> By understanding this, loan products can be customized for each student in the absence of credit history to more accurately assess risk. Higher risk applicants may think twice when seeing higher interest rates and ultimately may make the decision to seek a lower product by pursuing a lower risk opportunity.
I get this argument, but IMO it would ultimately devolve into a system with a fixed set of sanctioned fields of study which only the wealthy could venture outside of. We really don't want that.
Don't forget that knowledge is an end unto itself: an educated person is better for society at large, even if they're flipping burgers for a living. The economic utility of a college education extends far beyond the student being educated.
I get this argument, but IMO it would ultimately devolve into a system with a fixed set of sanctioned fields of study which only the wealthy could venture outside of. We really don't want that.
Don't forget that knowledge is an end unto itself: an educated person is better for society at large, even if they're flipping burgers for a living. The economic utility of a college education extends far beyond the student being educated.