This is a great diagram explaining the whole student load scam. Like the mortgage industry, the whole effort to turn student graduates into lifetime indentured servants is the usual unholy alliance of the government aiding well connected companies, and the whole affair is sold to the American public thru a big dollop of sentimentality. With the mortgage industry we were told that getting people in over their heads in housing debt is the ticket to the American dream. Similarly, student loan debt is marketed by the government as the ticket to the American dream. The gullible get in over their heads, while industry makes out like bandits and politicians get campaign money.
Link to the graphic below. I was unable to paste it directly but it is worth a look.