The student loan industrial complex

And it will only get worse with more useless degrees and higher costs. This is what happens when people use other peoples money for platitudes and bullshite programs. 90% of people in higher education would never make it in the real world.

Another industry that will destroy itself, then expect a bailout from the very people they hate with a passion.

Got to hand it to Progressives: they know how to milk everything dry, the get blood from the stone.

Too much spending on beefing up already bloated administrative staffs with meaningless jobs like diversity officers is the kind of shite that drives up tuition costs significantly.

Unless you come from a rich family who can pay it all out of pocket, stick to a community college for 2 years and transfer to the flagship university in your state. If the location is close, live at home with your parents and the cost will be even lower to where you may not have to take out a single loan. It doesn’t take being a financial genius to figure this out.

But of course Gen Z kids view college as a “vacation” rather than a tool to explore career options. They don’t care one bit about taking out loans if it means being able to have the “college experience”, because to them, posting Instagram pictures of themselves partying at frat houses is more important than having a stable career with no debt

Everything the government touches turns to ashes.

I started at LSU in 08. The student loan market was federalized in 10/11. The cost of tuition nearly tripled by the time I graduated in 2013. I was out of state.

The quality of education did not triple, I can assure you.

Every layer of this is a racket. The more useless/harmful it is to the student , the more it perpetuates.

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If private lenders gave out the loans, they'd look at whether they were likely to be paid back. They'd ask questions like: "What will you study? You really think majoring in dance will lead to a job that will pay you enough to allow you to pay us back?

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I don't remember this being the case before the federalization of student loans. Why should I think this would change if private lenders had more control?

This line of thinking would also impact undeclared students or ones who switch majors after their first semester or more. Would the private lender suddenly halt the loan if someone switched from a business major to an economics major? Or to an education major? This seems like it would force students to stick with majors they may not excel in or care about. Or limit their opportunity to switch majors to complete any degree. Yes, lenders can choose who they want to lend money to but successful ones will squeeze out competition and become too big to fail.

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If private lenders gave out the loans, they'd look at whether they were likely to be paid back. They'd ask questions like: "What will you study? You really think majoring in dance will lead to a job that will pay you enough to allow you to pay us back?

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LOL no.

The only question they would ask is the same question that private student loan lenders ask now, and that is... what's your credit look like?

The vast majority of students would need a co-sigher. That's fine if your parents have good credik. But for a lot of students, that is not the case.

TOPS is a good system. It should be in every state. The standards are low. If you want more than that, pay it yourself. But at least if you are of even basic intelligence, you get a degree for basically free.

You should be able to go to college and take classes for only your major. My son going for engineering shouldn't have to take and pay for BS psych, sociology and a foreign language class he will never need. If the crap classes were cut out most kids could finish in 2-3 years max.

The people who really should be in the student loan business are the colleges and universities, themselves. They all have endowments worth hundreds of millions, up to tens of billions. Let them be the ones to stick their necks out for marginal students, and majors that aren’t worth the tuitions invested.

Close college in 5 years we have AI.