The Trump administration looked at graduate students and thought they weren't borrowing enough money. Fixed that problem real quick.
A court ruling last week expanded the list of graduate degrees subject to higher federal loan caps. More programs now qualify for increased borrowing limits. The government saw people getting master's degrees with merely crippling debt and said that's not sufficient. We need life-destroying debt.
Graduate students expected one borrowing cap. Got a different one instead. Turns out the administration had a broader interpretation of which degrees should let you drown faster. Business schools, law schools, medical schools. All the classics. But why stop there? Expand the list. Let anthropology students borrow their way into oblivion too.
The policy change means students can now take on more federal loans than previously allowed. This is helpful if you believe the solution to student debt is more student debt. Bold strategy. Can't be underwater if you're already at the bottom of the ocean.
Some students will now qualify for loan limits they didn't qualify for before. They'll graduate with an extra thirty or forty thousand in federal loans and a degree that pays forty-two thousand a year. The math works if you don't do the math.
The court blessed this expansion last week. Judges looked at the borrowing caps and said these numbers are too low. Students aren't suffering enough. Let's get creative with the eligibility requirements.
Every graduate program administrator in America just got a raise because they can now charge more tuition knowing students can borrow more money. It's a beautiful cycle. The government raises loan limits, schools raise tuition, students raise their hands and ask if bankruptcy is an option. It's not.
The only thing getting a higher degree here is the interest rate on your future.
Photo by Good Free Photos on Unsplash
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