I paid my own way through art college, then got student loans for my university degree and teacher's college (small ones because I was married by then). During the early '80s when interest rates went sky high (18% for a mortgage) the bank defaulted on my loan, which had been negotiated at 4%. I had switched branches, and the new branch was supposed to be transferring payments to the old branch where the loan had been negotiated. Suddenly I get a notice from a collection agency that my old branch had sold the loan to. The government maintained that I was three months behind and they did not know my current address. I went to my new branch and the money was still there. I went to the collection agent and he showed me copies of the loan cards with my old address crossed out and my new one written in. It turns out the bank had conspired to collect on a lot of student loans that had been at low interest rates when the interest rates had gone sky high. It was cheaper for them to sell the loans to collection agencies than to keep them at 4% when interest rates were so high. In order for them to legally default the loan they 1) could not know my current whereabouts and 2) the loan had to be three months behind, neither of which were true. I complained to my Member of Parliament, and her office said that that particular bank had illegally defaulted on many student loans and that the government was working on it. When the dust settled I received an apology from the bank (but not an admission of guilt) and the rest of the loan was to be interest free.

When the goobs got into the college finance game the tuition started climbing.. We are from the government, and we are Here to Help You,,