re: how to solve the student loan crisis?

quote:

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Tie student outcomes/employment to reimbursement to schools (some coding bootcamps have an Income Share Agreement that I think is a good model)

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THIS. If they don't earn a degree the school ought not be in the pool....if they earn a degree but ain't employed, so sorry, the school is SOL.

My Mama, god love her, was watching TV as old ladies are wont to do, and saw an ad for an online university. Being bored, she gave them a call. Talked to a very nice young lady who got her all set up to work on an undergraduate degree in Phsycology….without it costing anything more than a $35 application fee which she gladly waved! So good of her.


So, fast forward about 6 months, mama calls me and tells me a bill collector is calling and wants....wait for it.....$8000! She has no idea what its for but is worried sick. I set down with her, call old boy up, and sure as hell that nice young lady not only got her accepted....but also managed to get her the necessary student loans!!! Mama never thought about it after the first call....it was a passing fancy....but apparently the Department of Education paid these shysters $8K and of course turned it over to a collections agency. $8K, she never signed onto any class, and was 72 at the time....a 71 year old woman on social security and the DOE sends some online shysters $8K!!! Good work if you can get it. When I told old boy at the collection agency that her only income was social security and good luck with that....not even the IRS can touch that...he hung up and we never heard another word about it. These schools and their investors should be thrown under a jail.