You assumed that because the government

gave you the loan, you were going to

have a job at the end. It's a scam. It's

one of the great lies. I think we should

end the federal student loan program in

the United States, and I think education

costs will come way down, and the

private market will still provide all

the student loans that people need. I

think that by ending that federal

student loan program, the quality of

education in the US will improve

dramatically, and the price will drop

dramatically, and more people will have

access to higher quality education. The

federal student loan program was

replaced by a program that is

accountable, meaning the person that's

underwriting the loan knows that that

loan has to perform. Meaning that that

school has to be good, or that

individual has to be doing a good

degree, the market will correct itself.

If you got a bad degree, basket weaving,

there's no loan available. But, if you

get a degree in something that might be

useful, and you're likely to get a job,

there's a loan available.

>> But, for those people that can't get a

loan because they want to do basket

weaving, they're going to have to go

find something

>> else to do.

>> So, they might have to go work somewhere

else.

>> Cuz the alternative was we put them in

$200,000 of debt, and then they didn't

have a job afterwards.

>> Is the counter argument also that the

most privileged will get the best

education? Privilege can be intellectual

privilege, or it can be financial

privilege.

>> You still have a scholarship system.

Scholarship system doesn't change. You

still have scholarships, and solve for

that. I'll just say like there's a lot

of these universities that get

accredited, and they provide terrible

education.

>> Yeah, it's true. And just give you debt.

>> And then they give you debt, and so you

graduate with a degree from whatever

crappy university, but you assumed that

because the government gave you the

loan, you were going to have a job at

the end.

>> Yeah, it's a scam.

>> It's a scam. It's one of the great lies.