compared to the target audience. I was accepted to Columbia and Texas A&M and chose Texas A&M because I had various scholarships that paid for my tuition and room/board. I had some scholarships to go to Columbia but was facing debt of ~20k/year so I choose to go to A&M instead. My life is fine but I don't have a lot of sympathy for people who take out huge loans. (I had to work after my freshman year and I didn't go out a lot etc.) Not seeking sympathy for me, just saying I don't have any desire to "forgive" the loans for anyone.

I don't know the solution but having the govt secure all loans and think about forgiving them is not going to help the next generation. Where is the incentive for univ to bring their costs down? Also, where is the incentive for people to either shop for a college they can afford, or even forgo college in favor of some other training or on the job experience?