I found this especially disturbing that we are in massive trouble after having given out over a Trillion dollars in unsecured loans to unemployed people with no job history and zero credit record. What absolute fiscal suicide. These politicians are vote buying morons.
Once Congress "forgives" the first wave of student loan debts nobody will pay the rest. They will all let them sit unpaid until the government gets around to bailing them out too.
This will also dramatically increase those taking on student loan debt knowing it is a joke and people don't have to pay them back. You simply elect people who will forgive all your debts.
I was surprised to find out this massive increase in student loan debt and default is growing at a 20% PER YEAR rate after becoming part of the ObamaCare Act.
I am also hearing talk of offering people a clean slate in exchange for military service gearing up for a larger war front.
I would not let the Federal Government manage a lemonade stand at this point.