Just bailing people out without addressing the systematic problem is the worst possible thing you can do.
Here are just a few systematic problems:
- We send far too many people to universities and have no trade school infrastructure
- Our universities cost double per FTE than what other universities cost (per year). Universities are far too expensive with bloated admin staff.
- Our universities last far too long and are not selective enough
- Our universities allow students to graduate with unmarketable skills.
- Our universities are sitting on huge endowments and possess significant real estate assets yet these are not being tapped for the bailout
- students are given incorrect information or are not given accurate information about their future expected earnings and debt burdens.
- many students choose poor majors
- many students borrow too much, and the Federal government guarantees these debts.
I would be willing to listen to a comprehensive reform program. Clearly there is a problem that should be addressed. But just bailing people out to let this system continue? That's a terrible idea.
A few people taking out large loans for degrees that didn't end up being worth it is an issue of personal responsibility. When an entire generation does it there's something more systemic going on.
I mean how many people on HN can say in good conscience that their Uni education was worth the money? I think mine had value in a life experiences sense but what actually landed me my first job was a passion for tinkering with code and systems that started in HS. Outside of the "having an impressive sounding degree" to put on my resume there's no way that the actual education dollar for dollar it was worth it. I had a few professors that were actually mind opening but it was the exception rather than the rule.
I realize that University education is super important to a lot of other fields but it seems like a weird argument to make in a forum of people with CS $50k-$200k CS degrees that probably got eclipsed by less than two years of work experience.