You can be a lender who wants to compete and have a better product, but you just can't get to the students. The schools are controlling the access to the students.
Sentiment: NEGATIVE
Ninety percent of the students take the 'preferred lender.' Why? Because that's the nature of the relationship. You trust the school. The school is in a position of authority.
If lenders are forced to scale back student lending because private student loans are subject to bankruptcy discharge, many students will be denied access to higher education.
For-profit higher education is today a booming industry, feeding on the student loans handed out to the desperate.
Poorer students take out larger loans and will have to contribute more to the cost of higher education.
Student loan debt is the reason I don't advise students who want to become entrepreneurs to apply to elite, expensive colleges. They can be as successful if they go to a relatively inexpensive public college.
One of the biggest problems out there that I hear from my friends in the business community is that there's no lending, that it's tough to get a loan today.
When people feel like, 'Lenders weren't fair with me; I don't have any responsibility to be fair with them.' If we go far enough down that line, much of the fabric of our economy starts to unravel.
Since most American students cannot simply pay their full tuition out of pocket, financing a college education often takes the form of loans, both private and from the government.
It's a good idea to revitalize community colleges, to cut back, to modify the student loan program so it doesn't go through banks.
Just because someone will lend money to you doesn't mean you should borrow it.
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