The next step is for the Fed to get out of the student loan business. Let the universities provide the loans and actually stand behind their worthless degrees. Colleges will think twice about extending $150k loans of their own money to philosophy majors who will spend their careers as coffee baristas.
New headline:
The GOP Tax Bill Will Hurt Leftist Indoctrination Centers
There, fixed it ... and this is coming from an old newsman who wrote his share of headers before they kicked him out of the biz for being conservative.
Universities should back up the governments student loan obligations. When their graduates fail to pay back their student loans the universities should make up the debt. Not the government.
Local banks should be the ones to grant student loans. They know the parents & the family. The interest on these loans should stay in the local community, also.
Since the Feds under Obama took over all the student loans, the errors are rampant.
A friend is still paying her student loans & it is automatically taken out of her bank account. More than once she has received notices that she is delinquent in her payments.....when they are demanding as many as 5 ‘missing payments’. She could prove that the money WAS taken out of her bank account & done so timely. The institution which was supposed to get/record those payments kept telling her that SHE had to prove that THEY had received the money.
After many hours spent with a bank officer & the ‘receiving institution, she got it straightened out....but this happened more than once. It took her away from her business for hours at a time. She told me that IF she didn’t have her bank account at the local bank for over 30 years, she doubts that she could have gotten it straightened out. The local bank officer was in her corner & spent hours working this all out. Turned out the receiving institution was too lazy to properly record the payments, so thousands of payments were in ‘Suspense’ accounts. That is an accounting method of posting something to balance your books, but you don’t have monies posted correctly to individual accounts.
She only had these problems AFTER the Feds took over the student loans. IF I ever hit the Lottery, I will arrange with her to pay off her student loans & she can repay ME.
Apply the same standards to public and private colleges and universities that are applied to commercial for profit schools .... same requirement for 95% + employment for graduates, ability to sue for worthless degrees, institution to reimburse lenders for failed graduates, etc.