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This statement “borrowers whose balances exceed what they originally owed” is everyone. That’s how interest works.
I find it incredibly interesting that all of the attention is focused on the debt but not how the volume of the overall student loan debt is created. No one looks at the “system” and says, why does it cost this much to receive a college degree? No one looks at it and says, why does it take 4 years to get through college? Or better yet, why is it that college used to only take 4 years but is now consistently taking 5 years for many? When and why was it decided that it should take 4 years of college to receive the type of knowledge to move you into the workplace? Why not 3 years? Why not 2 years? But most importantly, why are there so many college graduates unemployed and/or not employed in positions related to their college education/degree?!
Is the reason it take 4-5 years so that the colleges/universities can meet their fixed costs, their fixed real estate costs…rather than fully educating our students. Why aren’t there different terms for different disciplines of one’s major? They do it in nursing. They do it in other trades. Why not other disciplines as well? Okay, I get that some disciplines like medicine and law require more education…but other disciplines, is it really necessary?
Finally, is a college degree a great or even good Return on Investment after factoring the cost, the student loans, the interest carry?
I ask these things only to inquire with others on why the college/university systems have not been updated since its inception.