Posted on 01/24/2020 6:37:40 AM PST by Oldeconomybuyer
Agreed.
If I understand correctly, government (taxpayer) guaranteed loans are enabling schools to charge more given the likelihood of approved loans.
I’d like to see the following:
1. Gov’t Loans amount indexed to career realities. 5 elements: what you plan to study, what you plan to do as a career, job market demand, geographic demand for the job (if applicable), and what your target job would pay. It would be career reality test on the loans. To the point, you’re not getting a $100K loan to study gender studies with a minor in Latvian poetry only to find that there’s little call for that expertise in BFE Nebraska.
2. Gov’t Loans given a preference and/or discounted rate by tuition cost. Create an incentive for schools to drive down tuition rates. Example: University A will cost $75K vs. University B at $50K. It could reduce the level of risk, and could enable smaller schools to grow.
3. Provide an incentive for early repayment of a Gov’t loan. A TBD discount for eliminating the debt early.
4. Gov’t Loans can be eliminated in bankruptcy, or negotiated in settlement. I know of persons that have suffered through financial and medical disasters and decades later still have a interest accruing loan that does not go away.
“Loan rates should be based on the probability of a particular field of study turning into an actually professional career. IOW, quite low for someone majoring in nursing or engineering and high for somebody majoring in professional victim studies.”
I think you got your probabilities reversed.
The other factor driving this is the continued importation of labor from overseas on work visas.
There was a famous incident at a company here in town where their local engineers, who were all in hock $30-75K to get their Bachelors Degrees, ended up sitting in cubes next to guys who came on H1B who got their Masters Degrees paid for in full by the government in their home country.
Reportedly fistfights broke out over this.
We build America by distributing lollipops to every (except white males).
bump #62
When a democrat says we are going open up those opportunities it translates into we own you it’s a nothing or else option.
"Imbecility is no bar to advancement in politics."
Do a poll, and see how many with student debt somehow managed to go on a spring break trip every year.
What we need is a truth in labeling law for college education.
Let the new college student know what his chances are of getting a job after graduation and what it is going to cost him before he ever signs up for these student loans.
If a student desides to get a gender studies degree he should know up front that when he graduates he will have 0.001% chance of getting a job in his field of study and he will owe $250,000 on that education.
I suspect that if every student had to read that truth in labeling statement aloud to his parents before signing up for student loans we would not have a student loan problem.
Isn't amazing how accident-prone people become after confronting the Clintons?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.