The student loan lending program has become the worst, big-government, predatory, lending system this country and the world has ever seen. Profits from this program are being used to fund other government programs, such as the Affordable Care Act and who knows what else, as transparency is not always the norm.

Let’s not misunderstand or forget this point: Removing bankruptcy protection from student loans only benefits the lender. “Sallie Mae officials have listed preserving the inability to discharge education debt in bankruptcy as their second-most important goal” (Kyle Mc-Carthy, “10 Fun Facts about the Student Debt Crisis,” HuffPost, January 22, 2014).

Exactly why is that?

It’s because these laws and regulations have created a huge cash cow or profit center for the federal government, private lenders, and higher educational institutions.

How big a cash cow? The government alone earned about $66 billion in profits from student loans originated between 2007 and 2012 or $13 billion per year. It is estimated that the government will pocket an additional $185 billion in profits on new student loans over the next 10 years.

This raises the question: Should the government be in the business of legalized profiteering under the guise of promoting student loans as the “affordable way” to achieve the American dream?

The devil’s in the details or caveat emptor.

(Let the buyer beware!)

People need to understand the negative issues embedded in student loans, which are seldom discussed or disclosed. That leads to the exploration of the student loan fallacy, its impact on the majority of graduates and their families when they ignore certain basic truisms associated with these loans and what’s required to attain the American dream. The good, the bad, and the ugly side of student debt, along with many of the approaches and thought processes in play, should be recognized.

The point is to create an increased sense of awareness and reinforce positive attitudes and actions needed to achieve a debt-free degree. It’s also essential to point out what to avoid to keep from getting in trouble when the unwary student defaults.

The goal is to be direct, forcing individuals to look closely with a skeptical eye at their own personal actions and attitudes when it comes to money, college, and student loans. Understanding the hyped false value and the true cost of student loans must be taken into account.

The last thing graduates (and those who cosign on their loans) need is to face financial hardships caused by poor, uninformed, and non-courageous decisions. So, if people want the American dream, they must wake up, use the strategies necessary to achieve it, and always remember that their thinking and doing determines the outcomes and results in their lives.