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Americans, how would you feel about making student loans completely illegal? (lemmy.world)

submitted 1 year ago by nodsocket@lemmy.world to c/asklemmy@lemmy.ml

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This would save young Americans from going into crippling debt, but it would also make a university degree completely unaffordable for most. However, in the age of the Internet, that doesn't mean they couldn't get an education.

Consider the long term impact of this. There are a lot of different ways such a situation could go, for better and for worse.

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[–] muddybulldog@mylemmy.win 3 points 1 year ago

Chicken and egg. The tuitions have been able to reach the insane heights due to the ready availability of these loans.

It was a lot harder to get loans thirty years ago. Almost on par with the criteria for any other personal loan. A four year CompSci degree that could be had for under $25K, in total, opened the door to a $45K to $60K entry level position for a typical graduate.

Availability of loans broke wide open, under the guise of providing opportunity, and now the same degree costs 5-10x with yet the typical entry level salary remains more or less the same, give or take a few inflation points.