Re:Regulators Shut Down Lending Platform (YC Alum) LendUp
by sokoloff on Thursday December 23, 2021 @08:43AM
(#29661701)
That 20:1 is the depth of applicant pool and almost entirely unconnected with the 95th percentile current income of one country.
Harvard draws from all over the world and many US upper-middle class parents/grandparents are willing to save for 20 years or use HELOCs; they don’t have to pay out of current income. Upper class can just pay for it (there are well over 1M households in the US alone with a net worth over $10M; those people would barely notice putting little Chris through Harvard).
If student loans were entirely outlawed, Harvard wouldn’t need to lower its prices; it would just end up not having poor people attending.
Re:Regulators Shut Down Lending Platform (YC Alum) LendUp
by josephcsible on Friday December 24, 2021 @06:47PM
(#29678917)
The top 5% of income for people who apply to Harvard is significantly higher than the top 5% of income for everyone in the country.
1 in 20 applicants is only the top 5%. Being in the top 5% income earners in the country is not a high enough bar to shell out $50k a year extra post tax to pay a child’s tuition.