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I think that, to most 18 year olds, the concept of tens of thousands of dollars of debt is basically too abstract to reason about clearly. I agree that the fact
by macNchz 2y ago
I think that, to most 18 year olds, the concept of tens of thousands of dollars of debt is basically too abstract to reason about clearly. I agree that the fact kids can take on this amount of debt at that age–which cannot be discharged in bankruptcy, but is also guaranteed by the government such that the universities take zero risk in the transaction–is basically unconscionable.
- IG_Semmelweiss 2y agoThe logical thing to do here would be as you correctly point out, have universities and private banks bear more of the risk vs the government. Of course, the moment that happens, enrollment would crater and the whole student loan program would be revealed as a subsidy that benefits university administrators, provosts and deans to promote 21st century grand tours, for the middle class. The reckoning is coming. The question is who pays. Kids arent paying anymore. Will it be Banks, university administrators, or low income americans? Will it be the low incoime class who finances the debt largesse of the middle class, via monetized debt and inflation?
- declan_roberts 2y agoI don't see a scenario where the people who benefit most from the corrupt system (schools) bear the cost. Very likely the cost will go right to the taxpayers.
- matt-attack 2y agoSeems to be a pretty condescending view of an 18 year old.