I think most people who'd like to get rid of the loans would also like to provide additional help to make college less elitist. Easy loans are just the local optimum we need to get out of.
If it only becomes for the rich, that's a problem. If it only is for those who can earn merit scholarships (plus a smattering of rich flunkies to pay the bills), is that necessarily a problem?
Plus, colleges and universities will think twice about increasingly charging an egregious amount for tuition if people aren't willing to buy their product no matter the price.
Maybe for the bottom schools but there are enough rich parents to pay/cosign a loan for like the top 50 schools and I highly doubt they would reduce tuition/spending and risk hurting their rankings.
Who cares about the top 50 schools? I went to Hofstra University, graduated with no debt (worked while going there and commuted by bus!) and I did just fine. I’ll be damned if I’ll subsidize someone else’s 4-year country club experience at a “top school”. Noting terrible will happen if only kids with rich parents went to them.
If you can earn $53k plus living expenses in after tax dollars all while going to school then you are not the typical college student. Someone would be subsidizing your education if you get out of that debt free.
No matter how many loans or funding you get, it'll always be impossible for everyone to go to the top 50 schools, unless you simply outlaw all schools outside of the top 50.
That is not the point. The point is that kids whose parents cannot pay/cosign a loan can currently get into the top 50 schools but without the government backing the loans, none of them would likely be able to get in at all leaving the top schools only for rich kids.
Nope, that is not how unsecured personal loans work. Those depend on your credit which most students don't have much/any and your debt-to-income which is normally infinite for students because they don't work.
