> With the arts, a student may be accepted to an arts program without a scholarship and find herself $200,000 in debt before realizing she isn’t going to be able to get a real paycheck with her arts degree—at least in the next decade.
We need the government to stop backing these bad loans. Any bank that makes enough bad loans will eventually fail, so they try and avoid it. I'd rather see someone say "Well, you can borrow $50k for an arts degree because that's all it's worth" ... Then we'll start to see the market fulfill college options at reasonable prices for artists.
It's a service, just like any other; and, in the occasion that the customer is able to utilize that service to the full extent, it is also a creation of a valuable good (human capital).
We need the government to stop backing these bad loans. Any bank that makes enough bad loans will eventually fail, so they try and avoid it. I'd rather see someone say "Well, you can borrow $50k for an arts degree because that's all it's worth" ... Then we'll start to see the market fulfill college options at reasonable prices for artists.