“As a former finance director at a small college, I know students are given all the information about debt they need every year when they sign the loan. “
So what would have happened to your small college if loans could be discharged in bankruptcy - giving lenders a stake in making sure loans could be paid back after being issued?
This is a serious question, I would really value your opinion on this.
2 thoughts:
1. Financial Peace University would be a class wide requirement during Freshman Fall and “Total Money Makeover” would be the required reading during orientation versus some 3d world crap.
2. GI Bill would be the only form of Federal Financial aid (ok - this is a wish...)
Our college has always been closely affiliated with Christian churches and Christians, though we have the same accreditation as any large university. Since we always lived frugally, I guess we would have been successful in such a world. I will speculate much of the tuition increases has gone into excessive salaries, huge administrative bureaucracies, and elegant facilities far beyond what was needed for utility.