LogFAQs > #967279778

adjl posted...

The US student loan system is pretty broken, mostly thanks to US university costs being insanely inflated, which in turn is mostly a consequence of university boards and executive suites wanting to gold-plate their yachts.

Biggest cost perpetrators besides overpaid people at the top (and the Athletics department typically pays more than even the university president) are the giant bloat of admin service jobs, and the insane amount of improvements and maintenance of the campus grounds and facilities. I blame the latter and some of the former on the students themselves. You don't NEED your place of higher learning to have brand new shiny marble buildings, a massive stadium, etc... None of that helps w/ learning. You (plural you, not you specifically) just pick those schools because the level of sheer opulence on display wows our lizard brains.

Making student loans nearly impossible to discharge in bankruptcy in turn led to banks being willing to loan out way more than they logically should be willing to, which in turn means students have more "money" to spend, which in turn rewards whichever colleges can spend the most to "wow" prospective students on tours. The first thing that needs to be done before anything else is even considered is to make all future loans going forward dischargeable in bankruptcy. That is the root cause of all of this. Then banks won't lend tons of money, students will have to actually consider cost in their selection, and universities will have to pare down their expenses to be able to compete.