Reply to Financially hobbled for life- elite masters degree that don’t pay off

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Totally agree with pp who said Columbia is a bad actor here. It is crazy that they are allowed to do this. Where is Elizabeth Warren.[/quote]

It's actually the government's fault. They backed these crazy loans that are essentially sub-prime loan-holders and the Universities just lined up to line their pockets with the proceeds. The students were the bag-holders. Meanwhile the economy is now also a bag-holder because all these young people are off to a slow start which ultimately places a drag on the economy. The government charged ridiculous interest rates on these sub-prime loans and has made a lot of money off of them. The loans should not necessarily be forgiven, but the interest should be forgiven and suspended indefinitely. The loans were made unscrupulously. Many more people would be out of debt if not for the interest.[/quote]

I agree that the government has some culpability regarding backing the loans, but you can't separate out personal responsibility from the equation. Many people chose community college/state college or other less prestigious options based on what they could afford and paid their own way. Or they skipped college because they couldn't afford it. Or they worked very hard and managed to pay off their loans 100%. It's hard to quantify the trajectory your life might have taken had you gone to an ivy fully compensated vs a mediocre state school while working weekends and summers. I could get on board with eliminating interest, but forgiving 300k for an MFA sounds like funding someone's lavish lifestyle.[/quote]

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