Quote:
Originally Posted by red-beard
The issue is that people are taking out loans that have no chance of paying them back. It is not that I think that only _____ should be funded, but you should have to show you will have the ability to pay back the loans. And this should not be limited to type of degree, but also grades.
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James,
I agree, this is a very big problem but how do show the ability to pay back the loans when you are 18, just out of high school and have no idea what you want to be when you grow up? Are we eliminating a lot of highly motivated but low income students who don't know what career path to chose and have no parental guidance, etc. to help them?
I financed my way through school checking groceries in a grocery store and with the old National Defense Loans. With those you had to show the economic need and maintain good grades. I certainly couldn't show I had the ability to repay them and the first year or two I had no clue has to what I would really major in and I think this is often the case.
From my understanding though, a very big part of the problem of the massive student loan debt is not colleges and degree plans but the for-profit trade/technical schools which is a whole nother ball game. This is one area the government probably needs to really crack down on as some of these schools are apparentlyt totally useless.
I certainly don't have the answers but your last example of how your doctor friend got through school contains the seed to the real answer.