From a letter to the editor in today's Washington Post by Kevin Bruns, excecutive director of America's Student Loan Providers.. 

"...federally guaranteed loans are the lowest-cost student loans available. To families struggling to pay for college, choice and competition in student loans are a 'Borrower's Paradise.'" 

That's how lenders say the system is supposed to work, giving students low-interest loans.

But here's how it actually worked, from today's New York Times:

"Pratt Institute, a New York art and design college, had a deal in 2005 with a student loan company: The lender would provide grant money for needy students if Pratt students over all took out $1 million or more in loans.

But last year, Pratt found that the deal was not so good for its student borrowers.

The company, Education Finance Partners of San Francisco, was charging borrowers 15 percent in interest — more than double the 6.8 percent rate on some federal loans and higher than what some credit cards charge."

Paying twice the going rate for student loans is a "borrower's paradise"?  Sounds more like a trip to hell for college students.  But, hey, the lenders could buy a slice of paradise with all those profits.