Old story - private lenders were making huge fees with no risk
Feds were fully insuring these loans - so all we taxpayers were doing was paying lenders to do nothing but push risk on to taxpayers.
After that - Trump reverses Obama rule that we quit making loans to schools whose kids can’t repay their loans (high default rates). Trump rushes in to make sure taxpayers keep funding these scam schools.
The fraud is there - but it is in the form of Feds giving away billions to scam lenders and scam schools.