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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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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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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while mutually beneficial it is still a form of servitude- far better than outright debt regardless
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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.
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