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It has some value. Not 30-70K/year value, particularly when the debt is non-dischargeable.
by maehwasu 9y ago
It has some value. Not 30-70K/year value, particularly when the debt is non-dischargeable.
- sokoloff 9y agoThe debt is non-dischargeable to make the market for such debt work. There's nothing for a lender to repossess and nothing to prevent a student from a strategic default in the middle of the senior year or just after graduation. Tank your credit for a few years and walk away debt-free is a powerful motivation. Having access to student loans makes college accessible across the socioeconomic spectrum. It's not the only way, of course, but it's a way and non-dischargeability of the loans is an essential element in that market IMO.
- thomastjeffery 9y agoThat's a workaround to the problem, and a messy one at that. The problem is that work that does not require college education demands a degree as certification; forcing prospective employees - with no capital - to go into debt to satisfy an arbitrary hiring requirement.