4 ms·
Something is really wrong with a regime that _lends_ an 18 year old $100,000 for an art degree. This is only possible because the lender is guaranteed paybacks
by arjunnarayan 14y ago
Something is really wrong with a regime that _lends_ an 18 year old $100,000 for an art degree. This is only possible because the lender is guaranteed paybacks no matter what (because the borrower cannot default).
If we let borrowers default on loans under certain criteria (say, their annual income was below a certain threshold), then lenders would have to actually vet the students degrees --- and then we might have a sane system where you're denied a student loan if you're going to major in underwater basket weaving, but approved if you major in engineering.
- nestlequ1k 14y agoBut can you imagine this world? Where you are sending your transcripts to the bank, proving to them that not only will you finish college, but be able to get a job afterwards. And every month in college having to send your grades to them so they can be sure you're still a good investment. It makes sense to me but... can you imagine the feelings that would be hurt by this?
- numo16 14y agoMaybe feelings need to be hurt...A lot of people expect things to just be handed to them these days, especially with the "everybody is a winner" culture that is pushed in the elementary schools currently.
- dontstealmyname 14y agoWouldn't the simpler system be if you fail a unit twice You've got to find the money yourself to pay for that unit. Just hook the college results system up to the load provider and let their system keep track of it that way. This is more or less how the government funding works in Australia, but saying that the costs of higher education are a lot lower.
- nazgulnarsil 14y agoWringing every ounce of income out of someone who is otherwise a waste of space seems like a feature not a bug. I just laugh at moral outrage over stupid white americans getting "screwed." Especially when it's entirely voluntary.