I’m not absolving the responsibility of those who take out student loans, but many simply can’t pay them back.
“I’m not absolving the responsibility of those who take out student loans, but many simply can’t pay them back.”
I’ve always asked people who take art history or Russian art literature if there’s a job waiting for them. They usually look at me as if they’d never thought of that. They’re at school to party on somebody else’s dime. Remember when there were dental clinics opening in shopping malls. They looked like barber shops. They’re all gone now. But they were there because universities over-sold dentistry. Now they’re over-selling pharmacy. Dentistry and pharmacy are being automated so many fewer jobs will open in the future. Pharmacy is already cutting back. Publix will soon be filling all orders in Florida from a single automated pharmacy and by male. They may send certain drugs to a store for you to pick up if the law requires ID. If you have a question you’ll ask a pharmacist in India who will have all your information on his screen.
The blame lies in government policies that dispensed with any pretense of due-diligence when underwriting education loans. Students could borrow whatever the colleges charged, so they did. That's why college tuition has risen 1200% in the past thirty years.
Most eighteen year old kids don't understand what a burden repaying a loan can be, since most of them have never earned a single honest dollar in their lives.