Should student loans be limited to only high-earning college degrees?

[worldscolide]

A government policy went into effect that does just that on July 1st

So, A certain demographic will say the government is limiting access to education, Which is not true.

The policy they passed states that if you are going for any degree, it must produce students that earn more income than the average person that didn't go to college (in other words those that got a high school diploma only). Additionally the masters programs must produce students that make more than those that earn a bachelors, and a PHD program must earn more than a bachelors or masters. Basically the government said we won't give you student loans for what would be worthless degrees based based on average incomes of people with said degrees. It stops people from getting student loans that they would either spend their entire life paying back or never be able to pay back. I for one support it. if you want a worthless degree, then the person that wants said worthless degree needs to pay for it. I for one will happily pay for my kids to go to college, only, and i do mean ONLY if the degree they get is one that will set them up for life and security. So many of these degrees (liberal arts, Humanities, and so on) are just worthless.

A certain demographic of people say this is limiting access to education. Its not, Its forcing people who want worthless degrees to come out of pocket to get said degrees. The policy also says that federal funding to schools which provide those degrees will get less funding.

[Telekinetic-Potato]

It's an interesting angle I'm not totally sure I get it but a thought comes to mind:

You could technically argue that many of these loans are given out under misleading or fraudulent pretenses.

These colleges make kids jump through hoops to get accepted. All under the guise that they're working towards something a large, powerful institution believes will offer certain things in return.

Like let's say I sold you a car and the car never was able to actually get you to a place you couldn't walk to... Most people would say you were sold a lemon and should be reimbursed for the purchase.

Or more similarly I'd say it's like a contract which was never fulfilled, or one which was designed to be intentionally misleading. In a contract, the exchange must be reasonably equal. So is it right to make someone pay hundreds of thousands of dollars for something which often times does nothing to further someone's life?

[OlderAndWiser]

I hate valuing education solely for its ability to lead to income, but I understand not wanting to have federally guaranteed student loans for people who will work at McDonalds after they get their degree.

[OlderAndWiser]

Thanks for MHO!

[TrueConfection]

It’s hard to determine who can make more with what degree. I do think there should be limits on loan amounts, but on a different scale. The loan should not exceed the total amount of the median income for five years in the field of the degree in the state in which the degree was earned. I think that would about cover all of the possibilities without so-called limitng access.

[worldscolide]

Not a bad idea

[Agape93]

Sad thing is, there are teachers who need loans to get those degrees, who will make less than septic workers who didn't go to college. Like in my area, teacher starter pay is 44k, starting pay for septic is 45. Average for teacher is 65k, average for septic is 65k.

[worldscolide]

Dude I don't have a degree. I have 56 industry standard IT certifications. And I make more than people with masters and some phd's. It comes with being a "systems architect"

[Pterodon]

What’s worse is most don’t
Even use the degrees they majored in

[worldscolide]

Agreed. Like wtf are you going to do with a degree in fucking feminist dance theory.

[strateguy632]

makes sense. only loan if there is hope of return. learn art appreciation etc. if you don't need a loan.

[Kelley1]

It would suffice to make student loans dischargeable via bankruptcy. Lenders would not lend money when the risk of nonpayment through bankruptcy is high.

[worldscolide]

Or we could just not loan morons who get worthless degrees money.

[Kelley1]

Either way, it is not my responsibility to dictate to lenders who they should lend to. Lenders are not going to lend money without collateral if it is likely the loan will not be paid. That is why permitting bankruptcy for those with insufficient income to repay is the best option.

Even when the percentage is very low, some people in all degrees, including art history, earn high incomes. That is why blanket rules against certain majors are a bad idea. Lenders are best positioned to determine whether an individual is likely to succeed.

[worldscolide]

Yeah I'm only and specifically speaking of federal student loans, and the fact that they are tax payer funded, the government just made the choice not to fund worthless degrees because those that get said degrees usually end up making minimum wage for the rest of their lives and are never able to pay back said loans.

[worldscolide]

Oh and the percentages in those degrees, less than 10% of them end up in careers that make more than minimum wage.

[exitseven]

Yes, these losers with Gender Studies degrees cannot possible make enough money to pay off a 250,000 student loan.

[worldscolide]

I find it funny. Statistically women carry the vast majority of student loan debt too.

[exitseven]

yes but they become CEOs and attorneys.

[Snakeyes7]

It's a start but I'd argue it shouldn't be a thing at all. I think it's a massive part of why college is so expensive.

[fishbone77]

I mean, there shouldn't be student loans at all. That would cut the cost of an education.

[sage2021]

No I don't believe so.

[worldscolide]

I would disagree. Though did you read the whole question?

[sage2021]

I don't believe that it's right to do that.
Everyone should be able to get the college degree of their choice.
Do you believe it should only be limited to certain degrees?

[worldscolide]

No, but I do believe that federal funding, as in my tax dollars, shouldn't be going to students that want degrees they will never be able to pay for.

Again read the whole question. It states that people can still get the degrees they want, the government just won't fund all of them. As in my tax dollars won't go to student loans that will never be paid back.

[sage2021]

I guess I was thinking about the people who pay for their college education like my brother did.

I guess I am just getting tired of people telling other people what they can and can't do in their life.

The government is changing things almost every day and it's just gotten to be too much!

But I get your point as well.