Ron Paul wants to phase out federal student loans

[Mercenary]

I agree that it should be phased out. I think cheap credit is bad in general though. Just like the federal reserve keeping interest rates so low brought up home prices far beyond what they should be, so too did this bring up tuition beyond what it should be.

Now, I support education funding, in fact I think we need to expand it. However, cheap credit is not the way to do so. We also need to recognize that college is not for everyone. And in some cases, it is a waste of time even for intelligent people who do well in it. I say that because many people can learn on their own just as effectively, or even more effectively, than they can at a university. I know I can. Instead of placing values in degrees that just tell us someone attended class and got passing grades, how about we value knowledge itself. Who cares if someone went to university or not if they have the knowledge. If I study and can pass the CPA exam, why should I need 150 semester hours of university to be able to sit for it?

Not only does cheap credit cause prices to sour, it also puts people in a greater debt since they can "afford" a large total debt with a lower rate.

Now, I think college has its place. It is necessary for some people who either cannot learn on their own, or don't have the discipline to stick with something. And I support fully funding college for those who need to go, but we need to evaluate whether someone needs to go or not instead of just encouraging everyone to. Maybe a different type of self study subsidy for those who feel they don't need college to learn. And then an apprenticeship subsidy for those who want to learn a trade.