How so? Someone takes out a loan they’re supposed to pay it back.
If someone, as a parent, co-signs a load for their kid, who wants to get a degree in Post Neanderthal Feminist Poetry and can’t figure out that it’s going to cost over $100k and be worthless, then that’s on them.
Commence wage garnishment now.
Funny that in every other industry, we can hear of budget cuts, but when it comes to secondary education, the only folks that stand to lose anything are the maintenance folks and the sports programs. No radical left wing professor ever loses their precious tenured positions no matter how worthless the class they teach 2d a week is.
And then the taxpayer or parents are forced to fork over more money for the tuition increases.
Education is very good at being unaccountable. That’s how they can call practically anything an education yet can’t be sued for fraud. They mislead high school graduates about the value of a degree while working behind the scenes to make sure that nobody can research the topic. Their accreditors have an antitrust exemption which is used to suppress competition and innovation by operating as a cartel.
Student loans are a huge problem but the basic issue is a lack of educational options that forces too many students to work thru traditional 4 year programs.
I have a fourth college graduation to go to in two weeks, 4 kids, zero loans.
But here’s a true story:
Most colleges ask you to fill out a form called a FAFSA before your kid enrolls. FAFSA stands for Free Application for Federal Student Aid. Prices have gone up, no? You pay a lot of taxes, no? Get some back, no?
Well, at my first rodeo, I did fill out a FAFSA. You will appreciate that, since I’ve now bought four bachelor’s degrees at the going rate, I don’t qualify for Federal aid.
BUT.
When I got the bill for kiddo #1, there was a $5000 loan on the bill.
“Wait, wait”, sez I, “I dodn’t apply for a loan”.
“Oh, it’s standard, nothing to worry about. Everybody gets one”.
It took six months to get it off the account. It’s been years, but I’m still not sure it won’t turn up somewhere in kiddo’s future.
When you go to registration day, there are table after table giving out “scholarships”, “aid”, “grants”. Most of these are one page or less with a signature line.
All of them are loans.
This is, by now, so rotten that I seriously believe there are others like myself, who accept a “scholarship” only to find out it’s a loan.