Sallie Mae's headquearters is just down the street from where we live and even closer to where I work, so when a coworker brought this story to my attention, I was naturally interested. The link to the online story is here and Sallie Mae's response is here.
I haven't read the article in print, but I did listen to the podcast, it is available through iTunes.
Aside from the actual comentary in the stories, I find the lack of personal responsibility disturbing. People need to understand that when you borrow money for anything you are bound by the terms of the agreement that you signed. Just because our culture says that you should have a college education, it doesn't necessarily mean that it is free. SOMEONE has to pay for it. My analogy for this is trying to tell my wife that I went an baught a Fararri and now I can't pay for it. At that point I have 2 choices, sell the Fararri or get a job.