"Colleges will keep doing this as long as the loans are available and as long as people keep applying," said Laura J. Clark, director of college counseling at Fieldston, a private high school in New York. "If there's a drop-off in the number of applications in the middle-income group, that's when colleges may moderate prices or come up with new strategies for helping people pay."It bears repeating: You cannot escape student loan debt. The federal government will hound you until the day you die if you don't pay off those loans. They will even garnish your social security check.
We all like to make fun of seemingly stupid and greedy people who did cash-out refi's during the housing bubble. Sure, billions of dollars were spent on Escalade's, granite counter tops and expensive vacations. But how much of that money was spent to inflate the higher ed bubble? I bet a lot of it.