3 ms·
Just like social media is the cigarettes of our generation, student loans will be the "preexisting conditions" of it. Student loans are an odious conflict of i
by hayst4ck 1y ago
Just like social media is the cigarettes of our generation, student loans will be the "preexisting conditions" of it.
Student loans are an odious conflict of interest. People will hold themselves in disbelief that we offered predatory "no risk" loans to literal children, burdening their entire futures with decisions made before they had the faculties to consider it. The moral hazard of protecting a class of loans from completely irresponsible lending alone is enough before even looking at the consequences for the people who took them.
Then you have second and third order effects... Authoritarians don't consult experts believing they know better so Nth order effects of short sighted policy are authoritarian kryptonite. Nth order effects have a way of asserting themselves into reality and breaking through authoritarian denial about the state of reality and nobody is happy when reality asserts itself.
- Aloisius 1y agoWe should have never permitted minors to apply for federal student loans. Frankly, the direct federal student loan program was probably a mistake. We shifted everything from private loans with federal guarantees to direct federal loans because of the perception that it benefited banks over citizens, but all we ended up doing is shifting animosity from banks to the government. Worse, the easy availability of student loans has made it easy for States to substantially reduce subsidies, shifting the burden onto students while jacking up rates along with private colleges.