The impending privatisation of the student loan portfolio has reanimated the student political movement like nothing else in decades.
But no one in the right mind would buy the student loan portfolio. Not everyone, however, is in their right mind. A purchaser will be found for debts of which officially 35 to 40 per cent will never be repaid, with the true figure being 50 per cent or more.
Student loans are unsecured: if you don't pay, then you just don't pay. If you are below a certain income level, then you do not have to pay. After a fixed period, the debt is written off. Then, you can earn as much as you like. All of this is the law of the land. There are people who organise their entire lives around it.
If anyone can think of an even worse investment than this, then I should be nothing less than fascinated to hear of it.
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