this post was submitted on 11 Nov 2023
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The point is to lock you into indentured servitude. As one of my favorite psychology professors likes to say: “The administration has figured out how to pick the pockets of students’ future earnings”.
Government pumps a bunch of “money” into the industry, and I put money in quotes because it’s the student who’s responsible for it. The government’s part is making it guaranteed that you get that loan. Oh, and also making that loan immune to bankruptcy.
That drove the price of college up enormously. So then you’ve got 18 year old kids signing papers to take on five or six figures of debt they can’t escape. These are people who’ve possibly never held a job, maybe never paid a bill in their life or taken a loan, being given automatic approval for huge loans.
It may not have been “designed” to do this, but the end result is a looney tunes style conveyer belt saddling people with huge debt, and in the process making college administrations very rich.
Consume the wealthy