You’re Getting Bukkaked By Student Loans And There Is Nothing You Can Do About It
The current system for education in America is broken and I’m going to fix it. First, some background:
In 2008, the United States faced a massive mortgage crisis. In the aftermath, we saw regulation after regulation put into place to reign in “sub-prime” loans, or loans issued even though the lender knew the borrower would have trouble making payments. These regulations have worked swimmingly! Mortgage, credit card, auto loans, and default rates have dropped significantly. The problem: Government issued student loans have skyrocketed since 2009.
We are currently getting gang-banged by the schools and the government. Here’s the cycle: The schools raise tuition to build a sweet new administration building and hire 50 administrators, then the government issues more student loans which increases interest revenue. You see what is happening? Both parties get paid more the higher tuition gets. Meanwhile, students are getting Eiffel towered in the middle. Everyone, Democrats and Republicans, can agree on this.
This is where Bernie and I part ways. I want to reign in student loan issuance. It’s time to divest from higher education. Eventually, and maybe it takes two to four years, a decrease in revenue hits universities’ income statements. Then, to remain competitive, they are forced to lower costs. Maybe it’s more online classes or less wasteful administration. Obviously they still need six figures for their four-star quarterback recruit, so it still won’t be free. However, as schools fight for a smaller chunk of revenue, prices will fall.
My point is, Bernie, that tuition cost is going to increase until you stop writing universities a blank check. My second point is that divesting from student loans would cost the government billions in annual revenue. Fuck. I guess we just wait for this bubble to burst and the economic crisis that comes with it. In the meantime, I guess we just blame the banks?.
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Ya fuck the banks!!!
9 years ago at 4:41 pmStudent loans are for poors, though.
9 years ago at 4:45 pmYou can always get into a school with good financial aid and work part time. I recognize that it isn’t perfect, but don’t go to the worst school in your state for a liberal arts degree and borrow money to do it (unless you only value the education and not the job prospects after, in which case I respect you if you don’t bitch about your debt)
9 years ago at 4:49 pmAt minimum wage, someone needs to work 80hrs/week year long to afford UW Madison, while people usually can’t sustain more than half of those hours. People either need hella financial aid to pay for it or are gunna have to take out loans.
9 years ago at 8:52 pmThis article was dogshit.
9 years ago at 4:50 pmLets just blame the pledges instead
9 years ago at 4:51 pm*Shamelessly piggybacks onto your top comment to plug how fucking much CLIMPZIMZAM sucks balls*
9 years ago at 1:36 amUnpopular opinion because this is a college website, but too many people go to college. If you are going to college because you have a dream of being an urban architect, or a sports journalist, that is great. But when you take out the loans to pay for it, you are taking a gamble that you are smart enough and have the drive to achieve your goals. Everyone can’t be the anchor interviewing Steph Curry on ESPN. If you are not doing something that has a good shot of allowing you to earn enough money to pay back your loans, it isn’t the successful people’s job to pay that shit off for you because it didn’t work out.
9 years ago at 4:53 pmAs much as we like to shit on it, Community College isn’t the worst idea for some students, especially if they are unsure of their major. Work hard & transfer after two years and you will will end up saving a ton of money. Obviously not the first choice, but if you’re in a super competitive field that is make or break, it should definitely be something to consider.
9 years ago at 5:26 pmOr just don’t go to college; go to trade school. Electricians, plumbers, craftsmen, etc make a solid income with little stress (and often can pick their own hours, which gives them the freedom many of us white collar workers likely envy).
9 years ago at 12:21 pmExactly. If your passion is underwater basket weaving, read books and listen to podcasts about it. Practice it in your free time. But don’t waste tens of thousands of dollars to major in something that doesn’t make you employable and then expect others to bail you out of debt. Looking at you, Sanders’ supporters.
9 years ago at 5:53 pmAT CLAMPZIN WE ALL JUST MAJOR IN CASHIER STUDIES BECUZ WE NEVR MAKE IT OUT OF SHITTY UPSTATE SOUTH CAROLINA
9 years ago at 1:37 amAt what generation in your family did they start inbreeding?
9 years ago at 7:31 amWhen the education bubble bursts, the fallout might be just as bad if not worse than when the sub-prime crash hit. Schools may have to close or lose accreditation which fucks with people’s degrees and their potential job/post grad prospects (doctors, lawyers, dentists, etc.). The schools and government have gone in on a partnership on a deal with the economic devil that there is really no way out of.
9 years ago at 4:57 pmI keep saying the same thing. So many people took loans to pay for school and so many are unemployed unable to pay them.
9 years ago at 8:51 pmMy parents are rich and pay for my college so I don’t care
9 years ago at 4:59 pmDo they baby powder your ass also? Some people have to earn there keep dumb fuck.
9 years ago at 5:25 pmTheir*
9 years ago at 11:59 pmMake college great again and keep the poors out!
9 years ago at 5:34 pmPreach^
9 years ago at 6:44 pmBeing poor, NF.
9 years ago at 7:00 pmBeing more modest than the money in your parents bank accounts. RFM
9 years ago at 7:12 pmI might be poor but, I’ll kick your ass in your favorite bar if I get the chance.
9 years ago at 10:23 pmThat’s a truly odd thing to say
9 years ago at 12:06 amNot having to rely on your parents money because of your own achievements RFM
9 years ago at 12:45 amBravo sir, way to bring it back to what this site used to be about. If you are on student loans AND paying to be a part of Greek life, I’m sorry but you and your parents are morons and you are likely in for a lifetime of financial burden and instability.
9 years ago at 1:33 pmThe biggest problem is too many people take out way too much in student loans. If you can’t afford to go to that school then find scholarships or go to a different one that you can afford. Schools will quit spending money and raising tuition if people decide not to go to college there.
9 years ago at 5:14 pmWe can blame the people taking the loans, the government issuing them like hot cakes, or the schools for mindlessly spending… and we will. We had this same conversation 7 years ago after the mortgage crisis. When the bubble burst, everyone, not just those at fault, pay.
9 years ago at 9:25 amI agree the government and colleges are definitely partly to blame but the biggest issue is a lack of personal financial responsibility
9 years ago at 8:48 pmI’ve always said the key was to not fuck around in high school. Scholarships are key.
9 years ago at 6:10 pm