When someone with this kind of background says something about solving student loans, one needs to really use their critical thinking and always alert themselves with the following phrase “there is no free lunch”. The article says that he has a solution–the fact is that he makes thing worse through this recycled-nonsense proposal.
By the way, we first heard this worst idea from Sen. Lamar Alexander, chair of the Senate Health, Education, Labor and Pensions (HELP) Committee. We are convinced this is not his original idea, but the whisperers’, i.e., the lobbyists of special interest groups. At the hearing, a college administrator gave a disastrous presentation in the Senate floor on January 25, 2018. Perhaps, the author of this article needs to do more research, and knowing the history of the issues. Those who are invited to do presentation, majority, if not all, are representing higher ed institutions. It will be difficult to admit that they do not have any institutional bias, and do not commit any systematic errors? It will be hard to say that they are free from either personal’s, institutional or Higher Ed Association’s interest, in such conflicting interest settings. So next time, the lawmakers need to bring both sides on the equations before drafting any regulation. Unless, they are also part of the systematic errors contributing actors. Remember about the NDEA.
Income sharing is the worse scenario to solve the student loans for it does not address the real issue and the root of the problems. Make things even worse is that young generation in America treated as working bees~~enslaved by who has the money and power to control others. Giving up their future income, even before their earn it, the same idea of payday loans business. This predatory practice is nothing, but equivalent to the scenario of modern slavery which the Association has discussed on March 11, 2018. Unless the majority of American public okay with the resurrection of the slavery era. This income sharing predatory idea has more damaging and devastating impacts because it affects every single citizen in the country, regardless of their race or ethnicity.
If Purdue University starts doing it, it does not means that everyone else has to follow the same policy. This is the thing, the University can charge what its want and receive 100 % from what it charges for—-but its students have to suffer from this type of irresponsible institutional policy. Indirectly force the young Americans to transfer their future income to support the high overhead and inefficiency. What a great idea for the institution, but students and their family got rigged very badly. Though one of its student (yes, only one among thousands), quoted in the article as Andrew Hoyer–a 22-year old airline pilot said he does not mind that his loan increased from $16,000.00 to $40,000.00. However, Mr. Hoyer is not Mr. A or Mr. Z who are mind to pay $24,000.00 extra for, maybe the interest. Therefore, it does not represent the American public and general population interest–a typical fallacy of generalization example.
This billionaire can say that because his family members never feel the pitch and miserable life because of the student loans scam and the systematic errors made by the actors other than the students and their family. Through research, the Association found that those who have business ties to Wall Street are one of the worse contributing actors in the US student loans crises. The Association has addressed this recycled story about a year ago, on January 24 and 25, 2018 to be exact. One of presenters tries to support his idea asking more Fed money when testifies at the US Senate floor–but make terrible mistakes in his presentation even using a simple table using Excel. If one cannot even know to work on a simple math addition for a presentation at an important event, such as this one, how then the American public has to trust other college administrators? You tell me.