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Broadcast – Student LoansA four-year education at U.C., U.K. or Ohio State costs as much as $120,000! Why have college costs gone up nearly 500% in 30 years? Because of government guaranteed loans – these programs provide an endless supply of money so universities have no incentive to compete or cut their price. The result? Your son or daughter gets saddled with debt the rest of their life.
Here’s something you didn’t know: Unlike credit card or even gambling debt, student loans can’t be discharged through bankruptcy. So lenders help kids run up endless debt.
It’s like graduating college with a mortgage on a large house – a house you can never sell and will pay for until you die.
Congress should end government guaranteed student loans and let these loans be discharged through bankruptcy. It’s the only way to make higher education affordable.