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An idea I am behind..

The next big bubble that will burst, if the wholehousing market or government money printing & incessant borrowing leftist agenda, and forced anti-savings money policies, which the Europeans have adopted, doesn’t blow up on us yet again, will be the student loan bubble. There is another $1.2 trillion of tax payer liability, waiting to blow up as the economic policies of the nanny staters create even more unemployment for the people leaving college with massive debts. And when it goes, you can bet that it will be those of us that bailed the government, their friends and donors in the “Too big to fail” industries, and are now paying for the democrats to buy enough votes to give them more than even odds at retaining power and causing more misery for us all, that will foot the bill for that too.

So you can see why I live the idea of having colleges be partially responsible for giving out student loans. It would both act as a deterrent on the faster-than-inflation rise in higher education costs, and the idiotic admission policies that have turned everything but the hard science and engineering schools of practically all universities and colleges into indoctrination camps for the lefts idiotic ideas. That’s probably why nobody on the left would ever want to put a policy like this in place either, but it would definitely address the problems affecting the higher education establishment, and our country as a whole, all at once.

If a college or university lets an under qualified high risk of failure applicant in, usually over better qualified ones, and they fail, then having to pony up lets say 60% of what that student owes will act as the best deterrent against these stupid policies. Similarly, letting students attend college for a fortune to learn skills that will not qualify them to do anything but flip burgers, will wipe out all these fringe and useless degrees people pay an arm and a leg for, usually so they can party hard for however many years it takes to get a degree these years. I am sure the fluff schools, where most of the leftist indoctrination and monolithic thinking goes on these days, wouldn’t want something like this, ever. It would be the end of their goose that laid the golden egg era.

So, yeah none of the academic institutions now profiting of the incestuous relationships between the government mandated loans and their institutions, and even the leftists in government, would suffer from such a move, but the students and the tax payers that foot the bills when the students default, currently screwed over by these institutions and their buddies in government that like the deal because they get a lot of leftist indoctrinated drones that will vote for them, sure would.

Maybe that’s precisely why we will not get it ever. Right now the progtards are getting the best of all worlds in this exchange. The left has too much to lose, and they love doing things that make them rich and powerful, as long as they don’t have to foot the bill themselves.

2 comments

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  1. Hal_10000 says:

    I think you make them dischargeable in bankruptcy. That will solve the problem. As McArdle points out, student loan relief efforts are a subsidy to the wealthy:

    http://www.bloombergview.com/articles/2014-06-10/a-little-student-loan-debt-never-hurt-anyone

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  2. AlexInCT says:

    I think you make them dischargeable in bankruptcy.

    Yeah, but this solution absolves the higher education establishment of responsibility in letting people they know will fail in, just so they can claim diversity or that everyone should get a college degree. But most importantly, my approach would make people reconsider the value of their degrees and understand that not all degrees are created equally.

    Going upwards of $300K to become a medical specialist that’s highly compensated is a good investment. Borrowing more than $40K for practically every liberal arts degree, especially in a depressed economy where jobs are scarce and these degrees are a waste, IMO, is insane. I know most academics working in the liberal arts fields are not going to like this approach a bit, but I don’t give a rats ass.

    Parents and kids need to know that the lie about following your dreams is just that, and that the bill is going to come due and be brutal. I have never understood why so many people pay top dollar to go to college to pursue these degrees with very limited employment potential, and then spend so much time avoiding any and all learning, because it is work that interferes with the partying. This seems to be the only transaction people make where they actually strive to avoid getting the most value for their money. In the same vein, we have to admit that college is NOT for everyone. In fact, most people are not qualified for it, and they should be told so. Sure, put in place systems to remediate this where possible (the issue is crappy basic education rather than people that lack the brain power ort the discipline to do the work needed), but admit that dumbing down the experience so they can keep raking in the dough is just wrong.

    I want the educational monopoly broken. Education should be viewed as an investment. People should have honest brokers telling them up front about their choices and how those choices will affect them (especially financially). We have laws that do this with practically everything else, and yet, when it comes to one of the biggest expenses most people will have in their life, we mislead them. Kids get told that they will make more money if they but go to college, rack up insane debt, spend most of the time in college learning nothing of value and just partying, come out and can’t find a job, and now become a burden on the rest of us. That’s gotta stop.

    No, I will stick to making colleges and universities have skin in the game and be financially liable for luring kids to their mediocre system at premium dollars. It will reform the system for the better. Bankruptcy discharge will allow these monolithic entities to keep doing what they are doing now, a disservice to the students and the people that end up with the bill, which they now seem intent on sending to the tax payer when the shit hits the fan. Trim those massive administration offices that plague all these institutions of higher learning, and focus on improving the teaching, to add value to the educational experience. All while being honest with each other that college is not for everyone.

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  1. Why am I not surprised? » Right Thinking says:

    […] other day I wrote about what I felt would fix the broken higher education machine and help us gain control of the student de…, but I didn’t go much into the reason I did it much. See I suspected that whatever scheme the […]

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