Forgiving skyrocketing student debt won't solve the real problem, which is the soaring costs imposed by a cartel that is failing to prepare students for the economy of tomorrow.
Everyone understands soaring student debt is a problem: burdened with $1.3 trillion in student loans, young people are unable to start businesses, buy homes and start families. The high cost of housing and meeting regulations to launch businesses add additional burdens, but the weight of $1.3 trillion in debt right out of the starting gate is crushing.
The "solution" being pursued by the federal government is obvious: take over most of the student debt and then eventually bury it in the zombie-loan graveyard (i.e. defaults are ignored but the debt isn't officially written off), write it down via forgiveness programs, or some other mechanism to reduce the burden.
If this wasn't the plan, then why has federal ownership of student loan debt skyrocketed from zero to $900 million in a few short years?
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3 comments:
Businesses have also compromised a lot on their job requirements because they can hire non college employees for a lot less and still know upon hiring if they possess the necessary aptitude.When a completed job application states a surreal salary expectation the employer gets skiddish.There are a whole lot of technologically capable young people because of the life they lead.There is no shortage of computer literacy any more like there used to be.College grads may not realize how many options employers have other than hiring them.And no I did not fail to understand this post.I am merely stating a very relevant aspect that contributes to unnecessary college debt.
As of last year there were more college administrators than professors/teachers. That's the root of the problem.
College: A place I learned how to approach new things and review familiar things. In a nut shell I learned how to learn. That is a skill I see shrinking from the educational system as a whole.
I borrowed money to go to school and I knew that borrowing meant I would pay it back, that is common sense. Why can't paying a loan back be like a car, mortgage or credit card? I mean a set interest rate that allows part of the payment to go to the principle. No I have and will continue past my death to pay for interest and the "application fees" that have more than doubled my original amount. I, like several others, aren't looking for a free ride but I would like to have an honest system that we can pay off as we originally understood it
Sorry if I am to simple but being in debt past the age of 70 is horrifying
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