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Biden wants to give more student debt relief in bankruptcy court. Not everyone's on board.
(www.usatoday.com)
this post was submitted on 26 Dec 2023
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Stopping the student loan program would be a good start. It would cause some people to not be able to go to college, but it would likely save far more from a debt trap. Stopping loans would also apply a huge downward force on tuition, which may actually help more people afford to go to college in the first place.
Maybe after a few years of no loans, a grant system could be created. It would pay participating universities directly, if they agreed to some level of affordable tuition. You could tie additional grant money to performance objectives that are harder to game like graduation rates, job placement, average salary of recent graduates, and performance of the bottom quintile.
Interesting to think about. I wonder how much schools would need to scale back to make a noticable difference in tuition and what jobs would be cut in the process. At a time when private colleges are already struggling, it might be difficult to find the fat to trim.
Admin jobs would be cut. The vast majority of tuition increases have not gone to the faculty, who teach the classes.
I assume the schools would just partner with a bank and offer their own loans at that point. Similar to those store credit card scams
There's tons of administrative fat. Also admission staff could be cut because of reduced enrollment. Financial aid departments would lose 90% of their options, so could be reduced.