Ron Paul wants to phase out federal student loans
Some change to the system is definitely needed. I don't know about a total phase out. Given the amount of student debt and the number of unemployed college graduates one has to question the wisdom of subsidizing even more college graduates.
I think it is reckless to not even examine the billions of dollars pumped into the student loan market by private and public sources. If student loans were mortgages people would be screaming bloody murder about bank fraud. A teenager taking out six figures worth of loans to attend a small liberal arts college in New England and study poetry for 4 years would be considered predatory lending in any other circumstance. Serious cost benefit analysis needs to be applied to this market.
I personally would be for subsidizing degrees we need such as doctors, engineers, chemists, biochemists, etc. I would let spoiled rich kids foot their own bill if they wanted to study English literature at Bucknell. I would not let some kid from the ghetto take out six figures worth of loans to go to Amherst to study philosophy.
I am always deeply suspicious of Republicans. Their unabated assault on knowledge and reason is very disturbing, but in this instance there may actually be a valid point. If you think there should be no cut in at least some federal and private student loans then please check out the law school scam that is rampant in this country.I... agree. Let me pass the bar with or without an JD.
