The student loan system is more complicated than I realized, especially after the financial crisis of 2008 led to a huge liquidity crunch -- which could only be "fixed" by the Federal government.

Geez, I had no idea there's so much defaulting going on. 

The anecdote of Sofia, who borrowed money for a law degree, but then got sick AND had to take care of her parents isn't just an anecdote. It's happening more and more. 

Sofia is one of 7 million former students in default on a record $115 billion of federal loans, an amount that has grown almost 25 percent in two years, according to U.S. government data. The mountain of debt, for which taxpayers are on the hook, has provided a stream of revenue to companies at every stage of the process.