Does not seem contrarian. Most people recognize education as a social good. Why we don’t invest in it is shocking to me.
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No, this piece leans more skeptical of ISAs vs. debt than the typical Silicon Valley take. That's why I said it was "contrarian."
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ISA may be fine in limited cases like vocational school (a 26-year-old does a computer associates degree at night but pays $15k w another $25k based on ISA so only if they get a better job off that technical degree do they pay all of the $40k) Bad idea for liberal arts undergrad
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It's a bad people for really young people who aren't comfortable boxing themselves into a specific vocation at age 18 Discourages pursuing education that enhances the mind and character but doesn't have an immediate income payoff as investors won't want to fund those people
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How can “borrowers” understand all the terms & conditions ???
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But they barely understand the terms & conditions of financial agreements now... With proper regulation ISAs can be a far superior system for financing education. See Australia's HECS-HELP program, which is one of the world's most successful large-scale ISA programs.
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Doubling down on privatization will make education nearly as precarious as American healthcare. It also repositions higher learning as vocational training, say goodbye to lit majors and the concept of learning as enrichment.
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An interesting possible outcome would be that the private capital entities would squeeze universities to cut out superfluous junk at universities. E.g., I doubt most successful college grads attribute the shiny new climbing wall at their alma mater to their professional success.
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Student loans analogous to health insurance. The system collapses if healthy people don’t buy insurance.
@BigMeanInternet -
Absolutely true. This is why the US should just roll out an ISA program nationwide. The engineers will inevitably subsidize the humanities. Unfair? BFD. That's how insurance works.
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