Ever complain to a counselor about tuition hikes? The typical answer you get is: “You can just get a loan.”
This type of thinking is hiking up rates horrendously.
As unemployment rates continue to rise, they’re rising particularly rapidly among teenagers, bringing teen unemployment nearly to a staggering 28 percent; and that’s, as journalist Steve Thomma says, “the highest ever recorded since the federal government began tracking it, and it’s almost triple the 10 percent rate for all workers.”
Unfortunately and true to form, it seems as if the government has every intention of not wasting this crisis. The proposed solution is nationalizing the student loan industry to send all those unemployed teenagers to college instead. Sounds great, right?
This is a completely nightmarish prospect, as most government “solutions” are. The bill is virtually guaranteed to harm students and there will be no fiscal responsibility in it. Indeed, students have been screwed by ‘student aid.’ So called “aid” to nearly anyone helped drive up the cost of college education. Students are now reaping the “benefits” of that aid: They still can’t get jobs, but now they’re faced with paying off their hundreds of thousands of dollars of debt.
Government needs to get out of the aid business. It screwed up housing with “affordable housing” programs and it screwed up education with student “aid”.” This is an excellent video from Peter Schiff on how government grants and guarantees of student loans drive up college tuition at ridiculous rates. Being against student loans is being for the student. College kids don’t get the money; they get the bills.