Reply to WTF? Govt rewarding bad behavior Part II

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]To bring this full circle, I agree that (i) inability to discharge loans in bankruptcy, (ii) loose (OK, nonexistent) lending standards, and (iii) consolidation of federal loans into a 30-year repayment program all conspire drive tuition increases at a rate that far exceeds inflation.  Students don't care how much they take out because they can repay it for a fairly small monthly payment over 30 years and, let's face it, most of them are 18 years old and idiots, lenders don't care about even basic underwriting because there's no way for the students to avoid repayment absent death, and schools don't care about raising tuition because they KNOW lenders will lend the full amounts.

The income based repayment program is just another way to minimize the consequences of excessive borrowing.  Now, the risk is all on the students - this shifts it onto the taxpayers.  Now, NO one has an incentive to acr responsibly, even the borrowers.

I'm pretty liberal, but I also have a 5 yo daughter, and I'd like some rationality returned to the system in the next 12 years or so.  This program doesn't do that - it exacerbates the problem.  [/quote]

You wouldn't need all the above changes if students would pick a major that had the ability to make money and pay their loan off. [/quote]

I am the OP.  I am sick of hearing about pick the 'right major'...and I am a Science Major!  My dad suggested I go that route instead of my other love, English.  I had an equal love for Biotech/Genetics and English- but he was correct in that was marketable and I have done really well for myself. But- what if English was my only interest? Aren't we in need of good English teachers? We really do need the Liberal Arts! There are tons of 'thankless' people that willingly enter into these majors knowing that they will not become rich and I think that is respectable.  Maybe there should be an intelligence test and not everyone should be taking out loans to go to college in the first place, e..g, French system, other Euro countries, etc. Maybe we need more legit trade/vocational schools.  There are many American kids that are partying at low-rate schools and doing nothing else and then come out with 'worthless' degrees and major debt.  I think that is a [i]student[/i] problem and not the major.  I don't think we cut off all liberal arts and I get angry each time I read that.  Where are we as a culture without the arts?

Truthfully, the loan/aid program stays the way it is and no matter what your major- you will not be able to pay back your loan!!  FWIW, do we really need more lawyers for that matter?  Many can't practice medicine due to the high cost of malpractice insurance.

[/quote]
Right now there are too many the vacant jobs that skillset our college graduates aren't graduating with.[/quote]

LOL, there goes my lack of English grammar, you caught me! But anyways what I am trying to say is that, there are alot of vacant jobs because our college graduates are not graduating in majors that can fill those vacant job's skillsets.[/quote]

You missed my point.  If we put an intelligence/test required to take out a loan in the first place we'd weed out a bunch of dummies that were going into these majors.  Then-- at least the ones that passed would be worthy of teaching the children.

"Maybe there should be an intelligence test and not everyone should be taking out loans to go to college in the first place, e..g, French system, other Euro countries, etc. Maybe we need more legit trade/vocational schools.  There are many American kids that are partying at low-rate schools and doing nothing else and then come out with 'worthless' degrees and major debt.  I think that is a [i]student[/i] problem and not the major.  I don't think we cut off all liberal arts and I get angry each time I read that.  Where are we as a culture without the arts?"

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