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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: koan who wrote (111882)	3/30/2012 9:58:55 AM
From: Bread Upon The Water	Respond to of 149317

"Kids should be able to work their way through college. Tuitions should be free. They can work to eat or take out some small loans." You what I don't understand about student loans is this. We require counseling for seniors (those over 62) who want to take out reverse mortgages on their houses to have cash flow in their old age. Supposedly these are people who have enough life experience to know what they are doing (barring senility etc.) Any way the government requires that they have the loan thoroughly explained to them by a third party (not the lender) before any reverse mortgage is made. Yet here we are letting teenagers and 20 something's borrow ten of thousands of dollars (for grad school hundreds of thousands) by just signing on the dotted line. These are people who may have only managed a thousand dollars or so in a checking account, if that, for a year--if they even had a checking account. We need some kind of third party financial counseling for these people as well before any loan over 5K is made imho. I think it would be better for the government to subsidize education thru the schools themselves rather than the students. In return for a set government amount the school would have to set up some kind of stabilization rate for costs. Maybe indexed to inflation. Students and parents would still have costs, but education would become much more affordable.