According to the latest student loan debt statistics, there are 45 million student loan borrowers who collectively owe $1.7 trillion of student loans.
"As is so often the case, what began as a creative solution to a social inequity became corrupted by greed and mismanagement," a professor of the history of social work told us. "Sallie Mae was the main facilitator when Congress created the student-loan program back in the 1970s during the Johnson administration. It was a profit-driven enterprise that essentially funneled money from taxpayers to colleges and universities. Congress envisioned it as a partnership between the government and banks to broaden the American dream of a college education for children of modest means."