Forgiving Student Loans Doesn't Solve the Problem
The student debt situation is a real problem that needs a real solution. It's not just a student debt problem (it's also a parent borrowing problem) and restitution doesn't solve the problem.
The solution should start with financial literacy, counseling, and better consumer information about colleges and workforce outcomes, such as the College Scorecard and Jobkit, which we were invited to contribute to at a White House convening next week.
Everyone is talking about Senator Warren's proposed policy as a Presidential candidate, but more attention should be focused on actual legislation, such as bills passed and proposed by Representative Guthrie of Kentucky.
The federal government recently issued an RFP for a college ROI tool, and it will be interesting to see the results of that effort because college ROI isn't just about cost (and the loans taken to pay for college), but also outcomes.
Loans aren't inherently bad and "right sized" loans have helped people make incredible gains in income and socioeconomic status, which is why college degree attainment rightfully remains a key part of the American dream and is often worth it. People do need the info to make smarter college choices and that's what we've dedicated ourselves to at Edmit.
Attorney at Law
5 年Well, they should be re-financed in some way if not forgiven completely The crushing student debt faced by so many students destroys their future. More particularly, I can't hire an associate because the new lawyers require very high salaries to meet their student loans, and I -and most small firms and solo lawyers- just don't have that type of money to pay them?
Executive management for social and private sector organizations moving to and through the growth stage.
5 年Different problems, and agree that we need new and better tools for evaluating value from higher ed. Progress on that topic would reduce incidence of perverse ratio of expense to outcome. As trustee for a local scholarship fund I participate in analysis of how candidates make their choices. It is an imperfect market for which greater disclosure and better analysis would really help parents, students and schools make better choices.
Scalability automation master
5 年Internship + Apprenticeship programs + competitive loans refinancing with low fees.
I Anchor, Admire, Amplify, and Accelerate FirstGen Professionals & Students
5 年Would a system allowing for student loan reduction in exchange for service to society be considered a more fair approach to a larger part of the population? The more you help others, the more your debt goes down. No action, no change in debt.
General Manager
5 年The real question is Status.? ?The American Dream for my Parents was providing a future for the children to become successful.? They worked hard and paid for an education the family could afford.? Now I work hard and have to decide how to put my three children in colleges; that we can afford.? If we choose status and name recognition vs. a solid affordably priced education; then the new american dream for our children is full of debt.? When did living within your means; mean let someone else pay for it.