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My best rational thought
Posted on: February 25, 2020 at 10:14:44 CT
meatiger MU
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It was borderline fraud. I am not sure how much money the government actually has loaned out, but the estimates out there now are about 1.3 trillion dollars in debt balance right now....which likely means they loaned out well over 2 trillion dollars. This was done with no education of the kids of what it means, no limits, and likely no examples showing them the ramifications at various salaries on their cash flow for their first 10+ years of post college life.
It was pure collusion between financial aid offices and the government. I also bet there was no other person offering alternatives, such as online colleges, community colleges, etc. Because it is the job of the financial aid office to get money for the school, not help that kid off to a strong start.
Hook that with a strong social message that you need to get a college degree (just like the "you need home ownership" message of the 2000s) and here we are.
It was pure collusion between financial aid offices and the government. I also bet there was no other person offering alternatives, such as online colleges, community colleges, etc. Because it is the job of the financial aid office to get money for the school, not help that kid off to a strong start.
Hook that with a strong social message that you need to get a college degree (just like the "you need home ownership" message of the 2000s) and here we are.
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My best rational thought - meatiger MU - 2/25 10:14:44