The $1 trillion student loan market begins to implode

``You have 15 percent of the entire group defaulting within two-years! ... The government backing is the only way these lenders and schools even survive. If a bank had to lend their own precious money you think they would give someone $40,000 or even $100,000 in student loans to pursue a degree at an unranked paper mill? Reminds you of people buying tiny condos in Florida for $500,000 with no verifiable income.''