I don’t think the general public is quite aware of this yet… while declaring bankruptcy used to be an act of shame, it is so common now that people even think it’s the smart thing to do.
The problem with student loans is if you made an unwise decision and borrowed your way thru college, you’re stuck with that debt for life. You cannot file bankruptcy and walk away from a student loan.
I like Glenn Reynold’s summary statement:
…any other industry that encouraged its customers to go into debt like this would be characterized as predatory.