Some things you should know about student loans:

• A recent survey states that "more than four-fifths of bankruptcy attorneys say they've seen a notable jump in the number of potential clients with student loan debt in the last years, with nearly half of the lawyers reporting a significant increase in such cases, according to the survey by the National Association of Consumer Bankruptcy Attorneys."
• The average student loan debt has grown over $27,000 per student which is a record.  In 2010, that number was a little over 25,000 per student. 
• The government gave out over 100 billion dollars of student loans last year.  That is a little over 10% of the total loans outstanding. 
• Student loan debt is greater than credit debt in this country
• Student loan debt is expected to eclipse 1 trillion dollars in 2012.  Currently, it stands at over 977 billion dollars. 

President Obama wants to roll out a student loan forgiveness program.  According to a web-site:

 “Under the terms of this program, anyone who makes his monthly payments for twenty years after leaving college is eligible to have his/her remaining balance forgiven.”

So, let’s re-cap:

The government is in charge of the student loan program.

Student loan is bankrupting students and their parents, larger than credit card debt, and about to eclipse 1 trillion dollars.

 The government allowed over 100 billion dollars of student loans to be made just last year which is over 10% of the total amount of student debt already on the books. 

 Taxpayers flip the bill for this debt.  Theoretically, students are paying their loans back to the taxpayers. 

 Mr. Obama wants to just forgive student loan debt.

Leave it up to the government to take over a formally privatized industry, create the problem, make the problem worse, pay for it with taxpayer money, and then create billions of dollars of loss due to money that will not be paid back through loan forgiveness.

Is it any wonder why we are in the mess that we are in? It is mind boggling.