As someone with student loans, I wish this wasn't the case for the previous generation. But at the same time, it's hard to blame current 23 year olds for decisions their parents and communities make about their kids' future finances when they're 16.
The majority of fault lies in the previous generation of parents, who both failed to vote out politicians supporting these policies and who pushed their kids into enslaving parts of their lives to lenders.
Agree 100%. I didn't mean to say the blame rests fully with the current generation, I'm just saying government policies going forward are just going to increase the moral hazard even more.
Off the top of my head, both the interest rate cap that passed this summer and the President's recent student loan proposals? What else would be under discussion here?
EDIT: nevermind, apparently both you and drcode are discussing hypotheticals only.
Those affect government loans, not the private ones which are the subject of the posted article. The loans issued by JP Morgan do not have their rate capped; indeed they float and are indexed to LIBOR.
I'm in the same boat. In the hospital, on the day of my birth my mother looked at me and said "college". Needless to say I did not do the proper cost/benefit analysis at the age of 17. I'm hoping my debt gets forgiven after 25 years. Being 80 years old and making student loan payments does not sound fun.
The majority of fault lies in the previous generation of parents, who both failed to vote out politicians supporting these policies and who pushed their kids into enslaving parts of their lives to lenders.