The latest news on student loans can be read here.  All efforts that have been done so far on reducing student loans were great, but they can be characterized as reactions after the facts that little can be done to change them.  What the country needs are preventive actions and not reactive ones.  The results will be more profound if the prescribed medicine is not just for curing the symptoms, but the real cause of such a cancerous disease.  AAEA has shown again and again what some of the real causes of such skyrocketed student loans!  Among them are:

1. Self-centered interests.
2. Over paid college administrators and full professors’ salary.
3. Lack of management and financial integrity which have caused over spending, campus and program expansions.
4. Obsolete system and campus culture such as tenure system, just to name one.
5. Poor implementation of accountability policies in the past.

These are only a short list of what has caused the problem.  Lack of Accountability is the three words that one can use to sum all the factors up.  The student loans problem occur because all the involved parties may have compromised the implementation of such accountability policies.  The regulations may have been written, and good on paper, but never got implemented at the level where it supposed to be.  Compromising, lack of funding, lack of experts and trained personnel to carry out such accountability through rigorous compliance audit which have happened over a long period of time have grown out of control (over 1000 pages pdf file) and caused the $1.3 trillion debts.   AAEA has proposed to have a new governing body, Education Standard and Compliance Commission that will conduct both financial and management audit and relate such findings with college accreditation and federal financial aids before the problems arise; and not after the facts which is more difficult, if not impossible to cure.