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We want everyone who can, rich or poor, to be able to go to college. So everyone gets a loan no questions asked. No private bank would do this so it has to be

We want everyone who can, rich or poor, to be able to go to college. So everyone gets a loan no questions asked. No private bank would do this so it has to be government. But we want this to cost the government nothing, so the loan is uniquely inescapable. And we want Universities to charge essentially whatever they want, so the loan required is close to unlimited. We'd need to change one of those to fix the problem. Forcing private banks to issue unlimited loosing loans, telling universities what they can do or, only alowing the rich into uinversitys are all unacceptable. Which leave one option, the one other developed continues use. Which is hammered with words like "socialist" or the like.

mrep 7y ago
> We want everyone who can, rich or poor, to be able to go to college. So everyone gets a loan no questions asked That doesn't mean the loan needs to be unlimited. Pretty much every story you hear about unreasonable loan repayments are from people who went to a private school and spent $50,000 a year on a major that doesn't have good job prospects. I went to a public state school and most of the people there were because it was cheaper than going to out of state schools or private schools and they majored in subject that had good job prospects. A simple cap on college loans per major would force people to choose cheaper schools (like starting at community college and going in-state) and/or more job economical majors so they don't drown themselves in debt that they cannot pay off. > Which leave one option, the one other developed continues use. Which is hammered with words like "socialist" or the like. Except that solution involves subsidizing everyone to go to college despite how economically useful going to college is for each person. For a prime example, see this topic [0] where european colleges were losing all of their top AI professors because they wouldn't pay their AI professors market wages because they got paid at the same rate as un-economically useful majors. [0]: https://news.ycombinator.com/item?id=15600275 https://news.ycombinator.com/item?id=15600275
dantheman 7y ago
Or, we make the applicant apply and only give them a lone we think they'll be able to repay based on their skill, the school, and the choice of major. If they start doing poorly then we don't give them future loans. It's really not that hard -- get the government out of the loan business.

mrep 7y ago

> We want everyone who can, rich or poor, to be able to go to college. So everyone gets a loan no questions asked That doesn't mean the loan needs to be unlimited. Pretty much every story you hear about unreasonable loan repayments are from people who went to a private school and spent $50,000 a year on a major that doesn't have good job prospects. I went to a public state school and most of the people there were because it was cheaper than going to out of state schools or private schools and they majored in subject that had good job prospects. A simple cap on college loans per major would force people to choose cheaper schools (like starting at community college and going in-state) and/or more job economical majors so they don't drown themselves in debt that they cannot pay off. > Which leave one option, the one other developed continues use. Which is hammered with words like "socialist" or the like. Except that solution involves subsidizing everyone to go to college despite how economically useful going to college is for each person. For a prime example, see this topic [0] where european colleges were losing all of their top AI professors because they wouldn't pay their AI professors market wages because they got paid at the same rate as un-economically useful majors. [0]: https://news.ycombinator.com/item?id=15600275 https://news.ycombinator.com/item?id=15600275

dantheman 7y ago

Or, we make the applicant apply and only give them a lone we think they'll be able to repay based on their skill, the school, and the choice of major. If they start doing poorly then we don't give them future loans. It's really not that hard -- get the government out of the loan business.