The real problem with the student loan program is that they tend to fun anti-American indoctrination in a worse-than-useless form of so-called liberal arts.
The federal government should only subsidize loans for students pursuing STEM education, and nothing else.
The whole student loan federal guarantee needs to be rolled back and, ultimately, eliminated. In the digital age, the “wholesale” cost of providing students with a quality education is very, VERY low. The problem is the whole “college experience” has become a cultural thing. If we were just trying to educate in the classes that reward with credits, it doesn’t cost much to do these days.
But we have a lot of americans under 30 that have sold themselves into indentured slavery via student loans. That has to be fixed, at least to some degree. They’ll elect socialist just to get out from under it.
The federal government needs to get out of the student loan business altogether. How’s this for a common sense, simple idea: people who want to pursue higher education can figure out for themselves how to finance their endeavor. There are lots of possibilities out there but the federal government should not be one of them.
10th Amendment should demand that any federal involvement whatsoever be eliminated ... ditto with the department of education (except for DC or the Territories).
The purpose of student loans is not education. The purpose is to fund government retirement programs. This is why they give loans to studies degrees. This is why student loans can’t be forgiven in bankruptcy. This is why private financial institutions are forbidden to write student loans. Until we do away with the driving function, gold plated government retirement plans, we can’t discuss changes to student loans.
Restructure and have the college finance it.
Logically, the universities should provide the loans.
Student loans, if they continue to exist at all, should only be given to individuals who major in STEM fields or medicine.
Loans should be made by the colleges; no federal loans.
Eliminate them.
FedGov has NO business in the student loan business.
Even more important, destroy the power of the Supreme Court’s Griggs v. Duke Power Co. decision. That decision declared intelligence tests as part of the hiring process to be discriminatory, so companies and HR departments instead fell back on a college degree as an indication of “intelligence”.
With degrees becoming a de facto mandatory part of getting a decent job, demand rose, and the colleges decided to lever their new monopoly status via ever-increasing tuition and fees.