I can't fathom the amount of money given to students without any collateral, especially the loans secured by the stealing of money from taxpayers. It's over a trillion dollars, with a substantial amount of the loans in default. So, without any recourse, except for wage garnishment, how are taxpayers going to be reimbursed for the largess of some corrupt politicians?
Should universities be on the hook for the majority of the unpaid debt? Even our local university used the easiness of securing a loan to peddle degrees that flooded the market with potential employees without an avenue toward a job in the future. Many were two year technical degrees, but the market didn't support the number of students. That's unconscionable, and the stupidity should fall on the university. If they have to rob their trusts, sell some of their real estate, and lay off some of their employees, then maybe that's part of the solution. They sold their snake oil, and it's time they became responsible for the problems they created.
What about the politicians? They were involved with passing legislation that allowed the waste of taxpayer funds. Maybe their pensions should be taken, their salaries garnished, and those still in office faced with a very small staff. No junkets, fact finding missions, and no travel on military aircraft. They created this problem, and should bear some of the costs.
The students are responsible too. They signed the agreement, and many either are paying in good faith, or have paid off their loans, but the default rate is too high. To make things worse, with the only jobs available for some degrees, and income that doesn't support the loan amount, paying the loan, and living, can't happen. That money is lost, and recovery will never happen.
So, it appears the only loser in this student loan debacle is the taxpayers that produced, had their income reduced to pay for student loans, and were betrayed by the government. Expecting them to burden more is not an option. If the government has to sell off some national parks, stop giving any money in foreign aid, and go after the money promised to be repaid after the last world war, then so be it. Enough is enough, and it's time this problem is solved.
started off a good thing, like every other govt program went horribly wrong. the education system is just a money laundering scheme these days. my tuition went from 700 to 7000 a semester after they loosened the student loan criteria. the schools kick back the extra to the politicians. standing in line my last semester i heard two chics talking about what they were going to do w/ the money. one said she was taking a trip to australia, the other a down payment on a new bmw. i was working 3 part-time jobs and serving in the reserves to pay my way b/c as the borrowing limit went up so did the tuition.
ReplyDeleteIt was a terrible thing to harm those with integrity. Universities went from offering a successful career to wallowing like pigs in the trough of public funds.
DeleteNot gonna lie, looking forward to this. However, put the schools on the hook and this would go down pretty quickly.
ReplyDeleteIt's time. Schools should be responsible for most of the debt. They shouldn't be insulated from their actions.
DeleteYou say there is default, but to my knowledge, bankruptcy is not allowed, therefore, default or not, they are still on the hook.
ReplyDeleteThe universities did not make the loans, so they cannot be sued for recovery. by the guvmnt or the students.
The first step is to stop it!
Wage garnishment will be a harsh reminder of the importance of understanding what they signed. From what I see, it's basically a judgement, and owning anything, a tax refund, or not receiving full wages will last a long time for some people.
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