Student loans: the next subprime mortgage crisis

Nancy Smith:

Student loans are more than fire traps for millions of American families. Trust me, they're the next subprime mortgage crisis.

They're the easiest loans out there. Enrolled in a couple of classes? Congrats, your loan application is accepted.

Fiscally mismanaged colleges and universities that should have been out of business long ago? Propped up by mediocre-at-best students paying their tuition with easy-peesy student loans.

Now all of a sudden, here's what we've got:

Student loan debt that surpassed total credit card debt in the U.S. This year’s graduating class of college seniors had the highest average debt to date, and that total just jumped above the $1 trillion mark.