patrick.net

^^^^^ THIS!

At first, in the 1970's, they made Federal student loans non-dischargeable. Then in the 1980's or 90's they did the same thing for private student loans. If student loans were dischargeable, they would then have higher interest rates to offset the risk, resulting in smaller loan sizes, less debt and saner, more practical degrees for students.

If student loans were dischargeable in bankruptcy, then most students would declare bankruptcy soon after graduation, when they have no assets but lots of debt. This would result in no bank issuing student loans, which is fine by me. Tuition would come down to reasonable levels.

The 'right' answer is for these Millennial idiots who took the money to pay it back, period.

If it was wasted on Women Studies or BS like that, not society's problem.

Patrick says

So I would support a Supreme Court decision which makes student debt once again like any other kind of debt.

That's not SCOTUS' job to do that. It's Congress'.

Allowing bankruptcy for student loans would certainly dry up the student loan market and shrink the swollen U's and auxiliary 'education' mills.

Banks would just require co-signers obligated to pay the loans. The bankruptcy brainstorm for student loans that lead to the laws was started by medical students and some law students, who got the bright idea of declaring bankruptcy right after they graduated. So much for the responsible professions.

When the American Dental Association decided to go into the insurance business, they started out offering a particularly lavish, generous no fault disability package which caused a rash of dentists to blow off a finger in 'hunting accidents', so they had to scale it back.

stereotomy says

At first, in the 1970's,

That classic thread, somewhere on here, needs an update.

Hey @Patrick, do you remember the name of that thread about 1972 or 1973 being "The Year" where everything started to go to shit.

AmericanKulak says

stereotomy says

At first, in the 1970's,

That classic thread, somewhere on here, needs an update.

Hey Patrick, do you remember the name of that thread about 1972 or 1973 being "The Year" where everything started to go to shit.

I don't know the thread, but it went to shit in 1971, when the US abandoned convertibility to gold.

AmericanKulak says

Hey Patrick, do you remember the name of that thread about 1972 or 1973 being "The Year" where everything started to go to shit.

@AmericanKulak

Why yes, it's one of my pinned threads:

https://patrick.net/post/1341417/2021-09-20-wtf-happened-in-1971

richwicks says

Hey Patrick, do you remember the name of that thread about 1972 or 1973 being "The Year" where everything started to go to shit.

https://wtfhappenedin1971.com/

If they lent money without a commitment to pay it back, it's just unsecured debt like a credit card; the interest rates for that debt would be too high to work.

The interest rate would be as high as credit card debt is today, several times the prime rate, so unaffordable for a student to ever pay back.

Who needs the United States Supreme Court? Not Joe Biden!

WOW: Biden Announces Plan To Defy Supreme Court After Ruling On Student Loan Forgiveness Ruling

Following the Supreme Court’s dismissal of his student-loan forgiveness plan, President Biden promptly proposed an alternative solution. On Friday, he announced his intention to implement a separate student debt-relief initiative under the Higher Education Act of 1965.

“Today’s decision has closed one path. Now we’re going to pursue another,” Biden said from the White House. “We will use every tool at our disposal to get you the student debt relief you need and reach your dreams.”

https://trendingpoliticsnews.com/biden-announces-plan-knab/

The goal is to reach max socialism and/or chaos.

Booger says

Don't be fooled. More like "I tried to forgive your loans Jack, but the Trump nominated judges blocked me. Now you need to back me in packing the court and impeaching judges, plus work harder to elect more Dems."

Patrick says

AmericanKulak says

Hey Patrick, do you remember the name of that thread about 1972 or 1973 being "The Year" where everything started to go to shit.

AmericanKulak

Why yes, it's one of my pinned threads:

https://patrick.net/post/1341417/2021-09-20-wtf-happened-in-1971

Thanks Patrick, I'm gathering more stats on that, will post there in the near future.

The ~1971 period a whole bunch a shit went South, economic and social, the social leading to the economic and vice-versa.

richwicks says

AmericanKulak says

stereotomy says

At first, in the 1970's,

That classic thread, somewhere on here, needs an update.

Hey Patrick, do you remember the name of that thread about 1972 or 1973 being "The Year" where everything started to go to shit.

I don't know the thread, but it went to shit in 1971, when the US abandoned convertibility to gold.

