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The universal credit line was created a few decades ago when Congress decided to make student loan debt very hard to discharge (you basically can only get out o

The universal credit line was created a few decades ago when Congress decided to make student loan debt very hard to discharge (you basically can only get out of it by dying, becoming so disabled you cannot hold a job, or leaving the country). This encouraged lenders to put money into what is effectively a risk free investment. Suddenly, everyone had infinite money, and there was no pressure to keep university costs low (as most states don't have the political will to cap their public education costs in a meaningful way). Colleges started investing more into attractions for their students - fancy gyms, rec halls, new dorms, etc. Both combined to "require" that schools raise the price. And on the other side, now that everyone could afford college, public schools started to heavily encourage everyone to go to college - degree holders make more on average after all. Which is how people go into college for degrees they have no practical use for (picking on philosophy, it is great and gives a very valuable set of critical thinking skills, but do you really need those skills if you're not going to be an author, professor, lawyer, etc?). It also led to lots of folks going into college as "undecided" majors, paying tens of thousands per semester without any plan.

seanmcdirmid 3y ago
> It also led to lots of folks going into college as "undecided" majors, paying tens of thousands per semester without any plan. A lot of universities won't let you select a major until you are toward the end of your sophomore year. Many majors have pre-requisites that you have to satisfy, and acceptance isn't guaranteed (even if you are already accepted to the university).
- StableAlkyne 3y ago
  That sounds like a terrible deal - why would someone pay thousands of dollars for the chance to maybe buy the service you wanted in the first place? It only makes sense if it's a prestigious university whose name guarantees you a job or PhD slot somewhere What portion of universities are doing that?
  - seanmcdirmid 3y ago
    I'm not sure, many of the flagship universities? I know UW now allows you to enter the CSE program from the start (you apply to UW CSE from highschool), but that wasn't the case when I was in school.
Obscurity4340 3y ago
Is it fixable if they simply make the debt dischargeable and impose a tuition ceiling or is that one act sufficient to rein-in the prices without affecting access to what all students basically are: low income future worker citizens just starting out

seanmcdirmid 3y ago

> It also led to lots of folks going into college as "undecided" majors, paying tens of thousands per semester without any plan. A lot of universities won't let you select a major until you are toward the end of your sophomore year. Many majors have pre-requisites that you have to satisfy, and acceptance isn't guaranteed (even if you are already accepted to the university).

StableAlkyne 3y ago
That sounds like a terrible deal - why would someone pay thousands of dollars for the chance to maybe buy the service you wanted in the first place? It only makes sense if it's a prestigious university whose name guarantees you a job or PhD slot somewhere What portion of universities are doing that?
- seanmcdirmid 3y ago
  I'm not sure, many of the flagship universities? I know UW now allows you to enter the CSE program from the start (you apply to UW CSE from highschool), but that wasn't the case when I was in school.

Obscurity4340 3y ago

Is it fixable if they simply make the debt dischargeable and impose a tuition ceiling or is that one act sufficient to rein-in the prices without affecting access to what all students basically are: low income future worker citizens just starting out