Nope. The boldfaced part is true now. Capping loans by degree means a greater gap between tuition and student ability to pay for those students who want those degrees.
No. As usual, you get it ass-backwards.
If loans are not capped based on projected earnings for a degree, then
a student can accumulate loans that they have little hope of ever repaying. $250k in loans is one thing if you get an MD (or DO) degree, quite another if it's a humanities degree from a private college with far less marketability.
Capping loans by degree does a greater gap between tuition and student ability to pay for the degree though. In that case, instead of taking an unholy amount of loans, the student can
- choose a different major
- choose a school with cheaper tuition like an in-state public college, and/or one that offers him or her a scholarship
- work during college/not go to grad school unless he or she is also offered a GTA/GRA position that pays for tuition and a cash stipend
Wait. You're trying to tell me that getting a degree in some area of the humanities is as expensive as getting an MD? No.
I just looked at the tuition being charged at the private university one of my kids attended and, as with many other expensive private universities, they charge a high tuition but the amount actually paid for tuition is tied to parent's income. Up to an income of >$400K, the student's family contributes anywhere from 0% to 15%, in a tiered way. Likely families with a gross income of $400K can afford to shell out $10K/year. We did it on far, far less than $400K. While paying another kid's tuition.
As I said, more and more privates are doing this, including I think Harvard.
Significant academic scholarships are not much larger than when I was in college decades ago and very very hard to come by. I personally am a strong proponent of public education, including universities but two of my kids did attend private colleges. This was possible because a) we were used to living rather poor: no fancy vacations and I swear to god I thought the Camry I bought was a fancy car. and b) private schools tend to be very flexible about prices charged. This is a PSA: It's like going to a lot of jewelry stores and saying that the price for that is pretty high and suddenly you get a 40% discount (true story). My daughter was furious when I told her I would refuse to allow her to pay full tuition and graduate with an enormous debt load because our budget was our budget: I could pay a certain amount/year, period. But we went back to the financial aid office again and lo and behold, magically, they 'found' enough money to make tuition just a few hundred dollars more than the tuition at the public school which was her second choice. So: within budget. I'm only relating that bit of info as a PSA in case anyone has a kid applying to colleges. Public universities usually cannot do that: they can offer work study (but that's not much money) but they don't have the authority to knock down prices. Privates do. And my daughter had excellent grades and stellar SATs. If this describes your family situation, don't be afraid to be tough re: money.
I think that it is best that students be allowed--encouraged even to study what ignites their interests. Usually, they figure out that they need some coursework that will be marketable and even real science nerd types need to take a break with some light readings in Greek Drama and Shakespeare. An art class, too, if they can get into one.
College/universities are NOT job training programs. They are places of learning where students need to learn to think for themselves, learn what interests them and what they are good at---not just what will earn them a buck or two. Quite unexpectedly, it was humanities classes I took that earned me two of my long ago jobs which were vital in supporting my family. One was nearly the whole support of my family and that was because I could read/write passable French. And type. Kind of. You've all seen my typing skills......
One of my kids pursued a degree in physics and is working in a completely, not at all science-y field of work. I am still genuinely shocked that is the path he chose.
I don't think we should put people in boxes or erect unnecessary walls in front of them. We want and need them to dream and pursue those dreams. No body wants a dentist who hates his work and would rather be playing the violin or guiding white water rafting tours.
