"Editor’s Note: Outstanding student debt reached $1.521 trillion in the first quarter of 2018.
Rising college tuition and meritless loaning practices by the federal government has led to a massive increase in the number of student borrowers with super-sized student debt.
There are 101 borrowers who owe at least $1 million in federal student, a 621-percent increase from just five years ago when 14 borrowers owed that much, according to Department of Education data obtained by The Wall Street Journal.
Orthodontist Mike Meru, 37, is one of those borrowers.
...After 25 years, Meru’s remaining balance will be forgiven at taxpayers’ expense.
...The federal government divvies out billions of dollars in loans to students without considering a student’s chosen area of study or their ability to pay back the loan, leading to high rates of default. (RELATED: Students Pursuing Risky Degrees Draw Over $25 Billion In Yearly Federal Loans)
The Department of Education loaned $25.9 billion in 2016 alone to students who chose degrees under the umbrella of the liberal arts and humanities, majors that have higher rates of default than business, vocational and STEM majors, according to the Federal Reserve Bank of New York.
(Graph: Daily Caller News Foundation/Andrew Kerr)
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