Leave it to CNBC to point out that taxpayers are on the hook for student loan defaults, but not to point out that state cuts to higher education are what makes it necessary for schools to raise tuition, thereby forcing students to take out so much in loans in the first place. The burden of paying for higher education has been transferred from the state to the student and they’re worried about a 7% default rate? That’s despite the fact that:
If you default on a student loan today, you could lose everything.
Cry me a river.