Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Want student loan forgiveness? Make universities pay
The Spectator ^ | 03/17/24 | Marc Oestreich

Posted on 03/29/2024 6:08:53 AM PDT by Blood of Tyrants

(Read three articles free every month if you register)

At the turn of the twentieth century, Saturday Evening Post editor and Yale dropout George Lorimer bitingly summed up academia when he said “colleges don’t make fools, they only develop them.” On the heels of yet another multibillion-dollar Biden administration college bailout, it seems we haven’t learned the lesson: colleges might not make fools, but they’re certainly trying to make fools of us.

The bailout projects come from a Biden campaign promise: “I will eliminate your student debt.” Half-slogan, half-bribe, this resonated with millions burdened by the unpayable debt brought on by liberal arts degrees that may barely be worth the paper they’re printed on.

[snip]

We should hold colleges accountable for the degrees they hand out and the loans they approve. Think of it as the academic world’s version of a store-return policy. If the government wants to allow students to discharge their debt, the debts should be paid out of the billions of dollars sitting in endowments. This isn’t merely about refunds; it’s a mechanism to hold universities accountable for the practical value of the education they provide. When courts found Trump University to be a scam, they demanded that Trump University refund the tuition to students. Why should this be different?

Those who demonstrate that their degrees haven’t led to reasonable employment would simply apply for a “refund” from their college or university. The student is then expunged from the records of degree-holders and the university must consider them a dropout.

This puts accountability on both parties. For universities, it creates accountability both financially and in reputation. As dropout rates climb for the degree mills offering hundreds of refunds, universities risk falling in the ever-important college rankings and, if the dropout rates really spike, they risk losing funding and accreditation. For graduates, this policy presents a stark choice: hold onto a degree that hasn’t paid off, or relinquish it for financial relief, forcing a reckoning with the true value of their educational choices.


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: accountability; forgiveness; payitback; studentloan
Navigation: use the links below to view more comments.
first 1-2021-22 next last
How the students got so far in debt and pretty good solution to the student loan problem.
1 posted on 03/29/2024 6:08:53 AM PDT by Blood of Tyrants
[ Post Reply | Private Reply | View Replies]

To: Blood of Tyrants
These universities are sitting on billions upon billions of endowment money.

They need to fund these student loans. Whether they forgive them or not later will then be entirely up to them.

2 posted on 03/29/2024 6:11:57 AM PDT by SamAdams76 (6,575,474 Truth | 87,429,044 Twitter)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Blood of Tyrants

bttt


3 posted on 03/29/2024 6:16:17 AM PDT by thinden (buckle up ....)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Blood of Tyrants; pookie18
FReeper Pookie posted a meme on it this morning in his daily Pookie's Toons.


4 posted on 03/29/2024 6:17:31 AM PDT by Tell It Right (1st Thessalonians 5:21 -- Put everything to the test, hold fast to that which is true.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SamAdams76

Read the article. It addresses those issues. If too many former students give up their worthless degrees and the universities will be held more accountable.


5 posted on 03/29/2024 6:17:42 AM PDT by Blood of Tyrants (The problem with socialism is that you eventually run out of other people's money. - M. Thatcher)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Blood of Tyrants

Or DeSantis’ idea which was to make the colleges themselves co-signers so if the loans can’t be paid back from a women’s studies degree, the college is on the hook for them.


6 posted on 03/29/2024 6:22:59 AM PDT by nonliberal (Z.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Blood of Tyrants

That’s just it. I’ve said it here before.

They don’t want the Universities to pay. Student loan forgiveness is effectively subsidies for overpriced higher education.

It is interfering with free market forces. Intentionally


7 posted on 03/29/2024 6:35:54 AM PDT by z3n (Kakistocracy)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Blood of Tyrants

Why is it the taxpayers are the only people getting scammed by Nikita Bidenskyyyyyyyyyy’s deadbeat student loan”forgiveness”? Why isn’t “academia” willing to put a little blood in the game? They’re the bastards that caused it. A college diploma these days should cost no more that 10 Sugar Pops box tops.


8 posted on 03/29/2024 6:40:19 AM PDT by FlingWingFlyer (Xiden tries to come off as a tough guy but can't stop a herd of raggedy ass Mexicans from invading.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Blood of Tyrants

Just get Fed.gov out of the loan and education business completely

If a state wants to subsidize politically-favored universities, that’s their business and they can try to pay for it


9 posted on 03/29/2024 6:41:41 AM PDT by PGR88
[ Post Reply | Private Reply | To 1 | View Replies]

To: FlingWingFlyer

The article addresses this issue. Read it.


10 posted on 03/29/2024 6:55:16 AM PDT by Blood of Tyrants (The problem with socialism is that you eventually run out of other people's money. - M. Thatcher)
[ Post Reply | Private Reply | To 8 | View Replies]

To: z3n

When I went to college, the tuition was cheap but the courses were difficult and weeded out many students that had no business of being in college. Today, tuition is expensive and the courses today would have been middle school difficulty. Several courses like biochemistry and physics would start out with 100+ students and end up with <20 finishing.


