I agree that college tuition costs are out of reason and inflating out of control. However, no one has ever forced a student to make a Student Loan. If you make the deal, live up to it.
“I agree that college tuition costs are out of reason and inflating out of control. However, no one has ever forced a student to make a Student Loan. If you make the deal, live up to it.”
The unfortunate truth is that there is no way for the most indebted kids to pay it back, regardless of the deal they made.
The first step is to make future loans dischargeable in bankruptcy. This will force universities to adjust their pricing to reflect the reality of the earning capacity of their graduates.
What we do with the rest of the hopelessly indebted is another matter. It is useless to insist that many pay it back if they will not and cannot pay it back. So at some point you have to let them default. It’s just an unpleasant fact that all the posturing and insisting will not change.
I’m putting two kids through college right now - without loans. It’s damn expensive, and it’s not making me happy that much of the tuition I pay subsidizes other students who cannot or won’t pay. Many of my kids peers are on track to impossible debt. It can’t continue - as a matter of mathematics - and so it will not.