Anyway, none of this is secret knowledge. This stuff has been studied to pieces. But with so much excess money sloshing around because the wealthy and the large corporations barely pay taxes... Inequality threatens even the best-case scenario of market forces acting as controls.
The real issue is what "incentive-aligning" cannot do for the student-loan crisis. You could convert a large number of traditional, non-profit higher-ed educations to this model without fundamentally changing the student debt crisis. UNC student loan default rate is around 1.5%.
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I think perhaps that you and some Lambda supporters are talking about two different things. I think they can potentially provide a great education to 10s of thousands of people per year which would be a very big deal even if it didn't solve the student-loan crisis.
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FWIW, it doesn't change your point too much but that 1.5% number is for very recent graduates who mostly haven't had time to default. The number is 4x higher for older graduates.
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