Nobody I know is looking for sympathy. I'm just saying that either way, the taxpayers are going to have foot the bill because our options are going to come down to either PSLF/IBR/REPAYE or bankruptcy/defaulting. There won't be any other choice. What about the people who make the "responsible decision" to go to cheaper pharmacy schools and are still unable to pay back their loans because there simply won't be enough jobs in the job market for everyone? Even by the most conservative of estimates (which most of the members here agree with), this field will soon be looking at a 30% unemployment rate at minimum. Even if someone went to a cheaper public school, many of those in that 30% unemployed bracket won't be able to pay off their loans the legit way simply because they won't be able to find a pharmacist job paying what they'd need to make in order to afford the minimum monthly loan payments.
Even if they're willing to do what they have to do get a job and resort to something like teaching, they still won't be making enough money to pay off their loans. But then I guess it will still be their fault, because they should've done what they needed to do to avoid becoming part of the 30% (or whatever the percentage happens to be) of unemployed pharmacists.
Here are the possibilities:
Healthcare strikes if you can't discharge to bankruptcy or pay off the debt and the fed takes away the programs from those grandfathered in. Arguably the most messed up since it's their fault anyway.
Forced bankruptcy change and ties to schools with certain thresholds that must be kept below a certain default rate of their students or else they get funding revoked.
Subsequent government cuts to all forms of financial aid to low performing schools and Mark Cubans implementation of the proposed cap on fed loans leading to program implosions. Market corrections will only occur that way as it will decrease supply of,graduates.
It will occur at some point and will be drastic. Watch what happens when October 2017 hits and Pslf is supposed to go through for people for the first time in ten years. I wasn't even in hs....
The best solution? Cap loans to market rate values within a specified timeframe so schools bust or have to conform within a set period. Those students within the transition get grandfathered into the 20 to 25 yr repayment plan or refinance out into the private sector....oh, and stop hiking the grad rates up when they get taken out of the federal reserve at like 0.9% That is 100% the entire problem coupled with lack of subsidization and no cap.
Cynicism tells me that it won't be so smooth and a cut will occur at which point privates have to speculate on student risk. Those students won't get funding to complete the program and will be left out in the cold fighting lenders for years in litigation.
Edit:
When people say "taxpayers will be left on the hook," they are aware that the loans paid off in full are SIGNIFICANTLY more money than the taxpayer principal awarded in the loan correct? Unless I don't understand this, the interest rate hikes are speculation and artificial (usury actually since only 2.5k is tax deductible on interest) so it's less of screwing taxpayers and more of the fed screwing professionals into an unsustainable corner.
All that being said.....don't be stupid and go on spring break with loan money
