Student loan nightmare. Man finds out his student loan balance is 200k after he graduates

[Waiting For Everyman]

49. 200K for an education is unconscionable.

Paying 6 and 9 percent now when the rates are near zero (and ARE zero to the banks making these loans) is unconscionable.

Paying for 20 years in unconscionable.

I doubt that this borrower, and most of them, could've even QUALIFIED for a 200K loan. Remember qualifying? No way that was done. And I doubt very much that he knew he would be paying that much for that long. So legal disclosure is an issue. Mortgages are regulated tighter than this, and if the education loans are going to be this high, they must be regulated as much too, or it is predatory.

The law is defective in allowing this to go on, it's not about the borrower being careful enough or agreeing to it. If you don't understand that, nothing I can say will enlighten you.

The student debt issue needs a drastic overhaul, all of it. It's not about this one guy, it's the whole predatory system.

And btw, with the technology we have now, education should cost next to nothing! This is a massive bubble just like the mortgage bubble, and the same thing will happen if something isn't done soon.