I’d actually like to see a system where if an academic institution is accepting third party financing for the education then they have some liability exposure if the loan can’t be paid to some terms or defaulted. I haven’t really thought about how it could be structured and think there might to be an even better upside for developing and educating the right individuals for the right professions if they couldn’t have done it without a loan.
But schools helping Colton secure 200k in loans to attend a lib arts school to get a degree in middle earth folklore and he goes on to be a part time barista for the next 15 years and can’t pay down his loans... the school should bear some responsibility for that. Someone’s taking the risk to finance an academic institution’s cost of investing in the development of specific knowledge, training, skills, experience, etc. Schools should bear some level of responsibility in ensuring they are investing their resources in a field and individuals (and the correct pairing of the two) that produces a positive return on the investment.
If pharmacy schools are taking on students with 100,200,300k+ loans they should have skin in the game to ensure they are enrolling the right students and making sure they get jobs that will cover the loan repayment and above. Graduate failing to get a job? The school, carrying the financial risk, would be incentivized to help find them a job they advertised after graduation.
