Now that it's September and most college students are back in their dorms, the press has quieted down about the looming "student loan crisis" that made for great headlines a few months ago. As this article, online at the American Prospect, explains, this is because there hasn't been much of a crisis after all. As many people tried to explain amidst the loan crisis hubbub, this is an area where the federal government actually has a functioning back up system in place -- the Direct Loan Program.
The article also touches on the actual loan crisis in higher education - the ever-larger amounts of debt students are graduating with, the growing dependence on private student loans, and the lack of real debt counseling for students (often still teenagers) who sign on the dotted line for tens of thousands of dollars in loans.
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