Wednesday, April 22, 2009
You may have missed a New York Times story a couple of days ago about one of the most oppressed classes of debtors in the country: students who borrowed for their educations.
While TV and radio commercials offering to help debtors with $15,000 in credit card bills to reduce their debts or get a fresh start in bankruptcy, some students are stuck with $150,000 in student loans. And all the TV ads in the world can't help you with these. A student loan "can't be bargained with . . . can't be reasoned with . . . doesn't feel pity, or remorse, or fear. And it absolutely will not stop, ever, until you are dead."
Over at Instapundit, Glenn Reynolds wryly notes that "when it comes to consumer exploitation, higher education has no room to strike moral poses vis-a-vis the for-profit sector."