Deception, Fraud, Cheating, Theft - Just What Do You Call It?

According to Education Report, student loan debt currently stands at an estimated $829.6 billion, surpassing what Americans now owe on credit card debt.

What a milestone! That's fantastic right!? Er, not?

Yep - experts said consumers needed to spend more money to stimulate the economy so many students tried to help out obviously. The problem is they may not have done so with all the facts in hand.

How many of these new indentured slaves were explicitly told the degrees they were buying wouldn't land them a job - let alone one that would allow them to repay the average debt load of graduating seniors (of four year undergrad programs) tagged at somewhere around $24,000 by finaid.org.

How many of these same students were told that the loans would be with them to the grave or even beyond? How many were sold the idea that a college education is worth a million dollars more than what non-grads would earn in a lifetime?

Still incredible - how many of these students will think - as I mistakenly did - that a graduate degree must be the answer and incur more debt and find themselves in an even worse position several years from now?

Yes - it's a down economy and all that but we keep selling the scam don't we? , This is the illusion, the deception, the fraud - that says - a college degree or perhaps a second or third or even a graduate degree is the way to the promised land.

Sadly, the student loan scam continues today. As we cheat the next generation of college students out of their futures - how do our leaders live with themselves as they sit idly by as some of our brightest are tricked into unnecessary debt for the dream of a better life?

Call it what you will - but the deception in the education and student loan industries continues. This is the greatest scam I have seen to date - far larger than Bernie Madoff's little trick.

Soon the outstanding debt for student loans will tick over the one trillion dollar mark, that's $1,000,000,000,000. - that's more than 18 times Bill Gates total net worth!

Congratulations America! You have done it again and made it to number one once more. You have found a way to lock more of your student population into more than debt than any other nation on the planet!

I know what I call it - the greatest scam on earth! Maybe you are one those lucky people who think it's a wonderful milestone that every parent hopes for when they send their child off to college. Er, not?