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Open original source ↗I got this slightly wrong in the re-telling. Bill's idea is for schools to take the first 10-20% loss of the loan amount.
Anyways, its a great idea. I hope it sees the light of day.
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Bill Ackman’s idea to fix student debt: Make universities take the first $20k loss. @chamath “If the universities are forced to underwrite these degrees and they know that they’ll take the first dollar loss up to a certain amount… they’ll be much more circumspect about what degrees they force onto people and the amount of money that they’re willing to actually underwrite via these loans. And that will be a telltale sign that a lot of these degrees don’t make any sense.”
jayplemons ↗