Monochromatic Oeuvre wrote:NoodleyOne wrote:BeautifulSW wrote:If you REALLY want to fix the cost of law school, end eligibility for student loans for law students. Cold turkey.
Yeah, there probably won't be any class or racial fallout from that...
Eventually warm, fuzzy politics has to give way to economic reality. We have an Econ 101-level problem in the law school market--we heavily subsidized a good and now produce it in a giant surplus. Schools have no incentive to reduce tuition because taxpayers are eventually footing the bill for people who shouldn't have a legal education (people who can't get into another better than a TTT). Students have much less incentive to be concerned about whether they're making a good investment given IBR/PAYE, which creates a moral hazard problem--private gains for those who succeed and socialized losses.
You can't just make everyone able to afford something via subsidy. Schools can charge basically anything they want because they know the federal government won't turn down anyone for eligibility and will just pick up the tab for those who fail. In an effort to remedy the unequal sharing of virtue, subsidies are fast creating equal sharing of misery.
Still, there are many T14 students that would never be able to attend, without loans. Basically, this would entail a "rich-get-richer/poor-get-poorer" world, since most of us would not be able to invent something/sell a website/make it to hollywood, or whatever else one might do, to end their poverty.
There may not be a perfect solution, but there are several that are better than the loans-for-all policy that create your problem, and not quite as restrictive as the "go to law school if you can afford it" approach.