I think the problem is with those 18% loans (covered by your 3rd point, I think). What the hell? Who pays that kind of interest rate?

The article states: A correlation between B.A.s and incomes is not proof of cause and effect. It may reflect nothing more than the fact that the economy rewards smart people and smart people are likely to go to college.

I would say that there is likely to be a strong correlation between being foolish enough to take an 18% student loan and getting a low-paid job later (taking on that kind of loan shows a staggering lack of common sense).

Seems to me that that's the only problem there. People should not be allowed to turn that kind of profit on student loans of all things. If there's one kind of loan that should be government-sponsored, this is it.

For the record, in the UK, student loans come in at about 2.5%.