.....”I hold the greedy universities and the even greedier government partially responsible. They promote these loans”....
Nonesense...Banks and lending institutes also ‘promot loans’, car dealers and real estate people as well and nobody forces them to borrow.... Further it’s the parents responsibility to suggest to their kids all you spoke of....and the gal you mentioned obviously wasn’t all that bright if she failed to inquire further than the package they offered...and I doubt that was her only choice.
Students who want a college education have many avenues to go about otaining it...so I don’t buy that it’s anyones responsibility to pay off their loan but themselves and negotiating the best deal they can afford......if they can’t afford it then they can work and take classes as they can afford it...many have done so.
I just won’t buy into the idea kids are entitled to make tax payers or anyone else for their education.....and the fact there are so many drop outs attest to the idea a lot of them don’t want to do the hard work to obtain a degree.
I am trying to say that this ‘crisis’ now being exploited was by design.
The universities and government are irresponsibly promoting loans on people with no income. Try getting a no money down $100,000 loan on a luxury car with no income and no collateral. Or a $500,000 mortgage. I am not saying we should pay. I am saying that loans should go back to banks — who should not be bailed out — where there is a real bankruptcy consequence to handing out these loans like candy.
Is anyone even looking at earning potential as part of the loan calculation? Lawyers and doctors may have a reasonable expectation of repaying a 200k loan, but a BA in women's studies? Not that you shouldn't work for your dream, but you may need another route. I have worked 35 years to be in a position to go back to school for an impractical degree. There are many ways to accomplish what you want. Buying people with outrageous loans is immoral.