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Thread: A new way to fix the student loan problem in the USA.

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    A new way to fix the student loan problem in the USA.

    I figured out a cost effective way to fix the student loan problem in the USA using the free market. The idea is to treat a diploma as a commodity. Let me explain how this can work, using an analogy.

    Say you had all the skills and decided to design and build your dream house. You get a loan from the bank to buy the property and materials. You work hard over several years building your dream house. Once it is done, you still owe a lot of money to the bank and find that you cannot afford to pay it back. The bank will foreclose on your property. You will lose the fruit of all your labor, the bank gets your house, so it can sell the house and reimburse itself for the loan.

    If we treated the college diploma and student loan, the same way as we treat the house and mortgage, if we paid off a student loan this would entitle the payer the student's diploma. The bank does not allow the home owner to keep the house if they default. The entity that now owns the diploma, would be able to sell it to recoup their expenses. This way you could buy a diploma, that has been repossessed, without having to go to college. Instead of victimizing the tax payer, this will be driven by free market supply and demand.

    In the example of the man building his dream house, the new owner of his house who bought it from the banks, has bragging rights to the dream home, even though they did not do any of the work. All they did was get a loan and buy the house from the bank. The man who built the house, originally, has memories and experiences which are always his. He only lost the house. The same could be done with the diploma. The student who defaults may have done all the work for the diploma, but the other person gets to enjoy the dream diploma, simply by buying it in the diploma foreclosure market. They do it with houses.

    Conceptually, rich people could go to diploma brokers, as a way to get ideal diplomas for their children at a birth. Why wait for talent to emerge and grow. Wouldn't it be nice to have a degree at 1 year old? That makes you look like a genius to your friends. Colleges may need to buy back foreclosed diplomas, so their degrees maintain value. Colleges have made out like a bandit, and this would level the field. Some forward thinking students may decide to get a loan for college diploma, in High School, then go work in the trades, so they can pay it off faster and still have a degree.

    In the end, a diploma is a type of resume prop, to help one open doors to jobs and organizations. Why not make it a commodity and solve the student loan problem?

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    Re: A new way to fix the student loan problem in the USA.

    Can we just rent someone else's diploma instead? Why should I be tied down by a medical degree if I decide in a year I want to move to law or engineering?

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    Re: A new way to fix the student loan problem in the USA.

    Quote Originally Posted by wellwisher View Post
    I figured out a cost effective way to fix the student loan problem in the USA using the free market. The idea is to treat a diploma as a commodity. Let me explain how this can work, using an analogy.

    Say you had all the skills and decided to design and build your dream house. You get a loan from the bank to buy the property and materials. You work hard over several years building your dream house. Once it is done, you still owe a lot of money to the bank and find that you cannot afford to pay it back. The bank will foreclose on your property. You will lose the fruit of all your labor, the bank gets your house, so it can sell the house and reimburse itself for the loan.

    If we treated the college diploma and student loan, the same way as we treat the house and mortgage, if we paid off a student loan this would entitle the payer the student's diploma. The bank does not allow the home owner to keep the house if they default. The entity that now owns the diploma, would be able to sell it to recoup their expenses. This way you could buy a diploma, that has been repossessed, without having to go to college. Instead of victimizing the tax payer, this will be driven by free market supply and demand.

    In the example of the man building his dream house, the new owner of his house who bought it from the banks, has bragging rights to the dream home, even though they did not do any of the work. All they did was get a loan and buy the house from the bank. The man who built the house, originally, has memories and experiences which are always his. He only lost the house. The same could be done with the diploma. The student who defaults may have done all the work for the diploma, but the other person gets to enjoy the dream diploma, simply by buying it in the diploma foreclosure market. They do it with houses.

    Conceptually, rich people could go to diploma brokers, as a way to get ideal diplomas for their children at a birth. Why wait for talent to emerge and grow. Wouldn't it be nice to have a degree at 1 year old? That makes you look like a genius to your friends. Colleges may need to buy back foreclosed diplomas, so their degrees maintain value. Colleges have made out like a bandit, and this would level the field. Some forward thinking students may decide to get a loan for college diploma, in High School, then go work in the trades, so they can pay it off faster and still have a degree.

