It isn’t a perfect analogy but it is ‘revocation of a credential due to failure to pay a debt’. I hear it works awesome at getting people to pay child support, doesn’t expand the prison population, and is on balance a good thing for society.
As I understand it, the initial purpose for student loans is to ensure that the professional classes with long training times are staffed with motivated indentured servants (if only the idle rich could afford to train as surgeons, they would not be able to have skilled surgeons attend to them during their idleness). This initial purpose has been perverted by the entrance into the education market of bad goods (useless degrees that do not actually provide a profession) as a way of exploiting unsophisticated buyers with access to cheap credit.
These unsophisticated buyers would probably respond to a degree repo with ‘oh you mean I can’t say I went to devry? Oh no… the horror...I guess when my buddy wants to hire me I’ll have to tell him my degree got repod and that he’ll have to placate HR in order to bring me on staff’.
In my experience, the degree got the first job, which got the second job, and has never gotten me any meaningful status boost after that.
In the usa, professional, drivers, and recreational licenses are revoked for non-payment of child support: https://www.ncsl.org/research/human-services/license-restrictions-for-failure-to-pay-child-support.aspx
It isn’t a perfect analogy but it is ‘revocation of a credential due to failure to pay a debt’. I hear it works awesome at getting people to pay child support, doesn’t expand the prison population, and is on balance a good thing for society.
As I understand it, the initial purpose for student loans is to ensure that the professional classes with long training times are staffed with motivated indentured servants (if only the idle rich could afford to train as surgeons, they would not be able to have skilled surgeons attend to them during their idleness). This initial purpose has been perverted by the entrance into the education market of bad goods (useless degrees that do not actually provide a profession) as a way of exploiting unsophisticated buyers with access to cheap credit.
These unsophisticated buyers would probably respond to a degree repo with ‘oh you mean I can’t say I went to devry? Oh no… the horror...I guess when my buddy wants to hire me I’ll have to tell him my degree got repod and that he’ll have to placate HR in order to bring me on staff’.
In my experience, the degree got the first job, which got the second job, and has never gotten me any meaningful status boost after that.