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So why was the program introduced, if everything was running so well?

• seibelj 9y ago
  It is one of many band-aids attempted to solve the root problem, which is that education is unaffordable in America for most people. The true solution in my opinion would be to allow people to discard their student loans with bankruptcy. Suddenly the government wouldn’t be offering $200k loans for humanities degrees, and universities would be forced to reduce prices or accept lower enrollments.
  • rayiner 9y ago
    Loans that are issued without regard to your credit and also are dischargeable in bankruptcy wouldn’t be workable. New graduates usually have no assets. They could declare bankruptcy immediately, and usually are young enough where they would have plenty of time to clear up their credit before needing to buy a house, etc.
    • seibelj 9y ago
      Then maybe there should be no student loans. The idea of a debt that can't be discharged in any circumstance sounds like a form of slavery to me. Schools could charge a rate that a part-time minimum wage employee can pay.