Rumors are circulating about a new secret repo facility starting up at the federal government level. The MPFRFARF - Millennial Potential Fixed Rate Full Allotment Repo Facility - will need a good nick name. Possibly, Tha Vapor Collateral Machine.
As the WSJ points out, 15% of this years grads will have 6 figure student loan debt. That 5 figure stuff is casually skipped over is shocking. The Facility will "swap" Latino Women's Studies Graduate Degrees for the net present value of their earning potential.
The hard truth is that like any socialized good - from homes to health care to credit and now education...you get too much of it and reduced returns from it. The Vapor Potential Collateral on the other side of this debt is the ultimate in credit as "Money of the mind." So here's to you Class of 2014...They can seize your house but they'll have to rip your Folklore and Mythology degree from Harvard from your cold dead hands.