Bob Lawless gave a quick history on student loan law. Mike Konzcal graphed it, arguing that we should undo the rules from the 1990s and 2000s because it's "hard to see these [changes] as anything other than a giant subsidy to private agents." Pareene concurs:
Every single law Congress has passed regarding student loans since the federal program was introduced in 1965 has benefited lenders and made repayment or bankruptcy harder for borrowers. In addition to being unfair, this seems perhaps like bad policy, unless we really think it’s best for college graduates to spend their first decade (or decades) in the workforce sending substantial portions of their income to private lenders.
Konzcal's graphic after the jump: