I've been touched inappropriately and it's called the Prosper Act.
$28,500.
$28,500?
How the holy fuck can we profit mightily shilling these little shitbags for a measly $28,500? It costs like $25k just to live in New York with three roommates and a sugar daddy. Where's St. Johns' and NYLS' cut?
You know how much money it costs to run a law school? It's really not much, but it's at least $50k a head for reasonable expenses, particularly with this newer technology the kids demand like white boards and digital projectors. Plus the legal education sector has to compete with the Cravaths and Sullivans of the world for staff.
If these assholes actually kept up with the economic literature instead of the fake news, they would know that every year of legal education yields a lifetime earings premium of $333,333.33. Minimum. That's not just phony, mythical money some economic scholars and law school sycophants pulled out of their asses. It's totally real money in a totally real economy once you get past Marven Gardens.
You think with that sort of premium these butt monkeys can't pay back a meager $75k loan at 7%? That's easy passive income for Uncle Sam.
With limiting it to $28,500, they're not just morons in Washington D.C., they're abusive. I'm not going to analogize to a specific sexual predator because that would be somewhat offensive, but I know some law deans would much rather have a dude jack off in their face than be limited to only $28,500 in loans. About 195 or so.
Who says that law schools have to be located in expensive cities? Maybe they should set up shop in rural areas in order to keep costs down.
ReplyDeleteFarewell, Columbia; hello, Appalachian!
But how will the law school pigs maintain their vacation cabin home in Vermont?
ReplyDeleteThey may have to settle for a vacation home in Detroit.
DeleteAh, every pendulum swings back and proportionally to the extreme to which it was pushed.
ReplyDeleteHow many law schools were already operating in the red with tons of bond debt prior to the sudden emergence of the Prosper Act???
Reading a summary it ends PSLF going forward, so I guess Georgetown's scam days are numbered.
I look forward to my education and license having a market value that is positive. Boomers gotta die sometime, and all the newbies can't pass the bar...so. Sweet spot, here we come.
Of course, the feds will grandfather the terms from the OLD (damn, it passed fewer than 10 years ago!) Direct, federal student loans, since I guess they realized violating the terms and conditions of tens of millions of promissory notes wouldn't be the hottest idea.
Oh and they instituted a price control directly on tuition; restored TILA; restored bankruptcy protection; required schools bear risk on defaulted loans; and they're spending student loan repayments on paying down the sovereign debt that funded them...NOT! :)