Quick Post: Are We Surprised By The WSJ's Report On The Worsening Of Student-Loan Default Rates?

By June 2012, outstanding student loan debt (federal and private) will hit a staggering $1 trillion. So with that in mind, does it comes as any surprise that student-loan default rates have worsened? 

It shouldn't.

I wonder if defenders of the student loan sharking industry, like Senator Ben Nelson of Nebraska or Representative Virginia Foxx of North Carolina, give a damned about default rates. Probably not. (Nelson is in bed with Nelnet, and Foxx is a huge supporter of the banks and deregulation. And as we're all aware, deregulation has done wonders for the health of the U.S. economy. I think Foxx might be onto something).

 "Well, sure! I'm up for sale, Mr. Nelnet. You betcha."