Two conservative groups are asking a federal court to block the Biden administration’s plan to cancel $39 billion in student loans for more than 800,000 borrowers.
Who would ever get a loan as they do now if that’s the case. You get a student loan. Four years later you declare bankruptcy and seven years after that your credit returns to normal.
Even better - if students won’t be able to get loans, collages and universities will be forced to tone their tuition down.
That would be good, in theory. But I imagine only some colleges will lower. If mom and dad put their house up for collateral, many will still secure massive money, and ivy leagues and similar will probably retain high cost.
I think the real solution in the long term is to lower prices for colleges and universities for all people. Though I have heard some say “well that doesn’t help me, since I already paid for college”, which is the wrong attitude to take for this.
Even better - if students won’t be able to get loans, collages and universities will be forced to tone their tuition down.
That would be good, in theory. But I imagine only some colleges will lower. If mom and dad put their house up for collateral, many will still secure massive money, and ivy leagues and similar will probably retain high cost.
I think the real solution in the long term is to lower prices for colleges and universities for all people. Though I have heard some say “well that doesn’t help me, since I already paid for college”, which is the wrong attitude to take for this.