[herdrick]

Actually, it's very important that the vilified robber baron of the week can declare bankruptcy too. High income people need to be able to walk away from a bad deal, too, as much for societies good as their own.

I'm sure you're right to put a lot of blame on the lenders though. If the loans weren't federally guaranteed I'm pretty sure they'd be looking at data more granularly than, 'four year degree' or 'two year degree' (though I have to admit that commercial bankers aren't leading in data analysis).