How bad is the college loan/student debt crisis- Crazy Bad! Bad enough so that graduates cannot even proceed with the careers they borrowed money for in the first place because they are now choked by overwhelming debts and interest rates often not properly explained in the first place, and then subject to transfers and raises. Debt that even bankruptcy won't erase, debt that can even be transferred to family members upon death! Debt so staggering and overwhelming that young people are actually killing themselves- all over that which is often free in other developed and "undeveloped" countries- a higher education.
Higher Ed- the new US government subsidized racket keeping us poor, servile and forever in debt (now, whether you play the game- or not).
In December 2007, a class action lawsuit was brought against Sallie Mae in a Connecticut Federal Court., alleging that the company discriminated against African American and Hispanic private student loan applicants by charging them high interest rates and fees. The lawsuit also alleged that Sallie Mae failed to properly disclose private student loan terms to unsuspecting students.