College Loan Revolution as 15 Students Refuse to Repay
Fifteen college students are refusing to repay the private and public loans they received to attend Everest College, a for-profit institution that closed its doors.
Fifteen college students are refusing to repay the private and public loans they received to attend Everest College, a for-profit institution that closed its doors, and marred its graduates' degrees, after running into financial trouble.
A group of US senators has joined the fray, including Elizabeth Warren of Massachusetts, calling on the Department of Education to "immediately discharge" the federal loans given to the students. In addition, the Consumer Protection Financial Bureau is currently negotiating the forgiveness of the students' private loans.
Depending on their actions, government and banking institutions may set important precedents for students to challenge the legality of their debt, especially if their school failed to provide an essential service — in Everest's case, teachers stopped showing up for class when the school couldn't afford to pay them.
As economist Daniel Altman explains his Big Think interview, blanket debt forgiveness would create a moral hazard, incentivizing future students to borrow above their means in hopes of also being forgiven. Instead, he proposes a system of private equity investment as a means to pay for higher education:
"Instead of lending a student money, you actually would buy shares in that student’s future income. You would become an equity investor rather than a debt investor in that student. ... I think that to do that we need to structure interesting contracts, we need to do the actuarial basis to figure out how likely the students are to actually make these earnings and then we might have a shot at creating some of these types of devices, these types of securities."
There is currently more than a trillion dollars of outstanding student loans and the economic consequences are already taking their toll. According to a report by the Federal Reserve Bank of New York, the aggregate level of student debt is keeping young people from leaving their parents' homes, striking out on their own, and securing personal assets like vehicles and houses.
Read more at The New Yorker.
That's a sharp increase from the 1960s when it took the same share of scientists an average of 35 years to drop out of academia.
- The study tracked the careers of more than 100,000 scientists over 50 years.
- The results showed career lifespans are shrinking, and fewer scientists are getting credited as the lead author on scientific papers.
- Scientists are still pursuing careers in the private sector, however there are key differences between research conducted in academia and industry.
China's rise has necessitated a global PR push. It includes influencing how the movies you watch depict China.
- China will soon overtake the U.S. as the world's largest market for films, and it is using that fact to influence how it is depicted by Hollywood.
- While Chinese investors have been interested in buying shares of studios for a while, the real power lies in deciding which movies get into China at all.
- The influence is often subtle, but may have already derailed a few careers in the name of politics.
The bold technique involves surgically implanting a so-called microneedle patch directly onto the heart.
- Heart attacks leave scar tissue on the heart, which can reduce the organ's ability to pump blood throughout the body.
- The microneedle patch aims to deliver therapeutic cells directly to the damaged tissue.
- It hasn't been tested on humans yet, but the method has shown promising signs in research on animals.
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