    In the end, a diploma is a type of resume prop, to help one open doors to jobs and organizations. Why not make it a commodity and solve the student loan problem?
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    Re: A new way to fix the student loan problem in the USA.

    Quote Originally Posted by wellwisher View Post
    I figured out a cost effective way to fix the student loan problem in the USA using the free market. The idea is to treat a diploma as a commodity. Let me explain how this can work, using an analogy.

    Say you had all the skills and decided to design and build your dream house. You get a loan from the bank to buy the property and materials. You work hard over several years building your dream house. Once it is done, you still owe a lot of money to the bank and find that you cannot afford to pay it back. The bank will foreclose on your property. You will lose the fruit of all your labor, the bank gets your house, so it can sell the house and reimburse itself for the loan.

    If we treated the college diploma and student loan, the same way as we treat the house and mortgage, if we paid off a student loan this would entitle the payer the student's diploma. The bank does not allow the home owner to keep the house if they default. The entity that now owns the diploma, would be able to sell it to recoup their expenses. This way you could buy a diploma, that has been repossessed, without having to go to college. Instead of victimizing the tax payer, this will be driven by free market supply and demand.

    In the example of the man building his dream house, the new owner of his house who bought it from the banks, has bragging rights to the dream home, even though they did not do any of the work. All they did was get a loan and buy the house from the bank. The man who built the house, originally, has memories and experiences which are always his. He only lost the house. The same could be done with the diploma. The student who defaults may have done all the work for the diploma, but the other person gets to enjoy the dream diploma, simply by buying it in the diploma foreclosure market. They do it with houses.

    Conceptually, rich people could go to diploma brokers, as a way to get ideal diplomas for their children at a birth. Why wait for talent to emerge and grow. Wouldn't it be nice to have a degree at 1 year old? That makes you look like a genius to your friends. Colleges may need to buy back foreclosed diplomas, so their degrees maintain value. Colleges have made out like a bandit, and this would level the field. Some forward thinking students may decide to get a loan for college diploma, in High School, then go work in the trades, so they can pay it off faster and still have a degree.

    In the end, a diploma is a type of resume prop, to help one open doors to jobs and organizations. Why not make it a commodity and solve the student loan problem?
    It'll be like buying and selling a car.

    "I have a 1989 Liberal Arts. Cheap."

    "I have a 2019 Electrical Engineer. Only $75,000. Terms available."

    "COME ON DOWN to Dealin' Doug's Used Diploma Mart!!"
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    Re: A new way to fix the student loan problem in the USA.

    Quote Originally Posted by Mycroft View Post
    It'll be like buying and selling a car.

    "I have a 1989 Liberal Arts. Cheap."

    "I have a 2019 Electrical Engineer. Only $75,000. Terms available."

    "COME ON DOWN to Dealin' Doug's Used Diploma Mart!!"


    The person buying the Liberal Arts degree wouldn't pay much for it, wouldn't get a very high-paying job, but would more likely be able to do the work and thus keep the job and have gotten the money's worth for the degree.

    The person buying the Engineering degree would pay a lot for it, would get a higher-paying job, but wouldn't likely be able to do the work and would thus lose the job and wasted the money payed for the degree.

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    Re: A new way to fix the student loan problem in the USA.

    Why not just make college free instead? We already have public education for 13 years, what is another 4?
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    Re: A new way to fix the student loan problem in the USA.

    Someone on this site once suggested what i think is a GREAT idea. Tie the University to the borrower as a co-signer. If the student defaults, the University is on the hook for the loan and the University can then go after the student. BRILLIANT. The Universities have to go back to actually being selective about their student body again instead of admitting unqualified students and putting them on 6-8 year tracks to failure and a road that leads to nowhere.

    Conversely...if there was an opportunity to subsidize tech schools and community colleges to help students become better qualified for a University education or qualified for life with a skill...that would be a great companion piece to the first.

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    Re: A new way to fix the student loan problem in the USA.

