"...students who must borrow more than $10,000 a year for an undergraduate education should find a cheaper school, or start at community college."
Quoted. For. The. Freaking. Truth.
I got into 3 schools, all good academically, that could be ranked according to price: low (state school), medium (small, private school), high (large, very well-known private school). My parents basically said if I can get enough scholarships/grants to cover all but $X per year at a school, then that school remained an option. I also had 4 years in which to graduate, lest I be the one paying that $X per year. I couldn't get enough financial aid for the high-cost school, but did manage to afford the medium-cost school, and have no college debt now as a result.
By the way, not joining Greek life or studying abroad, however hard the school you go to pushes it, can also help keep your college costs down. I think a lot of people are learning the hard way that the "good debt" argument is a load of crap, and to consider cost when picking their school, especially considering after a few years of working the college on your diploma becomes nowhere near as relevant as your work experience anyhow.
Non-dischargeable student loans might have contributed to that situation. Logically, a private bank wouldn't lend money for a major that won't realistically be able to repay the value of the loan. But since the student can't get rid of it...
Not saying every loan should be discharged, but it's one step in bringing down the bubble.
She is appealing directly to the public, requesting donations. Whereas, the banks are appealing to the one authority that can compel "donations" (read that as taxpayer money) from the public.
Difference, one is voluntary on the part of the final payee, the other is not.
I still think she is a twit that deserves to have her wages garnished for the remainder of her life to pay off that ridiculous amount of debt for a sociology major. I recommend a rate of 95% for the first 10 years. That should pay off about 10% maybe 15% of her debt based on the minimum wage jobs she is now qualified for.
"...students who must borrow more than $10,000 a year for an undergraduate education should find a cheaper school, or start at community college."
ReplyDeleteQuoted. For. The. Freaking. Truth.
I got into 3 schools, all good academically, that could be ranked according to price: low (state school), medium (small, private school), high (large, very well-known private school). My parents basically said if I can get enough scholarships/grants to cover all but $X per year at a school, then that school remained an option. I also had 4 years in which to graduate, lest I be the one paying that $X per year. I couldn't get enough financial aid for the high-cost school, but did manage to afford the medium-cost school, and have no college debt now as a result.
By the way, not joining Greek life or studying abroad, however hard the school you go to pushes it, can also help keep your college costs down. I think a lot of people are learning the hard way that the "good debt" argument is a load of crap, and to consider cost when picking their school, especially considering after a few years of working the college on your diploma becomes nowhere near as relevant as your work experience anyhow.
I didn't bother bugging the Cap'n about this one - these are becoming way too common and we've already beaten them to death here anyway.
ReplyDeleteAnd for the record -
there. is. no. such. thing. as. good. debt. anymore.
Non-dischargeable student loans might have contributed to that situation. Logically, a private bank wouldn't lend money for a major that won't realistically be able to repay the value of the loan. But since the student can't get rid of it...
ReplyDeleteNot saying every loan should be discharged, but it's one step in bringing down the bubble.
Cap't, there is a difference here.
ReplyDeleteShe is appealing directly to the public, requesting donations.
Whereas, the banks are appealing to the one authority that can compel "donations" (read that as taxpayer money) from the public.
Difference, one is voluntary on the part of the final payee, the other is not.
CMBTTek,
ReplyDeleteAh, good point. Fair play and duly noted.
I still think she is a twit that deserves to have her wages garnished for the remainder of her life to pay off that ridiculous amount of debt for a sociology major. I recommend a rate of 95% for the first 10 years. That should pay off about 10% maybe 15% of her debt based on the minimum wage jobs she is now qualified for.
ReplyDelete