Lets talk about student loans and why I think we should work out a forgiveness plan. I'll add a disclaimer that the solution will likely be complicated and not as simple as "just cancel it" but that we need to figure it out. /1
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Complementary view: 1) America trusted higher education 2) Higher Ed betrayed that trust ideologically & overcharged economically 3) Its victims shouldn't be oppressed by debt forever. Beyond that, I have no idea what to do.
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First thing to do is stop the bleeding by ending gov't backed student loans. The reason 'education' costs have skyrocketed is due to anyone being able to get a loan even if they don't deserve it. Same kind of thing happened with the housing bubble.
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If gov't stopped backing the student loans & made future loan debt able to be discharged in bankruptcy, prices would fall & fall fast. Pointless college administrators would have to find real work, & colleges would stop wasting tons of money on wasteful shit like golf courses.
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Higher education entities should guarantee the loans themselves. Maybe they’ll do better with teaching at that point.
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Higher Ed need Skin in the game. So that students economic failures bear a direct burden on education providers.
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Abolish all government funded loaning programs.
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The private ones are even worse, though.
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Problem is that; Higher Ed betrayed aligned w goverment. So it's partly goverment's fault. Aaaand also a forgiveness plan would be paid by the people. If we were aware of goverment's self interest, we would punish it by cutting some of its expeditures
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Baby boomers and gen xers like me still had an opportunity for cheap higher ed. What happened since then is remarkable (my medical school was 1/3 the price of my kids 3 day a week preschool)
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It's not that remarkable, government intervention into the free market pretty much screws up everything. Obamacare for some strange reason made student loans Federal Loans. Colleges saw "free money" and took advantage of the situation. It is as simply as supply and demand.
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And conservatives need to get behind some kind of a solution to this. If they don't, the electorate will let the left solve it.
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At the very least let’s make it possible to file bankruptcy on it. I think that is the most nefarious aspect of it all. A business man can take risks and fail thru bankruptcy and rebuild from scratch again... millennials strapped with student loan debt are SLAVES in contrast.
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