For some people, the long term economic impact of accruing along with the inability to repay huge student loans can be far worse than any $400 payday loan.
Why is there one set-of-rules for payday lenders, viewed as being predatory by the regulators, and a different set-of-rules for the federal government?
The state of Indiana, along with other states, does a good job of regulating the payday loan industry in its state. Shouldn’t the student loan industry have to be just as prudent as that being demanded of the payday loan industry?
Note the federal government hands out student loans to people with absolutely no determination as to whether they can pay the loan back. It’s pretty clear that simply obtaining a college degree does not always translate into the ability to repay a student loan. 2setsofrules suggests that calls by some in the progressive movement for the federal gov’t to forgive student debt is a testament to the Feds behaving in the exact same way as pay day lenders.
From 30,000 feet up, 2setsofrules doesn’t see much difference between payday lenders and the Dept of Education handing out student loans like candy.