I am of the belief the reason college loans got so far out of hand was because they took the risk from the colleges.
They have no incentive to make sure that the borrower can ever pay the money back. Also there is no incentive to keep cost under control.
Student loans should not be guaranteed by the government. Student loans should be able to be cleared in bankruptcy.
Let the free market work it self out.
After reading your post, so am I.
They have no incentive to make sure that the borrower can ever pay the money back. Also there is no incentive to keep cost under control.
IOW, colleges wouldn't be offering BS degrees in womyn's and homosexual studies because there would be little chance of the student actually finding work in that field and paying off the tuition.
Agree 100%. And the federally guaranteed loans is the reason the cost of going to college has skyrocketed.