The other day I wrote about what I felt would fix the broken higher education machine and help us gain control of the student debt bubble, but I didn’t go much into the reason I did it much. See I suspected that whatever scheme the leftoids would come up with simply be a tax payer funded giveaway to those connected people they always favor, and now it looks like I was right:
The difference is likely to be small for many borrowers, but will be much more generous for those who earn bigger salaries, he said.
For someone earning $27,000 in adjustable gross income, for example, the average loan payment will drop from $128 per month to $85 per month. But for someone earning $80,000 per year, payments will plummet over $200 per month, from $619 to $412.
“The people who will see the biggest reductions are people earning higher incomes,” Delisle said. “That is the effect of this change. You put that together with the loan forgiveness, and this is tailor-made for graduate students.”
If you are one of those leftoid special interests – lawyers, doctors, and other such hoi-polloi money earners that lean left because of their guilt – you make out like a bandit. Now don’t get me wrong, I believe the system needs to be fixed to encourage people to actually get a college education in a field that isn’t going to harm their earning potential, but this isn’t the way to do it. The reason is that it doesn’t do anything to break the incestuous relationship that exists today in any meaningful way, or for that matter curtail the insane rise in cost, all while seeing a steep decline in return/value, that the higher education field has expeienced. We need less government involvement, and more liability on part of the schools, so they shed that top heavy administrative system that is sucking up all that big money, and actually shift back to valuing the professors teaching.
UPDATE: Well as I suspected, there had to be some kind of payoff in the new student loan racket Obama was pushing, and it looks like I was right. Basically what Obama has done is made it easier for others to have to bail out student loan debt, which means that you can be certain that the costs of secondary education will yet again soar at factors of magnitude compared to what inflation does. In short, what we have here is a progtard making tax payer subsidize one of the major brainwashing entities the left depends on to push out more low information voters. It looks again like what absolutely must happen is that relationship gets severed and that schools get held liable for the way they are ripping off people.