Since 2003, student loan debt in the United States has tripled, eclipsing $1.6 trillion dollars. While there are many factors to blame the biggest factor might come back to supply and demand.
If the new iPhone costs $1,000 or $2,000 people are going to buy it. And this is the exact same reason why we have all witnessed student loans increase to astronomical amounts over the last 15 years.
Most of the loans they funded were through Federal Perkins and Federal Stafford loans, however over the years, the federal funds shrank opening the door for more student loans and placing the burden on the states.
Most families in America simply cannot afford to send their kids to college without student loans. Which is why there needs to be a student loan lending limit.