It makes the loan servicers billions of dollars. I'm not sure how much the government actually sees of those profits. Navient and Nelnet are the ones making a killing on that.

It's certainly not medical-school level debt. I can't imagine what people who become doctors have to take out.

This post was edited by Handcuffs on Oct 10 2020 03:29pm

I feel quite strongly that students should pay for their tertiary education for 2 reasons.

1) It wouldn't be fair not to charge them

If it's funded through general taxation then you have a morally backward system whereby the non-university educated workforce subsidise the tertiary education of those that will go on to enjoy a higher earnings potential than them and are likely to earn more in the long term.

2) Educational outcomes are better

University education funded publicly leads to poor educational outcomes due to a lack of funding. The allocation of funds to unviersities given by the government are almost universally lower than the funds a university can raise through charging students the prices they want.

There have been studies of this in the UK where England introduced student loans in 1997, replacing the previous model of a fully government funded policy, whereas Scotland kept their publicly funded universities. This large difference in policy between two neighbouring states has allowed us to study the long term effect pretty well. The result is clear - there has since been a lack of funding to Scottish universities in comparison to English ones which has led to their universities slipping down the national rankings.

Loan or Tax

I'd argue that it's better for student loans to function as a graduate tax where graduates will pay x% of their salary above a set minimum. This would only be paid when the graduate starts working and hits the income threshold, calculated on a monthly basis. If the loans aren't paid off after 25 years they're written off. The government would pay the loans to the university directly while tuition is ongoing and subsequently hold the student loan creditor on their balance sheet, with the graduate tax offsetting this in payments to the government.

Too white and not gay enough.

Have you considered applying for the William D Ford Act?

A couple hundred thousand. But we also make more.

But I'm not comparing you to other levels of debt. And you shouldnt either.

Point is your job pays fine. You have nothing to worry about.

This post was edited by Ramy on Oct 10 2020 03:35pm

Double

This post was edited by Ramy on Oct 10 2020 03:34pm

Never heard of it. Fortunately I've setup my loans such that they're income-driven, and the remaining balance will be discharged after 20 years regardless.

In addition, mental health work falls under the National Health Service Corps' Loan Repayment Program, which allows people who work at a qualifying agency to essentially have their student debt completely wiped out after completing of a commitment of ~2 years to an agency/community that serves high-need populations.

This post was edited by Handcuffs on Oct 10 2020 03:38pm

although it wouldn’t benefit me much at all eliminating some student debt is a good idea. only reason it got so expensive in the first place is because schools and the govt created a racket where tuition costs could increase at a rate completely detached from reality. employers also assisted in this racket by requiring a masters degree for an entry-level jon

as for the bold, anyone who did some or all of the following are considered “rich” and “wealthy” so its too bad for them that it is unfair: got scholarships, worked during school/summers, had parents/family help pay, went to a smaller state school for lower tuition, joined the military

100%

Also, imagine paying for students who choose useless majors

Isnt there already enough useless majors?
Imagine how many more there will be

This post was edited by Ramy on Oct 10 2020 03:41pm