The bubble can popped with one pen. Require the Us to co-sign on those student loans.
Good point, but . . .
That would require
underwriting as any co-signer fully expects the actual borrower to be able to pay. They’re not co-signing in anticipation of being tapped for repayment but only because the lender requires additional security.
But then, how could the government even
begin to underwrite this? On the basis of a student’s projected future earnings? A student who hasn’t even chosen a major or who may not even know the first thing about business or credit?
Even with the most promising students, there would be no way, outside of statistical modeling which can often get things
extremely wrong, to establish who was and wasn’t a good risk.
And would our hopelessly debt-ridden government even wish to take on something like this? They shucked outright guarantees in 2010, did they not?
While the Left may want free education for EVERYONE and the Right may not want it for ANYONE, the burden of acquiring a higher education in this nominally LAISSEZ-FAIRE economy of ours should still lie with the individual. PROVIDED, HOWEVER,
it’s a burden the average individual can meet. What good are our American ideals if WE CAN’T AFFORD THEM?
A saner solution would be to make state and local universities more affordable, including cutting back on a lot of the useless “country club” stuff they offer students, while at the same time chucking layers of ubiquitous “administrators” who studies have shown are as responsible as anything for driving up college costs.
Again, in my day, college administration wasn’t the often useless cottage industry it has become. There were far fewer of these people, and we all learned pretty quickly without them how to wipe our own backsides. Not having had a professional college nanny left no one, to my recollection, with PTSD.
As for elite schools, only students who can afford and/or garner scholarships to them should attend. When did it become a mandatory article of faith that every bright kid should wind up in the Ivy League or at Stanford or Vanderbilt? Or in some households, at Notre Dame? This is AMERICAN DREAM OVERKILL.
So, no.
Government guarantees – from a broke government – ensuring
exorbitant cash flow for NOT-FOR-PROFIT inflation multipliers, so that they can continue to run their cloistered, self-referential FIEFDOMS even as they turn the average student into a DEBT-SLAVE? I don’t think that’s the answer. Make college more affordable for pocketbooks of all sizes while providing a diverse range of economic choices.
If certain jurisdictions wish to go tuition free, such as California and New York City once did, let them – as long as they can balance their books via their taxing powers. But this idea of overcharging and throwing into debt people who at the time they enroll in college are often minors – is PREDATORY.