Comments by "Dan" (@Dan-di9jd) on "Forbes Breaking News" channel.

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  13. Imagine if an 18 year old working at retail job goes to a bank and is able to secure a 100k limit credit card. They can spend it as much as they want and as wide as they want to. That's predatory lending because they know that student would probably not be able to pay it but on top of that, if they miss just 1 payment they could lose their ability to ever get a loan for a car, a house, or anything else. So they'll be locked into paying back this debt for a large part of their life. Does it fall solely on the individual? Perhaps a large amount of fault goes to the individual for making a poor decision but on top of that it falls on the lending company for locking in such a young customer who may not understand what he's getting into. Student loans are probably this country's biggest scam and legal method of predatory lending. It takes an average person 20+ years to pay it off and that could mean they can't afford a house or anything else during that time as they pay it down. When you apply for a student loan, you can apply for amounts far larger than your tuition and on top of that the lending company rarely looks at your degree program as viable or not. They just give you the money, and as soon as you graduate or leave school, that's when you start paying it back for nearly half your life. Bigger than a mortgage and you get little to no return as if you pay it all off, you don't get anything new or different other than being out of a fairly large debt that you made as a young individual.
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