In other words, did the schools, like homebuilders and realtors, rape the over-leveraged students simply because they could?
And like housing after the credit and buyers went away, will college tuition costs now crash back down to earth?
Steep debt will enslave many college graduates
The near doubling in the cost of a college degree the past decade has produced an explosion in high-priced student loans that could haunt the U.S. economy for years.
While scholarship, grant money and government-backed student loans — whose interest rates are capped — have taken up some of the slack, many families and individual students have turned to private loans, which carry fees and interest rates that are often variable and up to 20 percent.
Many in the next generation of workers will be so debt-burdened they will have to delay home purchases, limit vacations, even eat out less to pay loans off on time.