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Is not giving out loans at all necessarily better? Stop giving out loans, and higher education becomes even more elitist and out of reach.

by tintor 5y ago

DocTomoe 5y ago
Or higher education institutions will consider if they really need the ever-growing bubble of useless administrators who empty their coffers.
- janejeon 5y ago
  Plus, colleges and universities will think twice about increasingly charging an egregious amount for tuition if people aren't willing to buy their product no matter the price.
fortran77 5y ago
No. Tuitions will drop like a rock.
- mrep 5y ago
  Maybe for the bottom schools but there are enough rich parents to pay/cosign a loan for like the top 50 schools and I highly doubt they would reduce tuition/spending and risk hurting their rankings.
  - bombcar 5y ago
    No matter how many loans or funding you get, it'll always be impossible for everyone to go to the top 50 schools, unless you simply outlaw all schools outside of the top 50.
    - mrep 5y ago
      That is not the point. The point is that kids whose parents cannot pay/cosign a loan can currently get into the top 50 schools but without the government backing the loans, none of them would likely be able to get in at all leaving the top schools only for rich kids.
      - kevinsundar 5y ago
        Not really, if a private lender believes your degree will pay off then you'd be able to easily get a loan for top 50 schools.
        mrep 5y ago
        Nope, that is not how unsecured personal loans work. Those depend on your credit which most students don't have much/any and your debt-to-income which is normally infinite for students because they don't work.
  - fortran77 5y ago
    Who cares about the top 50 schools? I went to Hofstra University, graduated with no debt (worked while going there and commuted by bus!) and I did just fine. I’ll be damned if I’ll subsidize someone else’s 4-year country club experience at a “top school”. Noting terrible will happen if only kids with rich parents went to them.
    - frumper 5y ago
      https://www.hofstra.edu/admission/cost-attendance.html https://www.hofstra.edu/admission/cost-attendance.html If you can earn $53k plus living expenses in after tax dollars all while going to school then you are not the typical college student. Someone would be subsidizing your education if you get out of that debt free.
      - fortran77 5y ago
        No taxpayer subsidized my education.
bee_rider 5y ago
I think most people who'd like to get rid of the loans would also like to provide additional help to make college less elitist. Easy loans are just the local optimum we need to get out of.
BeFlatXIII 5y ago
If it only becomes for the rich, that's a problem. If it only is for those who can earn merit scholarships (plus a smattering of rich flunkies to pay the bills), is that necessarily a problem?

Is not giving out loans at all necessarily better? Stop giving out loans, and higher education becomes even more elitist and out of reach.

by tintor 5y ago

Is not giving out loans at all necessarily better? Stop giving out loans, and higher education becomes even more elitist and out of reach.

DocTomoe 5y ago

Or higher education institutions will consider if they really need the ever-growing bubble of useless administrators who empty their coffers.

janejeon 5y ago
Plus, colleges and universities will think twice about increasingly charging an egregious amount for tuition if people aren't willing to buy their product no matter the price.

fortran77 5y ago

No. Tuitions will drop like a rock.

mrep 5y ago
Maybe for the bottom schools but there are enough rich parents to pay/cosign a loan for like the top 50 schools and I highly doubt they would reduce tuition/spending and risk hurting their rankings.
- bombcar 5y ago
  No matter how many loans or funding you get, it'll always be impossible for everyone to go to the top 50 schools, unless you simply outlaw all schools outside of the top 50.
  - mrep 5y ago
    That is not the point. The point is that kids whose parents cannot pay/cosign a loan can currently get into the top 50 schools but without the government backing the loans, none of them would likely be able to get in at all leaving the top schools only for rich kids.
    - kevinsundar 5y ago
      Not really, if a private lender believes your degree will pay off then you'd be able to easily get a loan for top 50 schools.
      - mrep 5y ago
        Nope, that is not how unsecured personal loans work. Those depend on your credit which most students don't have much/any and your debt-to-income which is normally infinite for students because they don't work.
- fortran77 5y ago
  Who cares about the top 50 schools? I went to Hofstra University, graduated with no debt (worked while going there and commuted by bus!) and I did just fine. I’ll be damned if I’ll subsidize someone else’s 4-year country club experience at a “top school”. Noting terrible will happen if only kids with rich parents went to them.
  - frumper 5y ago
    https://www.hofstra.edu/admission/cost-attendance.html https://www.hofstra.edu/admission/cost-attendance.html If you can earn $53k plus living expenses in after tax dollars all while going to school then you are not the typical college student. Someone would be subsidizing your education if you get out of that debt free.
    - fortran77 5y ago
      No taxpayer subsidized my education.

bee_rider 5y ago

I think most people who'd like to get rid of the loans would also like to provide additional help to make college less elitist. Easy loans are just the local optimum we need to get out of.

BeFlatXIII 5y ago

If it only becomes for the rich, that's a problem. If it only is for those who can earn merit scholarships (plus a smattering of rich flunkies to pay the bills), is that necessarily a problem?