Glad to see universities are just openly acting as loan sharks now. Possibly Northeastern’s theft of $400k from a bunch of teenagers will finally blow the doors open on the incredible scam that tuition has become.

I just start boiling when I think of the long con kids are put through on this. They are told:
1. The only path to financial success is college
2. The more expensive/prestigious the college the better future you’ll have.

THEN
They’re asked to estimate whether the cost of tens to hundreds of thousands of dollars is worth it in:

-A field they have no experience in.
-With a basic high school understanding of the economy
-With no idea what might shift earning potential by the time they get there.

THEN

Without existing financial support or scholarships they have to take out loans

-which are not forgivable by bankruptcy like every other loan
-with compounding interest
-the terms of which can be changed at any time by government policy

AND as accessory bullshit:

-colleges can raise tuition yearly instead of locking you in at what you pay the first year, keeping them there with sunk costs
-colleges can mandate you to spend money you don’t need to, like requiring you to live on campus your freshman year

At every possible turn the system is set up to screw incredibly vulnerable students, not just while they’re at school but for decades after. It’s unconscionable, and it’s a major factor in melting the glacier that is our economy. It makes me furious.

If I could push Joe Biden left on one issue, it’d be this. You want to rebuild the middle class in one fell swoop? You want to see homeownership skyrocket, small businesses take off, shrink wealth and savings gaps?

Cancel student loans.