From yesterday's NYT, more atrocities on the student loan front.
Policy makers and regulators say that there are dangerous parallels between the private student loan and subprime mortgage markets. In both, there have been phenomenal profits, aggressive marketing and, until the recent credit market turmoil, a healthy appetite from Wall Street investors.
And, as was seen in the subprime market, many student loans that were made in the last couple of years are resetting at much higher rates.
-- Reeling in the College Bound, New York Times
Oh good! Maybe your president* will now make a comment like this gem about indebted college grads whose federal loan rates, incidentally, have skyrocketed under his watch:
Hear that, graduates? It's not the government's job to bail you out for buying an education you couldn't afford!
More on loans, credit surfing and other topics raised recently in the comments coming later this week, when I don't have allergy-throat.
*Catherine taught me to call him "your president." Because he's certainly not mine.