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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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[–] Haywire@lemm.ee 18 points 1 year ago (1 children)

Loans that can't be discharged are the problem. Tuition went out the roof when universities discovered this gold mine.

[–] CMahaff@lemmy.world 3 points 1 year ago (1 children)

But on the other hand, if loans were subject to bankruptcy, most poor people would never be approved to get them.

[–] Haywire@lemm.ee 4 points 1 year ago* (last edited 1 year ago)

We could go back to government guaranteed loans based on financial circumstances. And we could go back to tuition rates that were compatible with working your way through college. That system worked pretty well. It did drop some students through the cracks because their families were too wealthy for them to qualify and they couldn't or wouldn't work their way to tuition, but it seems like it did a lot less damage than the current system.