[newbamboo]

Why would it be a bit much?

Banks can’t give out fake loans. They try to all the time and are rightfully regulated/fined/charged when they do.

Banks giving out bad loans caused the 2008 collapse. Student loans will one day cause a similar problem but it won’t be big banks going bankrupt, it will be us. Hearing that 20% are obvious fraud doesn’t even surprise anyone. Imagine a bank saying 20% of their loans are fraud but it’s “not their job” to check that loans are given to anonymous recipients who don’t bother to provide even a fake name!

It’s a crime. Like the banks, the people at the top are aware but profit off doing nothing. That they work for the taxpayers just makes it that much more criminal, not less!