if this were the norm colleges would be incentivized to admit students likely to generate future income streams from productive labor and also to increase their human capital while on campus, and to help place after graduation but hurr Durr mood affiliation
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One side effect would be dramatic reductions in bullshit programs costing students hundreds of thousands of dollars most likely to place those students into a decade of unemployment, alongside expansion of programs that tend to inculcate useful skills
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A second side effect would be meritocratic, market-tested admissions processes Schools would actually have incentive to compete for objectively-promising students, with scholarships taking the form of lower earnings collection If you think admissions is biased, this solves that
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Another happy side-effect: we get some really good data on college ROI
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it'd be entirely reasonable if student loan debt were dischargeable in bankruptcy, but absent that it looks kinda bad
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student loan debt should have terms set by underwriting that takes into account the earning potential of the degree being pursued and also be discharageable in bankruptcy thank you for attending my ted talk
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That would lead to a lot of credit rationing Which is probably good on the current margin, especially if it gets USG out of the loan game
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wish I had thought to save that "percent of the USG's assets" thing that showed the hugeness of student loans in it.
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dont forget to account for the implicit value of "ability to seize whatever fucking assets they want within US borders with impunity"
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Lambda school
@LambdaSchool way is almost perfect. Some percent on pay with a ceiling on total volume paid and threshold on salary. You can do it wrong though, I think many universities will do so. -
Yeah I absolutely support that model
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the contradictions inherent in the system: The University is for cultivation of knowledge and reflection on the good life. The University is a vocational training and credentialing program with expected economic returns.
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It used to be about the first maybe(?) (maybe just incidentally?) but not for a long time if so :/ Maybe the fucking Prussians wrecked it in the late 19C
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I will escalate my policy of blaming Bismarck for almost everything bad that has happened since.
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unfortunately it creates a post hoc incentive for students to choose lower-paying jobs
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Well--or weakens their incentive to trade other things for money. Actually probably would see a rise in non-monetary compensation :D
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A private contract taking a cut of income creates the same incentive problems as income tax, so reusing the tax infrastructure (collections, deduction rules, loophole closing...) would probably be efficient. It's a niche the govt is actually competitive in!
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The federal government should end its involvement in backstopping loans for any degree program that does not meet a sufficiently high threshold for debt repayment, unless the student's academic metrics are sufficiently favorable. The status quo misallocates career trajectories.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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I welcome it. Would love to sell shares in myself.
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Dude, yes! Why aren’t there more KMikeyM’s?
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