Current Events > I have an idea for making post-secondary education more afforable.

(+) Yeah! (+)

Note - I am aware that it should just be free, but failing that...

Why not make student loans attached to becoming employed in your field?

All those pursuing post-secondary education are required to get government loans. They are interest free and payable over a 10 year period, starting 2 years after graduation. Now, here is the way in which it becomes free to you, or at least more affordable.

Say you went to school to be an accountant. You take 60k in student loans. You graduate, you hit the job market, and within 5 months you find a job! You let the government loan people know you have a job in your field.

The government forgives your monthly payment so long as you are employed in your field. You went to University to become an accountant, you did well, you became employed! Thank you for making great use of the program! Every monthly payment you would have is forgiven so long as you are reasonably employed in your field. You can pay down more if you want from your earnings, or let it keep going down bit by bit.

I know it isn't 100% fool-proof and you MIGHT be able to game the system in some way, but I think it would be a great foundation. It rewards those who become employed in their field, it is flexible for those who maybe wanna take things more for personal growth rather than professional, and can even be flexible for those who change professions or decide they wanna do something completely different.

It would also give incentives for keeping workers in the country and/or local area.

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This seems backwards.

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I agree. I could have sworn there was a state trying to implement a program just like this a few years ago but now I can't find any record of it.

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shnangyboos posted...

This seems backwards.

In what way?

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Just that the accountant is going to be better able to make payments than the person who doesn't get a job in their field, and has to take something else that I imagine would pay less.

I mean I get the idea, but it just seems like if that accountant doesn't actually become an accountant and has to do something that pays less, they're in a worse place already than the actual accountant, but they also have to make payments that the actual accountant who makes more money doesn't.

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Lets say that person loses their job, now they don't have income and they owe possibly hundreds of thousands of dollars in student loans? That doesn't make sense.

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I don't think the primary purpose of university education should be a pathway to a job.

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MaddenDude-- posted...

Lets say that person loses their job, now they don't have income and they owe possibly hundreds of thousands of dollars in student loans? That doesn't make sense.

What if they lose their job and are paying traditional student loans? How is that any better?

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There are also industries entirely designed around hiring fresh graduates to temp positions, having them work for a couple years, then laying them off 3 months before it would become a full position. Then they hire new grads. It's a deliberate revolving door and they go through hundreds of people and keep less than a dozen each year.

This system is ripe for exploitation.

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