Also the first measureable impact of 60s social changes like Hormonal BC, Reagan's Disastrous No Fault Divorce, Welfare extended to Hobags, and the Sex Rev generally.

Loans are the wrong product. It should be an annuity sold by the schools to the investors. Students pay no tuition and get a small stipend for living expenses. In exchange, students agree to pay a percentage of their income to the school for a period of time post graduation. That income stream funds the annuity the school sells.

You should be able to create a very safe investment product with a structure like this because, while an individual student might drop out or get hit by a bus, you could probably predict with a great deal of accuracy what the 2023 graduating class of Harvard will make over the next 10 years.

Another interesting side effect of all this is that it would cause better schools to cost less. There’s less risk as an investor if your are buying a share of Harvard 2023 vs ITT Tech, so the school would have to pay a lower yield, so cost to students would be less.

This solves all the problems with higher education. Majors that don’t have any jobs will be mostly eliminated. Schools will stop admitting under-qualified students unlikely to graduate since it would just be a cost to them. And smart students without any money can go to any school they can get into.

Seems like a great idea. One of the missing pieces is the admission policy.

pudil says

Loans are the wrong product. It should be an annuity sold by the schools to the investors. Students pay no tuition and get a small stipend for living expenses. In exchange, students agree to pay a percentage of their income to the school for a period of time post graduation. That income stream funds the annuity the school sells.

I love this idea, but universities will hate it because it would force them to be responsible about providing a useful education instead of merely exploiting students.

With interest.

Patrick says

pudil says

Loans are the wrong product. It should be an annuity sold by the schools to the investors. Students pay no tuition and get a small stipend for living expenses. In exchange, students agree to pay a percentage of their income to the school for a period of time post graduation. That income stream funds the annuity the school sells.

I love this idea, but universities will hate it because it would force them to be responsible about providing a useful education instead of merely exploiting students.

Shitty schools that don’t care about actually imparting useful skills to their students. But I see no reason why a decent school couldn’t make even more money with this approach.

All that money students are paying in interest is money that the school could have had. The income from a graduating class in aggregate would be extremely predictable, so then you’d just need investors to buy shares in that class. It would be an extremely safe investment, lots of interest.

Meh, funding college is an easy financial product to figure out. I’ve come to realize that it’s just welfare for 20 something’s that has the side benefit of making them corporate slaves that have to work plus dependent on the government. It’s working as intended I think.

One can always take their edumacation and move overseas. No need to repay anything then.

RWSGFY says

One can always take their edumacation and move overseas. No need to repay anything then.

"Overseas" likely has no use for genders studies and related academic abominations.

RWSGFY says

One can always take their edumacation and move overseas. No need to repay anything then.

Only if you don't plan on coming back and don't plan on getting social security. Your US credit will be ruined and the DoE will garnish your social security checks when you 'retire', specifically.

Trollhole says

RWSGFY says

One can always take their edumacation and move overseas. No need to repay anything then.

Only if you don't plan on coming back and don't plan on getting social security. Your US credit will be ruined and the DoE will garnish your social security checks when you 'retire', specifically.

Gain something - give up something else.

Trollhole says

The guy who wants his tax dollars sent to Ukraine must be a Soviet citizen, LOL. Because it's Soviet money which are being spent to repel the Red Army. The question is: why the fuck he is not deported to his native open abortarium of a country.

The goal isn't to forgive student debt, the goal is to prolong the dangling carrot con of student loan debt forgiveness for the entitled yute vote.

Political promises under Dems are made to be broken, and Satan smiles. If they didn't break as many of their promises as possible, their adrenochrome rations are cut.

Ceffer says

The goal isn't to forgive student debt, the goal is to prolong the dangling carrot con of student loan debt forgiveness for the entitled yute vote.

Bingo.

Eric Holder says

The guy who wants his tax dollars sent to Ukraine must be a Soviet citizen, LOL. Because it's Soviet money which are being spent to repel the Red Army. The question is: why the fuck he is not deported to his native open abortarium of a country.

???????

Soviet Union has not existed for 30 years, pal.

Patrick says

What are we going to do with a military that big? What are purple-haired baristas with gender studies degrees gonna do in that military?

RWSGFY says

What are we going to do with a military that big? What are purple-haired baristas with gender studies degrees gonna do in that military?

Set themselves on fire from their Anime Anarchist account.