DH and I had a long talk about this article. I am pretty annoyed that once again tax payers will be left holding the bag when the system collapses like the housing bubble. This time there won’t even be houses worth a fraction of the debt. I don’t understand why there is a cap on undergrad loans for students but not for parents. I can’t buy a $5M beach house because I can’t pay for it. Why are others allowed to borrow money they can’t pay back? It makes no sense.
I feel for the parents because of the stress of watching the debt mount but the reality is they won’t ever pay it back because the money just won’t be there.