Tiago Splitter wrote:LRGhost wrote:Government loans wouldn't be bad if their interest wasn't so insanely high. There's no need for 7%+ interest on a non-dischargeable loan. It's a shitty money-making scheme. For the longest times, we didn't have loans this high. It's not a boon to students. Privatizing everything doesn't solve the problem because now you have banks dictating which schools and candidates are worth funding. Assessing educational outcome is necessarily different and requires different judgement than assessing someone's ability to pay off a mortgage.
But even if you feel the government must be involved, people who in your mind would not have access to law school without government intervention are not being helped. No one benefits by getting a Cooley degree even if the 150k loan is interest free.
It isn't for banks (or lenders) to dictate which education is worth getting. We have enough of a fight here with whether or not CCN or MVP are worth it at sticker, do you think banks would do it any better? It would prohibitively prevent poor people from attending good schools past the cut-off point. And FWIW, there are a handful of people who benefit by getting a Cooley education.
The easy solution is to shut down 60-75% of schools. A person's economic stature shouldn't be a factor in their ability to pursue any education, but a school's ability to guarantee employment (with regards to law school) should absolutely dictate whether or not it exists.
IMO the problem with saying government should have no business in lending is that it is a complete overhaul of how education has been subsidized here and around the world. Instead, we can take the novelty (high interest rates) and eliminate that. Or the novelty of the surge of TTTs that are just cash grabs for their parent school.