[thro388]

I never understood why children should be able to give a consent to such loans. There is a young and naive person, that can not legally drink, but somehow is able to understand complicated legal contracts!

Make student loans part of personal bankruptcy, and see what happens!

[yamazakiwi]

As a child I was coerced to join the military by adults who told me I would run into incredible debt otherwise.

Coming from a poor family it felt like my only option, even with excellent performance in school (I lived in a small town).

Fortunately, my time in the military ended up becoming one of the most productive parts of my life but I still shudder at the thought of it happening to kids every day.

[sokoloff]

One thing that I'd expect you'd see is lenders requiring co-signers and/or pledges of assets, something that not everyone has.

[thro388]

Good! They will not get 40 years into unpaidable loans! If university education is such a goldmine, any bank will loan them, it must be like 20% per annum profit!!!

[sokoloff]

As long as you're not both academically smart and financially poor.

[thro388]

Is there actually a correlation between university education, intelligence and high income?

Or is it just a scam on young people?

Last time I checked most lessons were freely available on internet, without paying $200000 gate keeping fee!

[sokoloff]

It's got nothing to do with that correlation. My point is that it closes off opportunities for smart-and-poor people. (Today's system also has drawbacks, but let's not forget that it does afford opportunities to people who wouldn't otherwise have them.)

[thro388]

》It's got nothing to do with that correlation

Are you serious?

It got everything to do with it! If degree does not give high salary, there is no reason to invest into university education!

Nobody wants to stay poor, just to support American universities!

American education makes a sense for professions with certification like medical doctor, otherwise it is just a scam!

[allisdust]

New loan issuances will fall overnight and university fee will fall probably by next year. They will end up discontinuing a lot of useless courses due to lack of students.