Wednesday, June 22, 2016

Another reason to get the Feds out of student loans

Apparently, due in part to easy student loans from the federal government, there is shaping up to be a massive surplus in the number of lawyers in our country.  Moreover, that surplus appears to be forming (gulp!) in many of the educated professions, which I would assume includes my own.  Check out this article as well--I grew up just north of Valparaiso, so it's especially meaningful to me.   Notice--also close to home now--that the U. of Minnesota law school is cutting admissions.

Now if we had sane economic policies--pretty much reverse most of what has been done since 2006--it's likely that the economy would pick up, but all in all, I dare suggest that it's long past time for would-be students to justify their degree plan to a banker whose neck is on the line for whether that loan gets repaid or not.  At the very least, we need to start restricting student loans to those who have a realistic chance of graduation--meaning "not the bottom third of incoming students", who have an approximately 17% chance of getting a degree.

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