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This was the first thing that came to mind when I saw this. For-profit colleges could be a viable venture if they were partly liable for the loans students must
by angstrom 16y ago
This was the first thing that came to mind when I saw this. For-profit colleges could be a viable venture if they were partly liable for the loans students must take to attend. That would align their profit motives with the success of students and investors.
Right now it's a pyramid scheme about to bust. Banks, and by virtue of lender of last resort, the government end up swallowing this debt.
- michaelbuckbee 16y agoI'm far from an expert in this area but one aspect of the situation that I hadn't realized was that federal student loans aren't dischargeable through bankruptcy? Does that put the onus back on the students who borrowed so much money?