An estimated 45 million former students owe the government $1.7 trillion in unsecured student loans. This total easily exceeds all outstanding auto loans in the country and is considered “deep subprime” because there is no physical collateral and borrowers are often young with limited credit histories. This financial mess can be described as a college Ponzi scheme with unsophisticated families tricked by colleges into “investing” in non-marketable education and degrees.
Before this administration tries to buy the under-40 vote by abolishing this debt before the November election, university endowments and tenured professors must be the first to financially help cover graduate tuition. unemployable in obscure curricula. These worthless degrees and their enormous costs should not be subsidized or forgiven by working-class citizens who pay more federal taxes or increase the national deficit.
To avoid this situation in the future, these higher education institutions should adapt tuition fees to industrial sector salary scales so that majors in medieval gender studies and interpretive dance can be charged much less than pharmacy students. and engineering who have a chance of being in the middle class. future.