We are a commune of inquiring, skeptical, politically centrist, capitalist, anglophile, traditionalist New England Yankee humans, humanoids, and animals with many interests beyond and above politics. Each of us has had a high-school education (or GED), but all had ADD so didn't pay attention very well, especially the dogs. Each one of us does "try my best to be just like I am," and none of us enjoys working for others, including for Maggie, from whom we receive neither a nickel nor a dime. Freedom from nags, cranks, government, do-gooders, control-freaks and idiots is all that we ask for.
Growing Pell-Mell - The government’s program to help low-income students is out of control:
There are two major problems with the program: Not only has it expanded to cover more than half of all students, but almost anyone—regardless of academic background—can qualify. Recipients must meet only a minimal academic standard: obtaining a high school diploma or the equivalent. There are no minimum SAT scores or GPAs.
Consequently, many grant recipients go to college but flunk out or lose interest, often going deep into debt at the same time.
Like housing, government tried to orient higher education through a social engineering lens and “established Sallie Mae in 1972 to encourage banks to loan more money for college. The Affordable Care Act of 2010 allowed the government to loan money directly to students. The following year the Taxpayer Relief Act extended tax breaks to student loan borrowers. Predictably, the Federal Reserve kept interest rates at historically low levels, making college loans cheaper.”
In the meantime, “the price of a college education soared…[and] by law, lenders cannot even deny Stafford and Perkins loans (types of federal student loans) based on the borrower’s credit or employment status. What other reason is there to deny a loan?
What other reason is there to deny a loan? Well, there's one thing fairly unique about student loans. Your ability to pay it back is strongly tied to what the money is used for. If it's not called out in the law, I'd suggest that the banks could ask two simple questions:
What's your major?
What's your GPA?
These wouldn't apply so much to freshmen, but that's alright. It would certainly bring a screeching halt to kids who were getting loans to major in Medieval Greek and Womens' Studies, or who were actually committing their time to majoring in booze and the opposite sex.