Another day older and deeper in debt

Federal student loans aren’t based on students’ ability to repay — and many will not.

Arrested for a credit union hold-up in Madison, Wisconsin, 49-year-old Randall H. Hubatch said he owes $250,000 in student loans and wants a long prison sentence. Hubatch earned a bachelor’s in English in 1998 at University of Wisconsin, Madison. He added a law degree in 2004. He works at the university as a custodian. He wore a hat with UW’s mascot — Bucky Badger — for the robbery and was wearing it when arrested.

Via Glenn Reynolds, author of The Higher Education Bubble.

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