No thanks. Feds shouldn’t be involved in student loans at all
1) Don't help people with the dumb decisions they made in the past, including running up a bunch of student loan debt that apparently either didn't help them get a high enough income to pay it off, or didn't teach them the financial responsibility required to pay it off. Helping people after they make bad decisions like that only encourages future bad decisions and prevents them from learning life lessons to mature.
2) Get the federal government out of the college/university business. If different states want to do it, that's between the states and their constituents. But the federal government's massive money infusion into higher education is what has made tuition balloon like it has. The two things government "helps" us with most are college and healthcare -- which by no coincidence are the two things with the highest inflation rates.
End result: the only people in the future who go to college will be people who'll either pay for it out of pocket or have a creditor who's not as forgiving as the government, certainly not one that allows such low pre-payments during the early years. That'll make sure that the only people who go to college are the ones who'll actually get their money's worth out of it, in part by bring college tuition and books down. (If tuition doesn't actually go down, it'll at least quit going up for a while until normal inflation catches up.)
Limit the number of degrees in any field to a government estimate of the number of jobs that will require said degree. In other words, if the projection is that America will only have a need for another 1000 basket weavers next year, the limit would be maybe 1200 basket weaving degrees nationwide could be issued, and the universities would have to vie to get some of that allocation. If a degree does not have any viable career path, then the allocation would be zero, and the university would have to drop the program. Make the Dept of Education actually do something and run the analysis of the need by degree and run the lottery for the universities.
We do that with crop subsidies. You want a subsidy you have to grow what the government/business wants/needs.
You want a worthless degree pay for it yourself and then go work at Walmart.
No more loans for Liberal Arts majors.
The problem demonstrates overspending in the education department.
Slash gov subsidies and only provide loans for paying degrees.
how about don’t borrow what straps you too far down to make the investment worth it..
old timey translation..live in our means..
Restore debtor’s prison for student loan defaults.
What is wrong with allowing self study? If I can demonstrate competency through whatever tests I must pass, it shouldn’t matter how I acquired the information.
1. Stop lending money to people who are pursuing degrees in useless liberal ideological disciplines (yes, I shouldn't use the word discipline in that context). They can never pay $200k back working as a bank teller.
2. Only lend money to people pursuing degrees in engineering, etc. who have the potential to pay it back.
One idea that I’ve found interesting regarding this is after a person has worked for an employer for a set amount of time (perhaps a year), the employer can make loan payments for the employee. The employer can write off the sum for tax purposes and the employee doesn’t have to count the payment as income.
It would be voluntary on the employers behalf. If he or she is looking to keep a valued employee, this could be a hook to do so. I’m sure this set up has some flaws, but it was the most interesting solution that I’ve run across.
How about one idea ..... get the government out of the business, which is what it has become, and let folks fend for themselves.
Don't allow tuition increases after the 1st year.
Don't authorize loans for a field of study that doesn't have an average Return on Investment over 10 years, assuming 25% of salary is applied.
Cut college admin staff in half.
My answer is f-you,pay your f-ing loan! This is pure insanity!
No thanks. The colleges should be letting people enroll for free since they are government subsidized. Don’t even get me started on their endowments.
The English use an income share model. Theirs is defective because the government has to eat loans that don’t get paid off.
Some people like the idea of colleges co-signing loans.
“Everyone is entitled to nearly twice as much money as the typical four-year student borrows today”
Sounds like its making the problem individually bigger, or more widespread.
“and no one ever loses more than 5 percent of his income repaying it”
How much will the government lose?
Any idea that has the federal government losing money subsidizing stuff isn’t conservative.
The most important change is to allow student loan debt to be cleared in bankrupcy in exactly the same way car loans, home loans, personal loans, business loans, any other kind of loan are.
This means the banks and universities actually risk default. Which means they will start to ask the same questions every other loan asks — “How can we [the bank] be sure you will pay it back?”. This in turn will cause parents, colleges, and banks to ask hard questions about whether the degree is worth it and perhaps that cheaper school down the road would be the better option.