End it. Let banks make loans that are backed by real collateral.
Yes, end it, but any bank loan should also NOT be taxpayer insured.
IMO, the best bet is contracts between companies and students (future worker). Biz pays to educate their staff, staff is obligated to work X time for education or pays back biz.
And let them charge interest rates and determine loan amounts by the probability and productivity of the majors. No more undischargeable loans for 10’s of thousands of dollars for crap degrees.
Exactly. The US Government should have no part of college loans.
Once they get out, college prices will drop to realistic levels, or the colleges will shrink or close.
The next shoe that should drop is college housing. Some of the dorms I’ve seen are absolutely luxurious. College towns are full of high end restaurants and stores.
When I was in school, mid ‘80’s, about the best store in town was a Kmart. There were a couple restaurant/bar places that catered to students, 2-3 pizza places and a Burger King. This was a campus with 10,000 students. Dorms were basic and acceptable. I ended up moving off campus as soon as I could. I rented a room from an older lady who was about 80 years old and had three upstairs rooms to rent. Rent was dirt cheap, I made all my own meals.
I haven’t driven through the town in many years and I’m sure it’s changed a lot, not for the better. UI know the college has. A few years ago, this formerly conservative state college opened the Jim Crow Museum of Racist Memorabilia. My wife has sent them some money in the past but not any more.