This is the heading on a Politico story on one segment
of the trillion dollar plus student loan snafu:
\”You feel so guilty you haven\’t done enough in your kid, and they make it easy to get the loans,\” said Elizabeth Hill, a 57-year-old property appraiser from your Boston suburbs with more than $30,000 in?PLUS?debt. \”Then they need you by the?cojones. It\’s like \’The Sopranos,\’ except it\’s the government.\”
My first reaction is, this is usually a slur on the Sopranos.
They did not pretend these people were doing you a favor.
It only agreed to be business with the gangsters.
Student loan lending via the federal government is much worse
than loan sharking.
Repaying student loan debt can be harder than standing up that cliff in the picture, with out a rope.
Regular readers know my spiel, the colleges haven\’t any skin in the student loan game, they purchase the benefit, the $, and not one of the risk, government/establishment pushes the myths on the monetary value of a college education, kids don’t know much better and parents don’t want their kid that is left behind.
But that just illustrates the increasingly tortured economic paradoxes in the middle of modern higher education, where schools don\’t have any incentive to provide affordable prices as long as they can count on federal dollars in making?education affordable.?Ultimately, Parent?PLUS?sluices extra money into the college-industrial complex, helping educators jack up their tuitions while pressuring parents to help make up the difference with debt, while not doing anything to ensure they\’re getting a real roi. It enhances accessibility, though not really affordability, simply giving?parents ways to punt?the skyrocketing costs into your future.?Even some advocates who fiercely defended Parent PLUS during the high-profile controversy in 2011,?when the Current briefly reined in?loans to?parents with sketchy credit histories, explained to me the program is deeply troubled and inherently flawed.
(In the same linked to article)
I am glad other people are catching on to this scam.
If you haven’t borrowed yet, don’t, except in unusual circumstances.
If you are already an education loan victim, there may be help.