Posted on 07/09/2020 6:10:09 AM PDT by grundle
Kurt Schlichter just wrote this excellent column, with a whole bunch of ways to improves colleges.
Of Schlichter’s many excellent ideas, this one is my favorite. He wrote:
Third, student loans need to come from the school and to be dischargeable in bankruptcy. A school is going to be a lot less eager to say, “Sure, go ahead and major in Norwegian Feminist Dance Theory” if they are on the hook when their ardent young scholar can’t get a gig that can pay back the sticker price.
That’s brilliant – absolutely brilliant.
I hope Schlichter’s idea gets adopted as national policy.
That is the single most brilliant policy idea I have heard in years.
Brilliantly simple.
Devastatingly effective.
The government won’t voluntarily relinquish one speck of power, no matter which party has control.
It’s a disgrace that the federal government subsidizes education at all.
Small trade schools won’t be able to function with this, they need the funds for current operations.
The schools would be able to secure loans based on the future cash payments. If the students don’t pay...everyone loses.
I agree that schools with small endowments would not be able to do this very long with any kind of default rate.
I always thought it would have been cool to make the schools foot the bill for a percentage of the students next 20 years of earnings. Every once in a while you will hit the jackpot with a Zuckerberg or Gates.
“That is the single most brilliant policy idea I have heard in years.”
Agreed.
Perhaps not THE MOST, but certainly one of the most.
Car companies finance their cars. For many, just as much as 4 years at a state school.
Let schools finance their product.
It’s brilliant. It makes schools responsible and maybe they will stop offering classes in fluff studies, or at least make people finance it themselves.
I have been suggesting that banks give the loans with no federal guarantees. That way they know which jobs are not flooded and the career path chosen will provide sufficient money to repay the loans.
BUT I like the schools loaning the money better.
I agree that this idea to put the colleges on the hook for student loans is brilliant. I would prefer, though, to eliminate loans altogether. Force the colleges and universities to price their product according to what students can afford to pay out of pocket, and the absurdly inflated cost of higher education would realign with reality.
I’ve been saying this for years. I’m glad somebody with a bigger voice is also bringing up this idea.
https://uncoverdc.com/2020/07/08/back-to-school-the-pending-democrat-student-deficit-iceberg/
If you haven’t seen this, I think you’ll find it encouraging.
People aren’t going to trade school and then complaining about a lesbian gender studies degree not getting them a job.
Excellent analysis Larry. Thanks for sharing!
One of my kids graduated from a small private engineering university. They had a unique thing. A 90 day employment guarantee.
If a graduate was unable to get a competitive job I his field, they could take Masters Degree classes for free.
good one! lol
A school is going to be a lot less eager to say, “Sure, go ahead and major in Norwegian Feminist Dance Theory” if they are on the hook when their ardent young scholar can’t get a gig that can pay back the sticker price.
Brilliant... an idea who's time has come...
And since much of the ‘student loan’ problem comes from rip-off companies in the black community that sell, “Be a Trucker - Make Big Money’ - ‘Learn to Code’ crap - - this one change would put a stop to that crap too.
Brilliant.
It’s time to drop the whole idea of student loans.
Sure, if banks want to give top scholars at med, engineering or law schools a loan, that should be up to them. But the government should be fully out of the student loan (and grant) business. Community college while working is just fine through the associates level, with state universities already taking students after that in pretty much every state., That’s of course unless kids have wealthy parents want to give them a four, seven, or whatever year paid holiday, or the wealthiest schools want to give our poorest top students scholarships.
Working your way through college was perfectly respectible and quite common into the ‘80s, at least. We can just go back to that, thank you.
Horrible idea. Colleges are on the brink as it is and unlikely to have any greater competence in dishing out loans than they have in anything else.
Just drop the whole student loan idea—with very rare, free-market exceptions.
Great idea!
Student loans would suddenly dry up and all the ethnic, feminist, queer studies, etc would disappear.
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