A Quote by Megan McArdle
If we wanted a program to help the majority of the population, we'd offer loan guarantees to help poor people get access to reliable cars so that they could have a better shot at getting - and keeping - a well-paying job...A small amount of capital could make a much bigger difference in their lives than extra student loan relief for middle-class college kids would.
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The fact that you have government-guaranteed student loans has created a whole new sector in the American economy that didn't really exist before - private for-profit universities that sell junk degrees that don't help the students. They promise the students, "We'll help you get a better job. We'll arrange a loan so that you don't have to pay a penny for this education." Their pet bank gets them the government-guaranteed loan, and the student may get the junk degree, but doesn't get a job, so they don't pay the loan.
The most important loan to pay is your student loan. It's more important than your mortgage, car and credit card payments. You cannot discharge student loan debt in the majority of cases.
If you wanted to create jobs in a way that has minimal effect on the deficit but has government action, the two best things you could do are the infrastructure bank and a simple SBA-like loan guarantee for all building retrofits, where the contractor or the energy-service company guarantees the savings. So that allows the bank to loan money to let a school or a college or a hospital or a museum or a commercial building unencumbered by debt to loan it on terms that are longer, so you can pay it back only from your utility savings. You could create a million jobs doing that.
High school seniors should receive help in how to think about a student loan and how to make sure that the education bought with the loan offers good prospects for repayment.
Free enterprise has done more to lift people out of poverty, to help build a strong middle class, to help educate our kids, and to make our lives better than all the programs of government combined.
College costs continue to rise, and student loan debt threatens to price many Americans out of a college education and out of the middle class.
We were able in the Recovery Act to get a program where we increased our loan guarantees to 90 percent. Because we had that program, a bank wouldn't have to take that much risk.
That’s nice of you, but it’s not necessary to loan me a car.” “I loan you cars all the time.” “And I almost always destroy them or lose them. I have terrible luck with cars.” “Working at Rangeman is a high-stress job, and you’re one of our few sources of comic relief. I give you a car and my men start a pool on how long it will take you to trash it. You’re a line item in my budget under entertainment.
Student loan debt is crushing young people. And so they're not doing the things we would expect them to do. They're not moving out of their parents' homes in as big a numbers, they're not saving up money for down payments, they're not buying homes or cars or starting small businesses or doing any of the things that help move this economy forward.
We developed microfinance to fight loan sharks - I was telling people don't go to loan sharks - not trying to take advantage and make money for myself. I would be a junior loan shark if I did ... It is not a panacea.
We developed microfinance to fight loan sharks - I was telling people don't go to loan sharks - not trying to take advantage and make money for myself. I would be a junior loan shark if I did... It is not a panacea.
People just want to see something happen that is positive for them in their lives. If you're struggling to pay your student-loan debts, or if you've got a kid trying to go to college and don't think you're going to be able to afford it, it really matters whether you get help or not. If you don't have health care or you have insurance but the insurance company won't pay for what your doctor says you need, then what's the point of people arguing in Washington? Why don't you give me some help to fix this problem? I will work with anybody if I think we can actually produce results for people.
Better educating our college students on the risks of high student debt and helping them to find alternatives to taking out student loans would help make the difference to their financial future.
It's not government that creates jobs; it's small business. Our job is to make sure they have the access to capital, the access to contracting opportunities, and the help, advice and mentoring that they need to go out and be successful.
Students can spend their money better than government can. It should not require a federal loan and decades of debt for students to get a college degree. Price limits access - plain and simple.
Crippling student loan debt doesn't just affect those who took out loans to get an education. It harms all of us because we can't have a healthy economy without a strong middle class to stimulate it.
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