I have relied upon my excess student loan funds at times in my life — and even though I knew the implications, I felt I had no choice. I still had to work full-time while attending school to be able to afford rent and utilities. Even though my loan and scholarships covered tuition and fees. Even with the excess funds.
You’re absolutely right: Rising tuition costs aren’t the sole problem (although I was also on the hook for mysterious “administrative fees” that were actually funding new fountains for my campus, as we later found out). Wages aren’t keeping up with the cost of living. And in a world where people aren’t equipped with financial literacy or able to find jobs that pay a living wage, they’re going to exploit the student loan system this way.
Really great analysis.