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Could student loan “reform” wreck college athletics?
Bankwalker
✭✭✭✭✭ Graduate
if everyone gets student loans forgiven and then granted free school, will we see a big decline in the number of student-athletes? Why would student-athletes continue getting up at 5am every morning for workouts if they are not going to play professionally and no longer need the scholarship? Intramurals and club team activities are also available without having to answer to coaches. Why would a football player at Directional U get pummeled for their school if not for the scholarship? Just for the love of competition? Maybe for the first year but then many might choose being a regular student. I think the big schools would likely be able to attract top talent, but players with no pro prospects would have a lot of their incentive removed, especially after the first year exposure to the additional time demands.
Would coaches be more likely to cut players who didn’t live up to expectations? The stigma tied to taking away a scholarship would be greatly reduced since the player would still get free achool.
Why would female student-athletes get up at dark30 hour for workouts and practice, when there are literally no pro prospects? Wouldn’t make sense for many if they were suddenly able to attend achool for free and didn’t need a scholarship.
How would the potential loss of many female athletes then create unreasonable Title IX issues, especially for smaller schools where the prestige of competing is not as high?
I believe most, if not all, student loans are forgiven after 10 years of paying a percentage of salary. This is known before the person ever starts working and accruing other debts. The people who say they cannot afford student loan debt are unable to do so because they elect to live at a higher lifestyle rather than budget accordingly.
Would coaches be more likely to cut players who didn’t live up to expectations? The stigma tied to taking away a scholarship would be greatly reduced since the player would still get free achool.
Why would female student-athletes get up at dark30 hour for workouts and practice, when there are literally no pro prospects? Wouldn’t make sense for many if they were suddenly able to attend achool for free and didn’t need a scholarship.
How would the potential loss of many female athletes then create unreasonable Title IX issues, especially for smaller schools where the prestige of competing is not as high?
I believe most, if not all, student loans are forgiven after 10 years of paying a percentage of salary. This is known before the person ever starts working and accruing other debts. The people who say they cannot afford student loan debt are unable to do so because they elect to live at a higher lifestyle rather than budget accordingly.
Comments
or the loan companies allow them to take out absurd amounts of money for a degree that won’t make any money. Six figures for an art degree.
I don’t know how much it would truly change things. If there is one thing I have figured out, it’s that most people don’t understand money. Money, investments, interest rates, loans and retirement are not discussed freely at most family dinner tables.
I watched several student athletes at UGA get up at dark30 who didn’t have a scholarship, including my wife
how many people are playing a sport in college that does not have the potential to earn “big bucks” if they go pro?
Yes, it would change some things.... but in the grand scheme, not so much
hopefully it doesn’t happen though, nothing good ever comes when the government sticks their nose in stuff and starts picking up the bill
https://amp.usatoday.com/amp/1542632001
Some kids may not want to play football anymore but the 125 kids from the underprivileged area who arent given a weight around their neck for their whole professional career are more important to me than the 2 kids from the same area who might not continue athletics
Also as someone who put myself thru college with zero debt, I don’t have the largest amount of sympathy for those people either
It’s something to talk about I guess but, it’s not going to happen.
The people who are saying this are only making empty promises that they won’t keep to try and get votes.
Go to less expensive schools. They may not all work the same but my niece’s student loans require the student to pay 10% of their salary until the loan is repaid, or for 10 years, whichever is shorter. After 10 years, the entirety of the loan is written off. If she can get that type of loan, why can’t just about everyone?
Eventually one day people might realize the most important name on the diploma is yours, school less so. If you want to go to Harvard, or Stanford, or some fancy private school, you should apply for every scholarship under the sun. There's too many good colleges out there to get a good education for a fraction of the cost.
Crazy notion, but maybe don't pick a major that will make you have to go back to college? Or maybe work for a while in a blue collar job while you decide what you actually want to do.
Whatever, I'm sure I'm preaching to the choir in this thread
This: "or the loan companies allow them to take out absurd amounts of money for a degree that won’t make any money. Six figures for an art degree. "
We already have a structure in place where we encourage banks to make riskier loans as there's little incentive to vet them on a standard ROI basis. If the Feds guarantee student loan debt forgiveness, you remove all motivation for the banks to act as a responsible fiduciary. In turn, this will lead to a run of loan applications from people who have little to no intention of ever paying them back.
Colleges, as has already been the trend with relaxed loan standards, will recognize this increased interest in further education and will continue to raise tuition rates faster than normal inflation levels would justify.
If this is sounding familiar, it's essentially the same type of scenario that lead to the great recession when the housing market crashed. Fannie Mae and Freddie Mac, under federal guarantees, underwrote these subprime mortgages and I think we all saw how that turned out.
I dont see where we disagreed anywhere? My first quote was a quote from Bankwalker in the original post. Kids, adults, and majority of people do not understand money. It has always been this way
as far as a reason that college has increased in cost so much.... government aid has been a big cause. Another cause is lack of education to parents and kids who are taking out loans.
exactly!! X2