What Went Wrong With Federal Student Loans?

The United States is in the midst of a student loan crisis, with over 45 million borrowers owing more than $1.6 trillion in federal dollars. On this episode of The Pie, Constantine Yannelis, Associate Professor of Finance at Chicago Booth, argues that federal policy is to blame: Decades of regulation and de-regulation have given way to skyrocketing rates of risky borrowing.