Of course the Obama proposal is just a naked pander for the
youth vote and is consistent with Obama’s stated aim of “spreading the wealth
around”. I say Obama backers are much more
likely to be current and future student loan defaulters than Romney supporters;
I doubt anyone would want to fade me on that.
But to consider the proposal seriously for a moment:
The student loan process differs from others in that the likelihood
of the borrower’s ability to pay back the loan is not a factor in whether the
loan is granted in the first place or in setting the interest rate to be charged. So if student loan debt can be later made to
disappear, thus stiffing taxpayers (i.e., me) on government loans or private
lenders on private loans, while infuriating those who dutifully paid off their own student loans, then the likelihood of the student’s defaulting must
be taken into consideration in the granting process.
How about this as the major factor – the relevance of the
major to subsequent job prospects and ability to earn a wage that might
actually be enough to pay off a loan. Pursuing
a degree in science or technology – no problem.
Engineering or math – no problem.
Economics or business – no problem.
Medieval French poetry, lesbian studies, or pop psychology – now we’ve
got a problem. Want a PhD in feminist
theory – pay for it in cash.
John M Greco
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