    Quote Originally Posted by wellwisher View Post
    I figured out a cost effective way to fix the student loan problem in the USA using the free market. The idea is to treat a diploma as a commodity. Let me explain how this can work, using an analogy.

    Say you had all the skills and decided to design and build your dream house. You get a loan from the bank to buy the property and materials. You work hard over several years building your dream house. Once it is done, you still owe a lot of money to the bank and find that you cannot afford to pay it back. The bank will foreclose on your property. You will lose the fruit of all your labor, the bank gets your house, so it can sell the house and reimburse itself for the loan.

    If we treated the college diploma and student loan, the same way as we treat the house and mortgage, if we paid off a student loan this would entitle the payer the student's diploma. The bank does not allow the home owner to keep the house if they default. The entity that now owns the diploma, would be able to sell it to recoup their expenses. This way you could buy a diploma, that has been repossessed, without having to go to college. Instead of victimizing the tax payer, this will be driven by free market supply and demand.

    In the example of the man building his dream house, the new owner of his house who bought it from the banks, has bragging rights to the dream home, even though they did not do any of the work. All they did was get a loan and buy the house from the bank. The man who built the house, originally, has memories and experiences which are always his. He only lost the house. The same could be done with the diploma. The student who defaults may have done all the work for the diploma, but the other person gets to enjoy the dream diploma, simply by buying it in the diploma foreclosure market. They do it with houses.

    Conceptually, rich people could go to diploma brokers, as a way to get ideal diplomas for their children at a birth. Why wait for talent to emerge and grow. Wouldn't it be nice to have a degree at 1 year old? That makes you look like a genius to your friends. Colleges may need to buy back foreclosed diplomas, so their degrees maintain value. Colleges have made out like a bandit, and this would level the field. Some forward thinking students may decide to get a loan for college diploma, in High School, then go work in the trades, so they can pay it off faster and still have a degree.

    In the end, a diploma is a type of resume prop, to help one open doors to jobs and organizations. Why not make it a commodity and solve the student loan problem?
    I'm assuming that all transcripts would also be sold with the diploma (the diploma itself is of little value and not generally accepted by employers).

    The effect of this would be to make a college degree (as a credential, independent of any underlying skills learned during the process) per se worthless, which would remove the hyperinflated demand currently enjoyed by universities.
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    Re: A new way to fix the student loan problem in the USA.

    Quote Originally Posted by VanceMack View Post
    Someone on this site once suggested what i think is a GREAT idea. Tie the University to the borrower as a co-signer. If the student defaults, the University is on the hook for the loan and the University can then go after the student. BRILLIANT. The Universities have to go back to actually being selective about their student body again instead of admitting unqualified students and putting them on 6-8 year tracks to failure and a road that leads to nowhere.

    Conversely...if there was an opportunity to subsidize tech schools and community colleges to help students become better qualified for a University education or qualified for life with a skill...that would be a great companion piece to the first.
    Your plan would not result in colleges picking the most talented and qualified candidates, it would result in them picking the richest, the ones who can pay out of pocket. The entire point of a student loan is to help those who are talented but cannot afford it. Why make it even harder for those people, by disincentivizing colleges to admit poor students?

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    Re: A new way to fix the student loan problem in the USA.

    Quote Originally Posted by Irredentist View Post
    Your plan would not result in colleges picking the most talented and qualified candidates, it would result in them picking the richest, the ones who can pay out of pocket. The entire point of a student loan is to help those who are talented but cannot afford it. Why make it even harder for those people, by disincentivizing colleges to admit poor students?
    No...the entire point of a student loan is to trap people in a 6 year road to nowhere and saddle them with debt in a program most of them aren't qualified enough to be in in the first damn place.

    I disagree. Oh...sure..they WILL take in those that can pay out of pocket. But they will still actively recruit and seek QUALIFIED students AND they will stop offering worthless liberal arts degrees or ridiculous gender studies and other bull**** degrees that will not qualify 'graduates' for anything more than being bitter angry impotent social activists moving on to the next stage of their lives which entails finding someone ELSE to take care of them.

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