I follow attorney Will Chamberlain on Twitter. And while sometimes I disagree with him, I have found that he often makes me think of things in a way I hadn’t before.
When Liz Warren announced her “make everybody else foot the bill for student loan debt” proposal, Will had a pretty unique take on it.
In short, he thinks the solution to crippling student loan debt is to seize the endowments of universities to pay off the debt.
When it comes to endowments, universities are swimming in cash. We’re talking billions with a B — as Inez Stepman pointed out last month:
Galaxy brain level idea: if we're eating the rich, @AOC, why would we exempt Harvard's 39 BILLION dollar endowment from taxes? Why is anyone taking out a single dollar in loans to go to Harvard with that amount of cash laying around?— Inez Stepman (@InezFeltscher) March 12, 2019
And despite these incredibly lucrative endowments, universities continue to charge insane tuition rates that no normal human being can afford on his own.
Why? Because student loans are guaranteed by the Federal Government (AKA taxpayers). There’s no downside to charging outrageous tuitions because at the end of the day, whether the student can’t pay back the loan or not, universities will get that money.
It’s a huge fraud being perpetrated on American students.
And Liz Warren’s “debt forgiveness” doesn’t address that problem at all. Universities will continue to defraud students. And they’ll continue to be bailed out by taxpayers. Because, as I said earlier, universities see us as the Ever-Lasting Gobstopper of funding.
There is no accountability in our current education system. Universities don’t need to produce results. Why should they? They have absolutely nothing to loose and everything to gain.
And meanwhile they’re sitting pretty on billions in endowments.
This isn’t a solution— Will Chamberlain 🇺🇸(@willchamberlain) April 23, 2019
These credential mills would still awash in cash, defrauding students left and right
And this does nothing for the victims of their fraud https://t.co/N99weqGjE1
In any other context, if a business was routinely leaving its customers $200k in debt with no realistic way to pay it off— Will Chamberlain 🇺🇸(@willchamberlain) April 23, 2019
Consumer protection agencies would sue it into oblivion
Conservatives can oppose fraud!
If universities aren’t churning out a product that enables students to achieve successful careers, why are we rewarding them by keeping the money-train chugging along?
The way Will sees it, blaming the students for getting defrauded is a politically useless approach.
Whereas targeting the universities who are committing the fraud is a far better long-term strategy — and one that will actually be a viable solution.
Watch his Periscope explaining all this.
I have to admit, it’s brazen. But it also would solve the problem of student loan debt without costing taxpayers a penny.
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