You flew too close to the sun. You can’t argue with a bunch of people who are in debt and learned that playing the victim pays.
It’s funny. That everybody is mad at the banks and schools. But the politicians and do good laws passed are what caused all of this.
Banks did it want to give loans out for shitty degrees to people who would probably not pay them back. So laws were passed to force banks they had to give out loans.
Schools did not want to accept everybody, but only the top of class. But laws were passed forcing them to widen their acceptance criteria.
This creates the perfect storm we are in.
Before the system was self limiting. Banks only gave out loans for degrees and to people who had high probability to pay back. Schools accepted only the best students who had a high probability of succeeding.
The loans were low risk, high reward, and the schools were able to provide a higher level of overall education to those who did go.
No they did not. They threatened to simply stop offering loans for school. The only way to get them back on board was to make the loans they issue for school was to make it so such loans could survive bankruptcy.
Many banks were fine not offering loans if it meant they could not decline offering loans for specific degrees, schools or even based on the applicants grades.
It’s funny. That everybody is mad at the banks and schools. But the politicians and do good laws passed are what caused all of this.
Banks did it want to give loans out for shitty degrees to people who would probably not pay them back. So laws were passed to force banks they had to give out loans.
Schools did not want to accept everybody, but only the top of class. But laws were passed forcing them to widen their acceptance criteria.
This creates the perfect storm we are in.
Before the system was self limiting. Banks only gave out loans for degrees and to people who had high probability to pay back. Schools accepted only the best students who had a high probability of succeeding.
The loans were low risk, high reward, and the schools were able to provide a higher level of overall education to those who did go.