http://www.cnn.com/2009/US/06/24/college.loans/index.html?iref=mpstoryview So all of those arts majors who rack up massive school bills will have 85% of them dropped if they can't find mythical high-paying jobs that could pay down these loans. $800,000 loan? No problem. Become a novelist. Debt gone. Meanwhile, lax credit rules will continue to pump up the tuition of useless majors, leading to further debt reduction when students with useless knowledge can't find good jobs. Have we learned nothing from Fannie / Freddie?