This subject is one that does not affect the Greek reality (In greece undergraduate & graduate studies are free as we consider education an essential commodity like food and water, untill now at least) but still it is very close to my heart.
Some student confessions on their loans
No young man/woman should start his life being burdened by a huge or even a small debt. The average student loan debt in US is 27k dollars that is 27000$.
The risks for the lender on student loans are extremely low, even when students default.
These loans fall under a particular kind of legislation and they are the only kind of loan that cannot be discharged in bankruptcy unless repaying the loan would create an “undue hardship” for the student borrower and his or her dependents. In 2005, the bankruptcy laws were changed so that private educational loans also could not be readily discharged. Supporters of this change claimed that it would reduce student loan interest rates; critics said it would increase the lenders’ profit.
Unfortunately in this Brave-New-Liberal World everything is treated as a tradable commodity and so is education and i cannot see this rapidly changing anytime soon.
‘Till then the only viable solution is the one that Greg Gottesman proposes in his Ted talk in Seattle.
Sell better the education and find new markets to sell your “product”. This will happen by bringing more people to higher education through online learning platforms like EdX, Coursera, Udacity etc.
Greg Gottesman Ted Talk
Those platforms although the started as free of charge for their use, have just from today, for Edx and yesterday for Coursera, discontinued their free certificates (oh what a black day).
quote from CourseraJunkie
Remember the halcyon days when MOOCs (massive, online open courses) were going to revolutionize the world, eliminating barriers of class and geography that were preventing hardworking, intelligent people from receiving—and benefitting from—an education?
Over the past month, Coursera has quietly implemented a huge policy change that gives up on that dream.
It will no longer be offering free Statements of Accomplishment to students who successfully complete (pass) Coursera courses.