2 thoughts on “(English) New York’s Trend Towards Indentured Servitude

  1. Well stated. I have been making this argument for years. The easier we provide access to cash through gov’t programs it reduces the Schools obligation/responsibility to control cost while providing a quality product.

    This money keeps flowing in, and schools raise tuition 4-6% every year. It is not sustainable. This model would not work in any other industry.

  2. I don’t see how fixing the student loan problem is going to be such a burden for taxpayers. A high percentage of borrowers have paid back their original loan balance and more. They are being crushed by the extra cost of outrageous and unfair interest compounding. The additional debt arising from this unconscionable practice is making the debt servicers rich and putting young people and their parents in an untenable situation. If a borrower has repaid their entire balance and some percentage of interest (should be renegotiated across the entire student loan landscape) that should be capped. I think paying back your entire original balance plus something approaching double should be enough and the rest should be eliminated. I wouldn’t call this “forgiving,” as it’s simply fairness and not forgiving. These debts and the way they are serviced is criminal. This sort of interest is loansharking and usury, plain and simple.

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