“Half of student loan borrowers haven't paid even $1 toward their debt's principal five years into repayment, according to the U.S. Department of Education. Forty percent of student loan borrowers are expected to default by 2023.”https://cnb.cx/2z571ao
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Debt (& especially student debt) seems to have some significant productivity knock-on effects, though? Impact re: e.g. mental health/suicidality, ability to find work/housing (with poor credit), licensure within the field in which you've studied (often not possible in default)
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True but Aunt Milly* makes a better feedback loop. Milly: what kind of job can you get with a PhD in 16th Century Spanish Literature? *my grannys actual name. And yes, i have a relative with that degree. Granny would not have footed the bill for that.
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Why aren’t people asking the question, why can’t they deliver a college education at a drastically lower rate (reducing the loan anyway)? The social engineering around high cost/high discounts/need aid/merit aid have distorted college altogether.
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This ignores the compounding effects of debt, which burns a student twice over, since the debt itself compounds, and the money that services it isn’t invested at the time when the working graduate could compound that investment for the longest time.
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