For profit educational institutions.
A lot of institutions have massive and growing endowments. Yet still raise tuition at steep year over year rates. So many institutions are also getting ever more top heavy in administration costs and increase in number of administration personnel versus teaching personnel.
The line between for profit and other educational institutes is getting very fuzzy.
I also wonder if the student loans are in any way being turned into the kind of financial instruments that mortgage backed securities were / are.
Caveat emptor.
What I see is (mostly) a bunch of people whining because they were too stupid to do their due diligence. There are a few exceptions, but not all that many.
It’s a dumb argument, but not because of the necessity (or lack thereof) of a PhD for any given profession.
One need not have achieved a PhD before advising others to do so. My dad stopped at a bachelor’s degree, and my mom never went to college - and both were thrilled when I told them I was going for my doctorate. People can legitimately advise from a position of having lacked the opportunity and/or the ability, or simply regret at having passed up an opportunity.
In that case, lenders will lend money to engineering majors, and not women’s study majors. Better buy ear plugs, because the cries of “Sexism!! Discrimination!!!” from the left will be deafening.
Is it really possible to predict a student’s ability to repay a loan based on what they’re majoring in?
Did you see @Kimstu’s excellent post in the other thread?
Yes, and when you can’t repay the loan, the bank or lending institution bears the loss, not the taxpayer. When the government “cancels” student loans, the government (us as taxpayers) is paying off the loan to the lender.
Apparently not so much here in the US. Many people who take out loans to further educate themselves, don’t complete their education, have no intention of ever repaying those loans, or didn’t convert that knowledge into the cascading dividends that would permit them to repay those loans.
And those things never happen in other countries? People in the UK, Europe, etc. always complete their education? Always convert the knowledge into cascading dividends?
Their system is wrong IMHO. Look at their economies vs the US. Not even close.
Without going too far afield, quality of life is a complex and nuanced thing, not well characterized by a single metric.
I would say that most people who put the time into evaluating the US against the other advanced economies, across a wide spectrum of facially important metrics, would quickly abandon any notions of ‘American Exceptionalism.’
I don’t hold my breath, though.
We set up a system we thought was going to assist many young Americans with achieving a college education, but it has the unintended side effect of leaving many of those students with crippling debts. There is no perfect solution here and continuing with the current situation is untenable. So us taxpayers are going to eat the cost and while I don’t like that I’ve made my peace with it.
I would say it’s more of a personal preference. I use the metric that the US has more illegal immigration than most other countries, is an indication that the US is a desirable place to work and live.
What a quick reversal on your part. You initially said that the lenders should have some accountability.
They should, but unfortunately we set it up so they weren’t accountable. Egg on our face I guess.
And, arguably, heroin is the bee’s knees because of what people will do in order to get it.
But it isn’t that simple.
So you’re equating the American experience to herion, and that’s why so many people want to come here. Neat.
I see this article as click-bait intended to rile up the usual suspect, some of whom are posting here. I fully expect political candidates of a certain stripe to parrot this story ad infinitum. Some right-wing wag will surely come up with a catchy moniker for this person, ala “welfare queens in designer jeans”.
It’s not an article, it’s an editorial, from one person’s perspective. Whose intention was to sway our government to take pity on her.
I’m saying that something being a powerful draw, and compelling people to crawl through a burning building to get it, doesn’t necessarily mean that ‘something’ is inherently ‘good’ in ways that most people would define ‘good.’
I personally think the American system allows for people to make themselves better than they were. That’s why I live here, and that’s why many millions of people try to come here.
Why are you here?