C4SS Feed 44 presents James C. Wilson‘s “Debt Forgiveness: End the Student Loan Industrial Complex” read by Mike Godzina and edited by Nick Ford.
The student debt crisis is not limited to students in for-profit schools, but state institutions as well. Federal Student loans have the problem of being one size fits all. In a market setting, lenders would be able to assess student’s future prospects before lending.
By making student loans so widely available the state contributes to making higher education a “must have” for even entry level jobs. Corporations are now able to abandon in-house education, shifting costs to tax payers and students. Degrees themselves have become commodities rather than the skills acquired. In such an environment, Universities are able to charge students for four years of irrelevant courses rather than simply granting the degree or certification for a specific trade or skill.
Furthermore, it allows corporations to justify shifting greater percentages of their pay to overly credentialed upper management. The same happens at universities themselves as administration costs and tuition sky-rocket, while cuts are made everywhere else.
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