So we’d be back to only the rich going to college? Brilliant!!
1- those who borrowed, pay it back.
2- no more federal student loans
the Constitution does not permit the government to confiscate my money and lend it to someone else.
I have been thinking about this and came up with this:
Let them wipe it out with bankruptcy, And the Government will pay 1/3 of the loss and the bank eats the rest.
They bailed out crooked bankers, why not show they care about the little guy too. This will be cheaper and, to be fair, a lot of kids really were hoodwinked.
Your proposal is too complicated.
My proposal: Simply make the college co-sign for 50% of a student’s loan.
So if a college accepts a student who wants to major in 8th century French poetry, fine. But then make that college share in the pain of that stupid decision.
My plan worked.....go to class 1/2 day and work 1/2 day. Upon graduation, no student loan to repay.
It’s not just student loans. Back taxes and support payments also exempt from bankruptcy. A federal garnishment law could limit the total garnishment from income (e.g., to 50 percent of income when making the payments would be a hardship), and so provide relief from excess indebtedness without revisiting why certain debts are exempt from bankruptcy. Such a law should identify priority of claim (e.g., #1 current support payments, #2 other current obligated payments, #3 back support payments, #4 back taxes, #5 back student loan payments, #6 other back obligated payments). Furthermore, there’d have to be provisions for interest on back due amounts, and for mortgages and other secured debts.
Sorry, no.
You are limiting commerce, which is essentially the liberal line. If there is a lender who wishes to lend a consumer money and a consumer who wishes to borrow it, why should Big Brother government stand in the way?
Your solution does nothing to address the underlying problem. Much like many healthcare proposals which are focused on how to PAY for health care, you are ignoring the aspect of “why does it cost so much?”
The truth is that society has placed a premium on getting a college degree. Ironically, many degrees just wind up being useless to the career people find themselves in.
We’ve also got the mistaken notion that “everyone deserves a college degree.” False. Many people aren’t even smart enough for college. We’ve marginalized trade skills, though, and so most see college as the only way.
There is no easy solution to this problem except THIS:
DO NOTHING.
Yep.
Why?
Let an entire generation of Americans suffer with the mistake they made, chasing a degree at great expense, and then discovering that it was generally useless. What will happen is that these people will tell their children, “Oh, no - don’t make the same mistake I made! Do not take out $300k in student loans so you can get a Music Theory degree. That’s just dumb. If you want to be a chemist or a doctor - fine. Those are technical skills which require higher education.”
Eventually, enough parents will dissuade their kids from chasing useless degrees and these schools which have spent BILLIONS on construction projects to expand their campuses will start to see empty classrooms. The law of supply and demand will kick in and costs will come down again.
Used to be a bank would only give you a mortgage if they thought you could pay for it and the house’s value was more than the mortgage amount.
Why don’t they do the same with student loans? Is the college degree worth what you want to borrow? Will your future job allow you to pay it back?
By the way, if they forgive student loans, then I want to be reimbursed for 4 years of college that paid for each of my three kids.
A BAD CYCLE easy loans drive up the cost of education, requiring more loans.
You are recommending price controls. In short, price controls dont work, so .... no.
All that is needed is to remove Taxpayer Guarantee’s, and hold Education Institutions financially accountable for any defaulted loans for a degree in Advanced Under Water Basket Weaving, Lesbian Dance Theory and Asian Bi-Sexual Studies....
You write like a lawyer. And by that, you include lawyer on a peer basis with med students.
By the time med students graduate now—and work through their residency, the boomers will be dead and the whole system will be changing again.
Colleges are going to fail, based on nothing else than demographics. There is no reason to make college more attractive to anyone. There is no need for the government to subsidize anyone’s education.
Everyone seems to be afraid to say, “let the market work.”
Average student loan debt total per person: $31,172
Average monthly student loan payment for graduates: $393
The number of debtors owing more than $75,000 is less than 10 percent.
My student loan debt in 1982 would be about $310 in 2019 dollars. Of course I majored in a marketable degree.
Honestly there’s only one reform needed: stop making them federally guaranteed. Turn them into normal loans where the students can be rejected, but also can clear via bankruptcy.
No one should be borrowing money for college.
You can start at a community college for two years, and then transfer into a university as a junior/commuter student.
Only start as a freshman at a university and live on campus all 4 years (1) if you receive a full scholarship, or (2) if you or your parents have the cash to pay the whole way.
Not a bit better. Limits are ephemeral. The only useful measure is to eliminate the federal government’s role in student loans altogether. And that is only a piece of what has to be done to begin to take the schools top to bottom back. ALL federal money to all schools and the regulations and intimidation that necessarily goes with it has to end altogether along with the Department of Education.
How about just get a second job and pay it off?
Impractical, unworkable, extreme buracracy and policing of loans, increase in school administrative costs, ect, ect, ect
Much easier - no federal supported loans or grants to any degree program that will cost more than the national median cost for that same program.
That would be a shotgun full of buckshot against the REAL problem - the high cost of tuition and its awards to the extravagent and over expensive education industrial complex.
I would also limit any grants and student loans to degree programs that do not include political science, sociology or any of their offshoots that represent NOT education but merely political indoctrination.
Spend what you can afford. Duh!