alt Hacker NewsI actually included the graduate as a beneficiary ("a well-paid, highly taxed contributor" or "the graduate" in the counter), but more importantly:
The entirety of society benefits from a well-educated populace. That's one reason even those without children pay for public education.
Following that, if everyone benefits, why is the graduate taking on all the risk (via a non-dischargeable student loan) instead of spreading the risk across the entirety of society?
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This can only be true if the society gets richer over timer from this process. Considering that EU has actually become poorer and the gap is becoming larger every year passing, your theory of benefits from a well-educated populace is not well funded.
In the EU, the risk has been loaded onto everyone but the benefits are meager at best, and inexistent in practice. This is the typical problem of socialist system where everyone bear the cost but the benefits are only distributed to those in power or those who could manipulate the system for their own benefits.
If that wasn't true, France wouldn't be in the political turmoil and economic disaster that it is today. Unsurprisingly, France has been dominated by marxist adjacent ideologies, co-opted by the "resistants", the real winners of WW2. The US won on the ground but largely lost the ideological battle, we are now seeing the result of that invisible battleground.
Ok, I overlooked that.
I think that's fair that risk should be more spread. Comes at a cost of people choosing degrees more frivolously though and wasting their time and everyone's money