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Center for College Affordability and Productivity’s Richard Vedder on why the government should stop lending to students for college.
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69 billion dollars in student loans per year at the idea being that the students use them to get an education -- -- job and ultimately get their return on their investment.
Sounds like a good deal to me.
But here disagree with me is Richard better director of the center.
-- affordability and productivity.
He says we should end government student loans altogether very interesting -- -- you know.
Feels harsh but you make some good points and election make them go ahead why's this a good idea.
Well the the student loan programme hasn't worked like -- -- -- -- Melissa.
What was it supposed to do it was supposed to help poor people low income people go to college.
The percent -- of people getting college degrees these days.
Is small our.
Among low income people.
And then it was forty years ago -- -- we actually have is it college and become morally letter rather than last.
So.
We have.
A problem.
And the.
The reason is is that the student loan program to push the cost of college out.
Bill Bennett said that forty is 25 years ago and it's still a problem.
And it will be a problem -- years to come.
I series sell lots of your earpiece there when it -- -- -- make you know it's also very good gas it it's it seems to be AM I don't know I'm an old man.
I've fallen apart Melissa you have to put up with -- you know my father out all the time it's what what do you technology it's a challenge.
It what points -- -- -- that's really compelling is the Bureau of Labor Statistics as that we have a 1151000.
Janitors.
83000 bartenders to at 323000.
Restaurant servers 80000 truck drivers who all have bachelor degrees.
The that and that's a -- point as to why college education isn't helping -- answer to that is that we need to push them.
Towards the right jobs they're setting the wrong thing in college the answer isn't to yank away their funding.
Well Melissa.
There aren't enough jobs in the you know the need jobs that college kids think they're gonna GAAP.
Not everyone can be a manager a tactical person.
You know an engineer a nano scientists can not everyone can do all of these kind of things.
So you've got to.
We have more kids graduating from college than there are professional technical and managerial jobs so there's the problem.
And and and the student loan prop is.
Student loans are contributing to this problem -- -- and worse.
Now I got in the next kid that I -- -- says that there majoring in music management I just I mean.
What is that how many jobs are there in that anyway.
But what problems you point out too that's also great is that more than 40% of people who take out student loans.
Don't graduate within six years so by definition they're sort of the slower students less likely to succeed -- and at the same time the racking up.
Even more debt -- -- the answers to not take away the funding but maybe limit the number of years that you can get funding how would you feel about that.
I think that's a step in the right direction there's a lot every -- lights that we could do.
There -- some kids you can predict ahead of time are not gonna succeed in college he did poorly -- high school they had -- high school grades.
All -- test scores those -- kids probably.
Yeah should be all the led into a big give a large student loans only after they've proven themselves -- by going to a community college for a year -- -- So we we we just make these large loans we charge the same interest of kids who were gonna succeed as those that are gonna fail it's just -- right.
You know Richard better thank you for coming and you make a lot of great points although I do think that college education is the way for so many kids to get out of properties are not totally convinced but.
Thanks for coming on you made a lot of frequency appreciate it and we're gonna work on that -- -- six times.
Aren't they yeah out dude do that believes that the blue -- there -- some.
