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Why expect accountability? Borrow all you can borrow. It is just a piece of paper. It is just too cumbersome to get grants or pay your own way. Defer until it dies of old age. Declare bankruptcy - they will not take your house, your car, your whatever away from the poor young uninformed student who did not realize that when you borrow money it has to be paid back. No, that is what those silly taxpayers are responsible for. Let's add a degree or two as long as the gravy train runs.
I'm an older Millennial. I graduated with about $10k in student loan debt, which was paid off relatively quickly. I know people with tens of thousands of debt still in their 30s.
Without that debt burden, those people would have freedom to do a lot of things.
A very good friend is a Dr/married to a lawyer. Their student loans are $3500 a month for 30 years.
3500 X 12 = 42K
42K X 30 = 1.26mm.
Where did they go wrong? Deferred debt, incomes never skyrocketed. They make good money, but not huge money.
It is affecting their purchasing power for homes/cars/retirement savings contributions. Their choice to borrow, so let them pay it back.
Why did college costs sky rocket? Generally because students could borrow the money. If student loans were not so easy to obtain, colleges would not have been able to raise their prices so much and so fast.
A few years back an employee of mine was considering a vocational school and asked my opinion. What I found was the max amount that someone could get a student loan for a vocational school was what everyone was charging. Its like if the government backed loans to buy cars up to 100k. Pretty soon all cars would be $100k and people would complain about being able to afford them.
A few years back an employee of mine was considering a vocational school and asked my opinion. What I found was the max amount that someone could get a student loan for a vocational school was what everyone was charging. Its like if the government backed loans to buy cars up to 100k. Pretty soon all cars would be $100k and people would complain about being able to afford them.
I work for a college and can tell you what instruction costs. Just for instruction it's between 8k and 10k per student per year to deliver. That does not factor the various services.
Colleges utilize the labor of highly educated individuals and that's not cheap. A 50k instructor costs 80k when their health insurance and other benefits are factored in. If there was a fairy tale world where we didn't have those costs maybe it'd be cheaper.
Vocational subjects are even more expensive because of small class sizes and equipment needs.
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