It is estimated that 45 million former college students owe the government $1.7 trillion in unsecured education loans. This total easily exceeds all the car loans outstanding in the country and are considered “deep sub-prime” because there is no physical collateral and the borrowers are often young with limited credit history. This financial mess can best be described as a university Ponzi scheme with unsophisticated families being duped by colleges into “investing” in nonmarketable studies and degrees.
Before this administration attempts to buy the under-40 vote by abolishing this debt ahead of the November election, university endowment funds and tenured professors need to be the first to financially help defray the tuition costs of unemployable graduates in arcane study programs. These worthless degrees and their enormous costs should not be subsidized or forgiven by working-class citizens paying more federal taxes or increasing the national deficit.
To prevent this situation in the future, these higher learning institutions should tailor tuition fees to industry-sector salary ranges so that Medieval Gender Studies and Interpretive Dance majors can be charged substantially less than Pharmacy and Engineering students who have a chance of a middle-class…
