Here is yet another unintended consequence of the .gov commandeering the entire student loan business. First, by guaranteeing student loans, they caused the price of higher education to balloon crazily (if the .gov did for GMAC what they did for student loans, a Chevy Cobalt would cost like a Ferrari Enzo.) Now they get to sit and ponder which institutions are worthy of receiving their checks:
Under a proposal to be released today, vocational programs in which a large share of students don't earn enough to pay back their loans would be required to disclose debt burdens and could become ineligible for federal financial aid dollars.I see. They're worried about people going to school to actually learn how to do something, such as hook up a router, empty a bedpan, or change a timing belt. They're afraid that these won't have a big payoff, since at the end, all you have is an auto mechanic or an IT drone. I can't come up with a better snarky rejoinder than Coyote's:
The proposal covers training programs of less than two years that provide credentials for careers in fields such as the culinary arts, medical support and automotive technology.