The impending student-loan crisis proves Edmund Burke had a point: "Those who don't know history are doomed to repeat it." Though the economy has not yet recovered from the 2008-2009 mortgage crisis, the federal government has kick-started its next experiment in making something more affordable. This time, instead of homes, the "something" is college. Despite being different major life purchases, it's irresistibly easy to compare the two.
We all know how the mortgage story goes: Misguided government incentives and inadequate lender underwriting led many borrowers to borrow more than they could afford. When the bad loans couldn't be repaid, numerous lenders folded, good people lost homes, and our economy to this day still sputters. Fortunately, we still have time to mitigate the unintended consequences of overbearing government involvement in student loans.