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re: In case you thought Student Loans was a dead issue...
Posted on 2/27/25 at 8:39 am to ChineseBandit58
Posted on 2/27/25 at 8:39 am to ChineseBandit58
quote:
but IF the money comes from a bank, the University ought to be required to ATTEST to the fact that:
- degree being sought is valuable enough to warrant the expense
- student has been academically vetted to believe he will graduate on time.
- any 'slack' by the student will be reported to bank.
- if student doesn't repay, the university will absorb the unpaid balance.
Nope.
All of the, "Make the universities responsible" narrative is nonsense too.
Nobody can be responsible but the individual taking out the loan. Why?
Because it's impossible for a university to monitor 50,000 students individually like you just demanded.
It's also asinine to hold a university financially responsible for a loan that a student took out.
People think the entire problem is students getting "worthless degrees," which they (inexplicably) blame the university for. But that doesn't take into account the fact that 40% of students who start college don't finish, which includes the STEM degree students. It doesn't take into account that a student—even a student who is in the 60% who do graduate—may get sick, may develop addiction issues, may get pregnant, may simply not interview well, and a host of other factors that could all impact his or her ability to use the degree, even if it's a "good" one. And a degree that is "good" and lucrative today can become a "worthless" degree tomorrow due to changes in any particular industry. Certain Business Administration degrees used to have a very high ROI, but due to technology advances, they don't anymore. Same with Library Sciences. The advent of the internet made that degree "worthless," and that happened within the span of about five years. Well before a graduate in that field would have paid his or her loans off.
Besides, this blaming the institution is just another way of infantilizing the student.
As long as the institution does not commit outright fraud—meaning if they promise to teach you about Lesbian Dance Theory and they actually teach you about Lesbian Dance Theory—their responsibility has been satisfied.
It's up to students/graduates to choose wisely and then use the degree or not. The institution cannot and should not be held responsible for someone living their lives. That's nonsense.
This post was edited on 2/27/25 at 8:40 am
1
Posted on 2/27/25 at 8:41 am to imjustafatkid
quote:
Also, make college loans dischargable in bankruptcy.
Idiocy.
Just forgive them if you're going to do that. The same thing will happen.
Posted on 2/27/25 at 8:44 am to Bourre
quote:
The federal government needs to get out of the student loan business.
Concur.
quote:
Either the banks or the universities should be responsible for backing student loans
I think there is a role here for the government to ensure that some items of a social engineering agenda don't get added by banks or universities. For example, rates shouldn't be determined by biological factors. We don't want the rate game to be another instance of class or sex warfare.
Seperately, we need to force states to be involved to ensure that principles of localism are at least a consideration.
LSU and most state schools exist for many reasons, but a primary reason is to educate the state's future workforce. The state's legislator should be involved in identifying sectors and education paths that are worthy of investment through lowering of rates to track with expected inflation. If you choose to enter a sector that is flush within the local economy, expect to get less incentives in the form of lower rates for student education. Conversely, if legislatures are determining a bona-fide need within the workforce they should be prepared to use lower loan rates as an incentive for students to choose an education path (and potentially to stay within a local economy/be tempted to remain in state with their skills).
As an example, if LA needs more engineers then the legislature should look to make student loans cheaper for students who choose that education path. They should also then ensure that those incentives for low rates include some stipulations for where the graduate practices their future discipline.
If you want to take your engineering degree to an economy out of state that is fine, but don't expect the people of Louisiana to sit back and continue to keep your student loan rates at or just above inflation.
I am wary of national/big business bank involvement or domination in the financing scheme. We should prefer to have the dollars spent on financing an education to remain, to the greatest extent possible, in state or regional economies instead of directly flowing to financial hubs on the coasts.
Posted on 2/27/25 at 8:52 am to Foch
quote:
As an example, if LA needs more engineers then the legislature should look to make student loans cheaper for students who choose that education path. They should also then ensure that those incentives for low rates include some stipulations for where the graduate practices their future discipline.
Those kinds of programs already exist. In fact, when Biden bragged about XYZ dollars having been forgiven, that's what he was talking about. People who used the regulations in place by going to "underserved" communities and working for however many years got their loans forgiven.
Those programs have been in place for decades and haven't solved a thing.
I don't know why people insist on mentally futzing with this issue so much and want to blame everyone except the borrower.
This is not a complex problem. Stop the guaranteed government loans.
Don't try to regulate them, don't try to fiddle with the interest rates for them, don't try to make universities responsible for them, don't try to come up with programs to make them work, just fricking stop them.
Stopping them solves every problem associated with them. Nothing else does.
Posted on 2/27/25 at 9:18 am to NIH
quote:
Student loans should be much less available. That’s the only way to bring back reasonable tuition and fees.
This! Plus, these loans are subsidizing universities, which are Democrat Party NGOs.
Posted on 2/27/25 at 9:45 am to DiamondDog
6.5 is not bad
Fed gov is borrowing probably at 4.7 ish
Premium probably doesn't cover default rate
Fed gov is borrowing probably at 4.7 ish
Premium probably doesn't cover default rate
Posted on 2/27/25 at 9:48 am to wackatimesthree
I think to look at the problem you need to go backwards first and discuss the ridiculous costs of college. It is not just the tuition either, it is all the extrreme added on costs (or fees) they add to the tuition that you must pay that more than doubles the cost of tuition.
Posted on 2/27/25 at 10:00 am to wackatimesthree
quote:
At the school I went to they have torn down just about every building that was older than 45-50 years old and replaced it. The students have a fitness facility now that is nicer than any private facility I have ever seen, almost a quarter million square feet. Has multiple basketball courts (for regular students...the athletes practice elsewhere), hot tubs, a 3 story rock climbing wall, etc., etc. The dorms are nicer than my first apartment once I got a real job. There are busses that pick students up from all around the town and drop them off at the front door of the main building, center campus, and that will take them to grocery stores and other shopping places in the town and pick them up. There is a restaurant on campus that students can use their dining cards at that is nicer than most of the restaurants in town.
As much as I hate to point this out...... From your statement, it sounds like the university is putting a lot of money back into their campuses.
Maybe find a better argument???
Posted on 2/27/25 at 10:08 am to DiamondDog
Higher ed is my world.
You can fix a lot of issues with the following rule.
If a college's default rate is above 6%, then that college is not eligible to distribute student loans in excess of tuition. If a college's default rate is above 10%, then students at the college are not allowed to access the student loan system.
Just for reference, Southern University is 6.2%, Grambling is 7.3%, Mississippi Valley is 9.9%.
LSU and Louisiana Tech are 1.8%, Lafayette is 2.8%
You can fix a lot of issues with the following rule.
If a college's default rate is above 6%, then that college is not eligible to distribute student loans in excess of tuition. If a college's default rate is above 10%, then students at the college are not allowed to access the student loan system.
Just for reference, Southern University is 6.2%, Grambling is 7.3%, Mississippi Valley is 9.9%.
LSU and Louisiana Tech are 1.8%, Lafayette is 2.8%
Posted on 2/27/25 at 1:26 pm to wackatimesthree
quote:
Idiocy.
Just forgive them if you're going to do that. The same thing will happen.
There is a world of difference between filing for bankruptcy and having your debt paid by the government with no consequence to you whatsoever.
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