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I never understood why children should be able to give a consent to such loans. There is a young and naive person, that can not legally drink, but somehow is ab

I never understood why children should be able to give a consent to such loans. There is a young and naive person, that can not legally drink, but somehow is able to understand complicated legal contracts! Make student loans part of personal bankruptcy, and see what happens!

deleted 4y ago
[deleted]
sokoloff 4y ago
One thing that I'd expect you'd see is lenders requiring co-signers and/or pledges of assets, something that not everyone has.
- thro388 4y ago
  Good! They will not get 40 years into unpaidable loans! If university education is such a goldmine, any bank will loan them, it must be like 20% per annum profit!!!
  - sokoloff 4y ago
    As long as you're not both academically smart and financially poor.
    - thro388 4y ago
      Is there actually a correlation between university education, intelligence and high income? Or is it just a scam on young people? Last time I checked most lessons were freely available on internet, without paying $200000 gate keeping fee!
      - sokoloff 4y ago
        It's got nothing to do with that correlation. My point is that it closes off opportunities for smart-and-poor people. (Today's system also has drawbacks, but let's not forget that it does afford opportunities to people who wouldn't otherwise have them.)
        thro388 4y ago
        》It's got nothing to do with that correlation Are you serious? It got everything to do with it! If degree does not give high salary, there is no reason to invest into university education! Nobody wants to stay poor, just to support American universities! American education makes a sense for professions with certification like medical doctor, otherwise it is just a scam!
        sokoloff 4y ago
        Educational attainment for intellectual gratification is good. Educational attainment for career and financial condition improvement is also, but independently, good. It would suck to have a world where only the rich (or perhaps "only the rich plus people for whom their parents are willing to pledge a house they own") can afford to attend high-end colleges. That shuts out some intellectual development [and economic and social mobility], but I'm focused on the "hey, it's great that you're smart and did well in school, but because you're poor, here's a broom..."
        thro388 4y ago
allisdust 4y ago
New loan issuances will fall overnight and university fee will fall probably by next year. They will end up discontinuing a lot of useless courses due to lack of students.
yamazakiwi 4y ago
As a child I was coerced to join the military by adults who told me I would run into incredible debt otherwise. Coming from a poor family it felt like my only option, even with excellent performance in school (I lived in a small town). Fortunately, my time in the military ended up becoming one of the most productive parts of my life but I still shudder at the thought of it happening to kids every day.

deleted 4y ago

[deleted]

sokoloff 4y ago

One thing that I'd expect you'd see is lenders requiring co-signers and/or pledges of assets, something that not everyone has.

thro388 4y ago
Good! They will not get 40 years into unpaidable loans! If university education is such a goldmine, any bank will loan them, it must be like 20% per annum profit!!!
- sokoloff 4y ago
  As long as you're not both academically smart and financially poor.
  - thro388 4y ago
    Is there actually a correlation between university education, intelligence and high income? Or is it just a scam on young people? Last time I checked most lessons were freely available on internet, without paying $200000 gate keeping fee!
    - sokoloff 4y ago
      It's got nothing to do with that correlation. My point is that it closes off opportunities for smart-and-poor people. (Today's system also has drawbacks, but let's not forget that it does afford opportunities to people who wouldn't otherwise have them.)
      - thro388 4y ago
        》It's got nothing to do with that correlation Are you serious? It got everything to do with it! If degree does not give high salary, there is no reason to invest into university education! Nobody wants to stay poor, just to support American universities! American education makes a sense for professions with certification like medical doctor, otherwise it is just a scam!
        sokoloff 4y ago
        Educational attainment for intellectual gratification is good. Educational attainment for career and financial condition improvement is also, but independently, good. It would suck to have a world where only the rich (or perhaps "only the rich plus people for whom their parents are willing to pledge a house they own") can afford to attend high-end colleges. That shuts out some intellectual development [and economic and social mobility], but I'm focused on the "hey, it's great that you're smart and did well in school, but because you're poor, here's a broom..."
        thro388 4y ago

allisdust 4y ago

New loan issuances will fall overnight and university fee will fall probably by next year. They will end up discontinuing a lot of useless courses due to lack of students.

yamazakiwi 4y ago

As a child I was coerced to join the military by adults who told me I would run into incredible debt otherwise. Coming from a poor family it felt like my only option, even with excellent performance in school (I lived in a small town). Fortunately, my time in the military ended up becoming one of the most productive parts of my life but I still shudder at the thought of it happening to kids every day.