We read in this Above the Law post that student debt has gone over the trillion dollar mark. Some of the most heavily indebted are law school grads, who borrowed their way through to their undergrad degrees, and keep on borrowing to afford the costs of their JDs.

As I recently argued, equity financing is better than debt financing controlled mostly by government. Who would have lent money to many of these students if he had to worry about the prospect of never getting his capital back?