So if I understand this correctly, young people are now economically encouraged to stay in an expensive out-of-state or private college as long as they can, and rack up a massive student loan balance. When they graduate, they will basically be paying just interest because of the 10% cap, and that interest will be tax-deductible. After 20 years, the taxpayers will pick up the difference (probably through more debt pile on taxpayers).
This man has absolutely no clue about human nature and economics. The Americans who elected him are fools and they’ve destroyed our county.
Every word you say is true.
The sad part is that these things are coming at us on a daily basis.
Well, yes, there's that.
But the bigger thing is that all restraints on tuition increases are now removed. Private colleges should, and will, double and triple their tuitions as soon as this goes into effect.
Unemployment among African-American studies professors and critical legal theory types will go to zero.
I'm already thinking of a new career in Oppression Studies.
This is a bailout for a failing model of higher education. The effects on students are much less important.
And, oh, dare I ask? I suppose that only the poor and historically underrepresented minorities will be eligible for these loans?
Only if they major in liberal arts, law, or black history. All others will be turned down for loans unless they switch to those majors.