The Source: Who Is Getting Rich Off Student Loans?
Education, long held as the best way out of poverty and social mobility has for many become a financial weight, dragging them into default as a result of student loans. 42 million Americans owe more than $1.3 trillion in student loan debt. And millions of those holding student loans are either behind or in default on a loan that can't be discharged through bankruptcy and has proven very difficult to have forgiven.
But how did we get here?
A new investigation from Reveal - a collaboration from the Center for Investigative Reporting and PRX - shows how student loans are a major revenue stream for Wall Street and the Government while tracing the lobbying and deregulation that led us to today.
- Lance Willams, senior reporter for the Center for Investigative Reporting