Texas Proud
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- May 16, 2005
- Messages
- 17,351
I think you took a long way around the barn to reach the same conclusion that I and these other writers did- the responsibility needs to be put on someone who is in a position to understand what it means and who benefits from the lending. The school obviously does benefit (as does any firm whose product gets easy credit financing on someone else’s risk), as does the lender, as does the federal bureaucracy involved as does the student. No matter how perfect and cool and worldly wise and responsible all you tough love advocates think you were at age 18, I know I didn't know jack, and I know many young people don't either. So all parties get benefit, but one party is not truly able to understand the risk by virtue of being barely out of childhood. So which party gets left holding the entire bag? You guessed it, the naive 18 year old student borrower.
I am not quite there with you... I know that I did not want to run up a debt that I could not pay when I was 18... no amount of talking from some high priced school would have changed my mind (to be fair... none came a calling...)
I disagree that the schools are getting the benefits of this arrangement.. sure, more student can come with the easy credit... but most of the high priced ones are so oversubscribed they would fill their quota anyhow...
The banks can take a hit... but as mentioned.. who gets hit Using this girl as an example... should Citi suck up all of the bad debt since they loaned her the 'last' amount of money?
Also... should the lending institutions get involved with the degree choice? I mean, lending money for a degree in underwater basket weaving is not a good choice... but an engineer, finance or IT field might be the way to go...
Opps... just wanted to add.... what about the parents Sure... they want the best for their kids... but really... there is an adult in the equation .... so it is not only the 18 YO making a decision...