Celebrating 10 years! 2007-2017

The Case For Increasing Student Loan Debt — Expanding College Affordability By Expanding Income-Dr

http://taxprof.typepad.com/taxprof_ blog/2018/05/brooks-the-c massivemissive05/29/18
Good comment there by Unemployed Northeastern. wutwutwut05/29/18
The wisdom (sic) of his proposal is that people pay a max pe qdllc05/29/18
“the federal government needs to raise the individual borr tedandlisa12305/29/18
Awesome - a blank check to universities paid by crushing the plunky05/29/18
Yeah, what a shock that a LS prof's answer to spiraling cost 6figuremistake05/29/18
What a joke. "Let us bill the government 10x the value o anothernjlawyer05/29/18
If you aren’t for institutions of higher education chargin wearyattorney05/29/18
The problem is the half-arsed approach to government-funded dingbat05/29/18
The people in government work for the benefit of the people wearyattorney05/30/18
"This perhaps counterintuitive proposal — help students by onehell05/29/18
onehell, if you don't mind answering a few questions about h plunky05/29/18
massivemissive (May 29, 2018 - 8:07 am)

http://taxprof.typepad.com/taxprof_blog/2018/05/brooks-the-case-for-increasing-student-loan-debt-expanding-college-affordability-by-expanding-income.html


O yeah, that's the solution.

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wutwutwut (May 29, 2018 - 10:11 am)

Good comment there by Unemployed Northeastern.

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qdllc (May 29, 2018 - 10:53 am)

The wisdom (sic) of his proposal is that people pay a max percentage of income towards student loans for X years...then it’s over. Problem is that schools will keep bumping up college costs and leave ever increasing debt to be bailed out. I doubt cost controls will be implemented.

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tedandlisa123 (May 29, 2018 - 11:02 am)

“the federal government needs to raise the individual borrowing limits on Direct Loans and issue substantially more debt than it does today.“

The deficit is spiraling out of control. We can’t afford this.

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plunky (May 29, 2018 - 11:30 am)

Awesome - a blank check to universities paid by crushing the average person's retirement and/or possibility of wealth transfer. What could go wrong?

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6figuremistake (May 29, 2018 - 12:01 pm)

Yeah, what a shock that a LS prof's answer to spiraling costs isn't for the schools to stop charging insane tuition - it's for students just to pass the bill onto the taxpayers (while remaining under the yoke of loan payments for life).

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anothernjlawyer (May 29, 2018 - 1:51 pm)

What a joke.

"Let us bill the government 10x the value of the "education" we provide, and foist it off on the taxpayers."

I'd love to hear his impassioned argument as to how it would be disastrous to limit schools' tuition receipts to the amount paid through IBR.

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wearyattorney (May 29, 2018 - 1:54 pm)

If you aren’t for institutions of higher education charging whatever they want, with the full bill being paid by the federal government in the name of access and opportunity, then you are a racist.

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dingbat (May 29, 2018 - 4:53 pm)

The problem is the half-arsed approach to government-funded business.

The government wants to [more education / more homeownership / more whatever] but everyone’s afraid of the government do they don’t do it themselves, but provide funding for private actors.
That leads to abuse (see Fannie Mae / Freddy Mac / college costs / solar whatever)

Want to make education more available? Don’t offer to guarantee student loans, fund some affordable colleges.
Want cheap housing? Provide subsidies.
Want centralized collateralization? DO IT THROTH A GOVERNMEHT AGENCY.

The solution isn’t less government, It’s more targeted government. All in or all out

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wearyattorney (May 30, 2018 - 12:33 am)

The people in government work for the benefit of the people in government. The people who work at law schools work for the benefit of people who work at the law schools.

You want to make law school affordable? Eliminate federally guaratneed loans and allow for bankruptcy protection with forfeiture of the professional licensure. Private actors will have an incentive to act responsibly. Doing so would be racist though. A poor minority is better off with 250k in student loans and an 18 dollar an hour desk job than no student loan debt and a strong blue collar or municipal job (says the cacausian fourth generation trust fund champion tenured at a fourth tier law school).

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onehell (May 29, 2018 - 5:39 pm)

"This perhaps counterintuitive proposal — help students by increasing debt — follows from the observation that an IDR student loan is conceptually not at all like traditional debt and is more akin to a tax instrument."

This is correct. But it's the problem, not the solution. There is no REAL reason tuition needs to be so much, other than that it can because of the loans. Look at people's college of law, an unaccredited school that operates out of some strip mall in California.

Terrible place, but it is proof of concept. Its tuition is FOUR THOUSAND DOLLARS per year. Why? Because all they need is some office space and someone to teach the classes. There are no labs, no field placements (at least, none that are required, all law schools consider clinics to be elective), nothing. They're not eligible for federal loans so they can only charge what people can afford to pay. And sure enough, the price comes down. Way down.

There is absolutely nothing standing between a person and a law license other than sitting in classroom for three years and passing a test and a background check. That is IT. There is no reason to have these palatial facilities or huge layers of admin. If you cut law school down to the minimum that's actually needed to sit for the bar, you could do it for a few grand a year and the unaccredited schools are proof that it can be done. True, their grads rarely pass the bar, but that's just a function of the fact that no one goes to an unaccredited school if they can avoid it. If a kid with a 160+ LSAT enrolled at PCL, I'll bet you he would pass the bar just the same.

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plunky (May 29, 2018 - 6:37 pm)

onehell, if you don't mind answering a few questions about healthcare compliance jobs, could you shoot an e-mail to me at [email protected]? That's the throwaway I use here.

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