11 posted on 03/29/2024 7:09:06 AM PDT by vetvetdoug
[ Post Reply | Private Reply | To 7 | View Replies]

To: PGR88

Let the universities issue the loans and change the way repayment is made. Allow the former students to get out of the debt through bankruptcy. The University will take the hit for putting out worthless degrees and the students may mae better decisions.

Also, every new student should have to sit down with an advisor who will show them how much their chosen degree will cost and how much a person with that degree can expect to make.


12 posted on 03/29/2024 7:09:19 AM PDT by Blood of Tyrants (The problem with socialism is that you eventually run out of other people's money. - M. Thatcher)
[ Post Reply | Private Reply | To 9 | View Replies]

To: z3n

Right; the whole student loan program is designed to subsidize academia at the taxpayers’ expense (so “forgiveness” is the natural next step).

Higher education became a bloated mess 50 years ago as “students” flooded in for draft deferments; the slow death of many schools is the result of that reduced demand taking its toll. Many schools expanded during the war because of so many “students” on the 10-year plan, and basically locked themselves into an unsustainable overhead.


13 posted on 03/29/2024 7:23:13 AM PDT by kearnyirish2 (Affirmative action is economic warfare against white males (and therefore white families).)
[ Post Reply | Private Reply | To 7 | View Replies]

To: Blood of Tyrants

I’ve been saying this for a long time. The loan fund should be fully underwritten by the universities/colleges that benefit. That way when the guy with the degree in “Bikini Inspector” can’t get a job to pay off the loan, the school or schools fund ends up with the defaulted loan. curriculum would change overnight.


14 posted on 03/29/2024 7:28:57 AM PDT by kvanbrunt2
[ Post Reply | Private Reply | To 1 | View Replies]

To: Blood of Tyrants

Tax the endowments.


15 posted on 03/29/2024 7:37:34 AM PDT by PAR35
[ Post Reply | Private Reply | To 1 | View Replies]

To: Blood of Tyrants
Also, every new student should have to sit down with an advisor who will show them how much their chosen degree will cost and how much a person with that degree can expect to make.

Actually the loans should be issued on that basis, like a mortgage. If the degree doesn't "qualify", then you only get a loan for the amount the degree is assessed at. If universities want to offer graduate degrees in basket weaving, that's fine, but don't expect "We the People" to cover the cost.
16 posted on 03/29/2024 7:38:10 AM PDT by BikerJoe
[ Post Reply | Private Reply | To 12 | View Replies]

To: Tell It Right

One of my golfing buddies sent that one to me.


17 posted on 03/29/2024 7:55:14 AM PDT by pookie18 (You don’t have to be high on crack to enjoy Pookie’s Toons! - Tell It Right)
[ Post Reply | Private Reply | To 4 | View Replies]

To: Blood of Tyrants

Our nation is no longer capable of correcting itself. The irreversible slide is well under way.


18 posted on 03/29/2024 8:39:11 AM PDT by Seruzawa ("The Political left is the Garden of Eden of incompetence" - Marx the Smarter (Groucho))
[ Post Reply | Private Reply | To 1 | View Replies]

To: Blood of Tyrants
Part of the problem is in that scenario, an advisor can only tell you what you’re expected to make……and only if you get hired.

Example - Art Curator/Museum Curator: Glassdoor says you can make ~$45k-$81k and the avg is $56k/yr. Senior Curators can make $90k/yr. Great, so an Art History Degree seems like a great idea! In fact, I should get a Masters in Art History to try and fast track to Senior Curator…..six years of school [in theory] and I’m looking at getting hired as a Curator. Put in a few years time and I could be looking at $90k+ a year. Sounds like a no brainer.

But, why is it after 6yrs of school, they only make $22k/yr as a barista and the only “art” they curate is the whipped cream doodles they make in the overpriced coffee they serve? Because it’s all a scam. The public school districts are incentivized to turn kids to higher education so they get more money from the state (lookie at how many of our illiterate brats went to college!).

The colleges are incentivized to have high graduation rates. Who wants to go to a school with high drop out/failure rates? In order to keep the process moving we’ll help steer kids into classes/programs we KNOW they can pass just by the students’ ability to fog a mirror. Fedgov wants the votes, so of course there’s easy credit programs and talk of bailouts etc. Some employers use it as a discriminating factor….can’t discriminate against anything else, but I can hire a debt slave that feels trapped, and like they NEED this job……after what else is a degree in YouTube studies good for?

19 posted on 03/29/2024 9:15:41 AM PDT by Repeat Offender (While the wicked stand confounded, call me with Thy saints surrounded.)
[ Post Reply | Private Reply | To 12 | View Replies]

To: Repeat Offender

I have considered that. The plan would be that your advisor must show you what people with the same degree are making in the real world for the first 10 years out of college.


20 posted on 03/29/2024 9:21:39 AM PDT by Blood of Tyrants (The problem with socialism is that you eventually run out of other people's money. - M. Thatcher)
[ Post Reply | Private Reply | To 19 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-22 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson