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(The New York Times)   Meet the home-loan crisis's younger sister, Sallie. She's in college   (nytimes.com) divider line 306
    More: Scary, federal student loans, birth order, state education, discretionary income, accounts receivable, management consults, mortgages, credit monitoring  
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19337 clicks; posted to Main » on 10 Sep 2012 at 3:03 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-09-10 04:21:10 PM  

BigJake: fireclown: Hey buddy, I'm not happy about it either.

So don't go.


It's a long, silly story. The end of which is I get my masters on Dec 10, and then can have nothing more to do with them.
 
2012-09-10 04:21:25 PM  
In an attempt to recover money on the defaulted loans, the Education Department paid more than $1.4 billion last fiscal year to collection agencies and other groups to hunt down defaulters.

I think I may have found your problem...
 
2012-09-10 04:21:33 PM  

BMFPitt: sweetmelissa31: Something needs to be done about for-profit colleges. They account for 50% of defaults and only 10% of all colleges, plus their graduation rate is only 20%. Government loans should not be going to these colleges.

My question to you is why you are presumably fine with the government-funded tuition inflation at "non-profit" colleges?


Both of those things are an issue. The first one (for profit) is a bigger issue. The second one is important though and less easy to fix. I would bet someone could come up with an index that measured graduation rates, salaries after the fact, etc to decide what an appropriate funding level is. That presumes you are for any form of federal financing of college. It would seem to me a needs and achievement based scholarship to much fewer people would go a long way but then only for degree programs that can demonstrate historical achievement.

Just ideas. I would say however the for profit thing is a huge waste of money and the tuition inflation is also evident in that crowd.
 
2012-09-10 04:21:37 PM  
Hey, I just finished paying off my loans this spring!

Whoopitydo!

/still poor
 
2012-09-10 04:22:04 PM  
Like freaking zombies...they simply DO NOT give up.
 
2012-09-10 04:22:16 PM  
But it's for school. It should be free.
 
2012-09-10 04:22:48 PM  

jehovahs witness protection: Jake Brock, who graduated in 2008 from Keuka College, a private liberal arts school in upstate New York, defaulted in May on a federally guaranteed loan of $8,000. With penalties and accumulated interest, the loan balance is now $13,000, he said. "I just fell behind and couldn't dig myself out," said Mr. Brock, who is 29 and owes a total of $100,000 in student loans.



Sometimes you have to laugh at stupidity.


It would be funnier if my tax dollars weren't the ones being thrown away.
 
2012-09-10 04:28:02 PM  

pivazena: thecpt: TheBeastOfYuccaFlats: Mentat: Amount I owe Sallie Mae: $0

I as well, because I consolidated all my federal loans with the Dept of Ed and go on their income-based repayment plan.

Is it true I can't consolidate private loans with govt loans? I tried recently, and that was the first hurdle that I couldn't get past. Honestly, I want one payment. Not five.

I would also like the answer to this question


No. Federal loans cannot be consolidated with private loans, and you should be VERY careful about consolidating your private loans togther.

Now, if any of those "private" loans were actually STAFFORD loans that were backed by a private bank, you can consolidate THOSE in with the federal loans.

If you aren't sure, go here: www.nslds.ed.gov. Enter your FAFSA PIN and your SSN, and they will review every federally backed dollar you've received in either grants or loans for your education.

If you aren't sure who holds your private loans, go here: www.annualcreditreport.com and pull a free copy of your credit report. That will have all the loans, amounts due, account numbers and phone numbers.

Having five different lenders in a PITA, but if you can organize your finances and plan out a hierarchy of debt, that's the first step.
 
2012-09-10 04:28:21 PM  

WonderStuff:
Government guaranteed loans take all the risk out of it for the lenders. They'd be stupid *not* to hand out massive loans to everyone who asks.

Yeah, I know. It is just frustrating to talk to people who do not even speak English but have 20k in loan debt of their own (or for their children who mislead them into signing.) The system is farked up. I explain to people all the time that the lender will not even take a settlement because they get the money if you default or if you do not. Sallie, etc always gets paid.


I ran into that with my HUD guaranteed mortgage back in 2010. The bank had no incentive to work with me. I think federal loan guarantees are one of the worst ideas anyone has ever come up with.

