There’s a giant loophole in Biden’s student-debt relief that could make college even more expensive. Here’s how it works

[DigitalDrifter]

With the federal government involved, what could go wrong?

President Biden unveiled his long-anticipated student loan forgiveness plan last week, and the debate over its impact has been heated in the days since. While the plan will entirely wipe out the debts of roughly one-third of federal student loan borrowers, critics say it could end up making college even more expensive for future generations.

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[themirrorthief]

With the federal government involved, what could go wrong?

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college is where I learned to shoot pool, smoke dope, and gamble...and I paid all the notes by declaring bankruptcy

 

[Cougarbear]

With the federal government involved, what could go wrong?

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There's a giant loophole in the Democrat's brains.

 

[Winston]

With the federal government involved, what could go wrong?

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There is one glaring problem with this "loophole". And there is a very simple solution to eliminating it forever. How can a university keep jacking up their tuition when the earnings of their graduates, even at 5%, is not enough to pay off their student debt after 20 years? You borrow $200,000 to go to law school. You mean after 20 years you are not averaging $200 grand a year? Well then you fawked up. It must be a really shitty law school.

The simple solution, make universities report the percentage of graduates that don't pay their student loans off after 20 years. Hell, I would take it a step further and make them report the percentage of students, even those that didn't graduate, that have their student loans forgiven because they made minimum payments for 20 years and didn't pay them off.

It is past time that college was viewed as an investment. Too many students go because, well they don't have anything better to do. Too many students attend a college and have no damn idea what they want to do with their life. Stay home, live in Mom and Dad's basement, and figure it the hell out.

I have the experience. I raised six kids. Three have degrees, two of them Phd's. One is two courses away from graduating after spending six years in college. Yeah, I cut his ass off. Maybe when he is going on his own dime he will get busy. And I have lived the whole what your major is bullshit. I have Philosophy majors, Psychology majors, and Engineering majors. Pretty easy to figure out which one was most successful.

Tuition has increased, not because of student loans, but because college has morphed into being little more than a baby sitting service for unprepared adolescents. That needs to change.

 

[1srelluc]

Well they had to toss a bone to their Ivy League benefactors.....Those 40-50 billion endowment funds don't grow themselves you know.

 

[Ivan88]

State colleges used to be cheap./ but when the feds started throwing money at them, all the professors wanted huge pay raises etc. and so people wanting to be say a school teacher, ended up with 50,000$ or more debts.
As for medical schools, they been rackets for a lot longer.
If America was interested in good medical care, those who wanted to be doctors would start in nursing and gradually learn real stuff, while earning a living.
Instead they learn how to play the drug company racket, and have huge debts to pay off.

 

[Winston]

State colleges used to be cheap./ but when the feds started throwing money at them, all the professors wanted huge pay raises etc. and so people wanting to be say a school teacher, ended up with 50,000$ or more debts.
As for medical schools, they been rackets for a lot longer.
If America was interested in good medical care, those who wanted to be doctors would start in nursing and gradually learn real stuff, while earning a living.
Instead they learn how to play the drug company racket, and have huge debts to pay off.

You are misinformed. The Fed doesn't throw money at state colleges. Hell, the states don't either. Forty years ago a Pell Grant funded 85% of the tuition at a state university. Today, it doesn't even approach 20%. There is a representative in Congress here in North Carolina that often talks about how she paid for her college education working a part time job. Her flippin tuition was a hundred damn bucks when she attended. It is over seven grand now.