Priest begs for more tithes on behalf of the peasantry https://twitter.com/HeatherGautney/status/1143191218110763008 …
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*Was* the average student swindled? The Narrative tells us that 18-year-olds can be trusted with sex, weed, automobiles, the military and civil marriage. There's no coherent model of the American young adult that permits them all that but not loans.
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Like hell there isn't. Banks are much more reluctant to underwrite a mortgage for an 18 year old with no assets. Insurers charge 18-24 drivers far more than older drivers.
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Leaving aside the question of competence, the college wage premium generally exceeds the cost of college and we have reasonably good evidence that (1) it is causal and (2) the causal component is enough to justify the cost of college.
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Most people who went to college made the right decision financially. It is probably true that they paid more than they ideally would have but it's a minority of students who actually lost out, and a tiny minority that represent the scary headlines of $180k in debt with no job.
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See my comments earlier today about the variance of the wage premium and its correlation with class, resources and competence. It piles risk on the shoulders of those with the smallest reserves.
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And just looking at graduation rates and the distribution of majors, it should be clear that it's not a tiny minority getting screwed.
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The studies of the causal component generally look at marginal students (because it's easy to get an instrument).
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But also the universe where the marginal student earns a much larger premium than they pay in tuition and opportunity cost seems like it has a much bigger problem than the one where the marginal student is making a risky and not-clearly-optimal choice.
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Yep. Pure evil.
End of conversation
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And if she didn't live in a $2200 apartment (in a college town?!) she could pay off her loan twice as fast.
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. Banned in Sweden. SubGenius, Zhuangist, white-hat troll. Defrocked mathematician. Brain problems.