Re:Online installment loans have taken the subprime market b...
by heavyset_go on Tuesday October 29, 2019 @12:57PM
(#21389356)
> No, it's not a better outcome than if the market was private because frankly no one would graduate with $150k in debt for a degree in basket weaving if private lenders were backing the loans
People get private loans for bullshit degrees all of the time. Lenders don't care, because private student loans are non-dischargeable.
Re:Online installment loans have taken the subprime market b...
by woeirua on Thursday October 31, 2019 @12:45AM
(#21405830)
In a privatized system student loans would be dischargeable under the existing bankruptcy laws, as they were before Congress changed the law.
Re:Online installment loans have taken the subprime market b...
by heavenlyblue on Tuesday October 29, 2019 @12:49PM
(#21389250)
What does it mean to “fully socialise it” in the context of being from the US?
Do you mean buying out all of the universities?
PS: I come from Europe, studied in the UK when the tuition was capped at £3K/year.
Re:Online installment loans have taken the subprime market b...
by woeirua on Thursday October 31, 2019 @12:46AM
(#21405835)
No, it would mirror the European experience. Essentially just capping the cost of tuition, fees and room/board and subsidizing the schools to an extent to make up the difference.
You can make a (somewhat legitimate) argument that we shouldn't require young kids to major in subjects that result in good paying jobs, but on the other hand you wind up with the mess that we are in if you don't.
The status quo cannot go on. I'm in favor of either fully privatizing the system again, OR fully socializing it. In either case, the government would absolutely not be backing loans anymore.