America's students have defaulted on $76 billion in government loan debt, and the Department of Education is now paying more than $1.4 billion a year to debt collectors. That startling fact brought to us by the NYTimes's Gail Collins. She quotes one collector who gloats, "if you wait long enough, you catch people when their guard's down," after he'd garnished "the savings of a disabled carpenter."
But don't worry guys, Congress is on it. The House is holding hearings, led by Rep. Virginia Foxx, an NC Republican best-known for announcing that she has "little tolerance for people" with huge student loan debt.