Student Loan Cancellation Sets Up Clash Between Biden and the Left

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wrenhal

Federal Marshal
Aug 11, 2011
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#42
The amount of money spent on these charter schools is peanuts compared to what the government doles out in loans for schools to provide majors that have no aspect to them other than they create their own professors to replenish themselves. Nowhere else other than an academia is there a place for somebody with a feminist women's lesbian study degree. I know for a fact I'm being facetious with that, but it stands there are literally degrees out there that do nothing other than give the person the ability to turn around and teach classes for that same degree to other people. And the government hands out loans like they are candy for that stuff so the colleges keep on creating all these newer degrees that are worthless, just so they can get more and more money from the government loan programs. Add to that the fact that when you pick a career path counselors are now forbidden from telling you "hey you're choosing a degree that is not going to make you a lot of money and has no potential for jobs when you graduate".

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I wish college credit hours would be billed based on the potential income of the degree. My ex wife was a family studies major in college. It was training to teach preschool or running housing for disabled people. The degree trains people to provide a needed service but from a monetary standpoint is peanuts compared to a STEM degree. The tuition was the same though.

So she has a degree that is valuable but moreso from a benefit to society than her checkbook. When we were married I was responsible for her student loans because there was no way she could pay them off. That was fine and now if she can't that's not my problem. But she wasn't that bad in the hole. It was 25K or so. Her best friend had double that. Those aren't insurmountable unless your job prospects pay you 30K per year with no realistic bump in pay.

I don't disagree that schools give degrees that are worthless unless your goal is to get a doctorate and chase academic butterflies but schools also give out degrees that are beneficial to society, but not in a way that gets the degree holder paid.
Agreed. But many of the worst degrees are there to prop up the University system so they get more and more loan money. Get the government out of the handout loan business and allow kids to be told that their potential degree choices are worthless and thus we won't lend you money, and you'll see tuition come down.

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wrenhal

Federal Marshal
Aug 11, 2011
10,512
4,173
743
#43
I wish college credit hours would be billed based on the potential income of the degree. My ex wife was a family studies major in college. It was training to teach preschool or running housing for disabled people. The degree trains people to provide a needed service but from a monetary standpoint is peanuts compared to a STEM degree. The tuition was the same though.

So she has a degree that is valuable but moreso from a benefit to society than her checkbook. When we were married I was responsible for her student loans because there was no way she could pay them off. That was fine and now if she can't that's not my problem. But she wasn't that bad in the hole. It was 25K or so. Her best friend had double that. Those aren't insurmountable unless your job prospects pay you 30K per year with no realistic bump in pay.

I don't disagree that schools give degrees that are worthless unless your goal is to get a doctorate and chase academic butterflies but schools also give out degrees that are beneficial to society, but not in a way that gets the degree holder paid.
Would your basic premise not wipe out many, many degree fields? Seems like a slippery slope if schools stop dropping programs, which is what will happen if their allocation of tuition is decreased because it is deemed non-essential or with poor future income prospects.

Would a big part of the problem not be solved if the loan underwriter had a couple checkboxes on the application that ask what your degree studies are, what your professional aspirations are, and what your financial expectations are, and make a loan accordingly? I know if I buy a car I have to tell the bank what type it is and they look up its KBB value, depreciation expectations, etc. and make a loan accordingly. Might also steer people away from some fields if they realize they are not going to get but a portion of the loan otherwise.

But again, I could see that process still killing many degree fields.
Some deserve to die. They serve no purpose other than to demand grant money and create more researchers/professors that create more, and so on, etc...

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Cimarron

It's not dying I'm talking about, it's living.
Jun 28, 2007
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#46
At the end of the day who supports paying off student loans will simply depend on the demographics of how it will effect the outcomes of elections.
 
Oct 30, 2007
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#47
Props to Biden. It appears he understand the separation of powers better than many other Democratic leaders.

https://www.yahoo.com/finance/news/biden-student-debt-loan-forgiveness-cancel-173246655.html
"I’m going to get in trouble for saying this," Biden told a meeting of news columnists on Wednesday, raising the Democratic argument that "the president may have the executive power to forgive up to $50,000 in student debt. Well, I think that’s pretty questionable. I’m unsure of that. I’d be unlikely to do that.”

Earlier this week, while introducing his nominee for Education Secretary, Miguel Cardona, Biden declared support for forgiving $10,000 in student debt across the board — through legislation passed by Congress.