But what_now is right. Obama and congress rid us of the filthy beast in 2009. Link
 
2012-09-10 04:28:33 PM  

Persnickety: Wow. You actually believe the economy tanked because the gov't subsidized home mortgages? Riddle me this: Lehman Brothers and other Wall St. firms crashed and needed bailouts yet not one of made any of these gov't backed loans you find so evil. How could this be?


LEH lacked the political support to be bailed out. They went bankrupt. Only politically connected banksters got bailed out. They're still holding a huge amount of bad real estate debt, but don't worry, the Fed printing press will bail them out.

Subsidize something and the price magically increases. See: Homeownership, Education, Healthcare. Funny how that works.
 
2012-09-10 04:28:58 PM  
I still have student loans I took out in 1988.

/true story.
//5 years left on payment plan
///deferred a couple times interest free for military service. then consolidated into 15 year payment.
////doing the math is will be 29 years of student loans.
 
2012-09-10 04:29:11 PM  

brandent: sweetmelissa31: Something needs to be done about for-profit colleges. They account for 50% of defaults and only 10% of all colleges, plus their graduation rate is only 20%. Government loans should not be going to these colleges.

Wouldn't it seem to be rather obvious to limit govt backed student loans to public universities? Not just ban for profit schools but also all private schools. One would assume that with the massive resources of say a Harvard, they could fund their own student loans based off their own risk/reward measurements.

Or is that too "socialist" or something?

/republican


Keep in mind that "for profit" and "private" are not synonyms when it comes to Universities. DeVry is for-profit and private. Harvard is private and a nonprofit corporation.
 
GBB
2012-09-10 04:33:30 PM  

BMFPitt: jehovahs witness protection: Jake Brock, who graduated in 2008 from Keuka College, a private liberal arts school in upstate New York, defaulted in May on a federally guaranteed loan of $8,000. With penalties and accumulated interest, the loan balance is now $13,000, he said. "I just fell behind and couldn't dig myself out," said Mr. Brock, who is 29 and owes a total of $100,000 in student loans.



Sometimes you have to laugh at stupidity.

It would be funnier if my tax dollars weren't the ones being thrown away.


Exactly how many of your tax dollars do you suppose were thrown away here?? Would you like a refund? Do you have change for a penny?
 
2012-09-10 04:34:25 PM  
BTW, I work in financial aid and have for years.

And yet I still have student loans, and no plans to pay them back anytime soon. *My* generation of college kids were able to secure federal loans for 2.7% and lock those into a 30 yr repayment term.

This current generation is right farked.
 
2012-09-10 04:34:58 PM  

jehovahs witness protection: Jake Brock, who graduated in 2008 from Keuka College, a private liberal arts school in upstate New York, defaulted in May on a federally guaranteed loan of $8,000. With penalties and accumulated interest, the loan balance is now $13,000, he said. "I just fell behind and couldn't dig myself out," said Mr. Brock, who is 29 and owes a total of $100,000 in student loans.



Sometimes you have to laugh at stupidity.


Maybe I'm a bit stupid myself but I am having trouble seeing how this guy went from owing 13k to owing 100k in four years. Unless he's got many other loans there's a few steps missing here.
 
2012-09-10 04:39:13 PM  
Government officials estimate they will collect 76 to 82 cents on every dollar of loans made in fiscal 2013 that end up in default. That does not include collection costs that are billed to the borrowers and paid to the collection agencies.

A 2007 academic study, for instance, estimated that the recovery rate was closer to 50 cents on the dollar.


Why do people talk like this? What's wrong with expressing it as a straight percentage?

/has always been confused as to what "pennies on the dollar" means, 'cause it seems to change depending on context
 
2012-09-10 04:39:17 PM  
So, the article mentioned the Income-Based Repayment Plan, but they didn't mention the Public Service Loan Forgiveness option, which is really too bad. So when they say that many borrowers don't know what their options are, I guess it's partly the media's fault.

Me and my husband are going this route b/c we are suckers who work at universities. I have a Master's degree (required in my field) but I barely make the average starting wage of a newly-minted BA.

Basically, if you work for the government or for a non-profit full time for 10 years (and make minimal income-based payments consistently during that entire time), at the end they will FORGIVE your entire debt. It's rad.

Link

The only thing I'm worried about is possibly becoming disabled during that 10 year time frame and not being able to keep up with the payments - if you miss a payment by more than 15 days during the ENTIRE 10-year period, you are SOL.
 
2012-09-10 04:40:40 PM  

dahmers love zombie: Guarantee agencies are paid a default aversion fee, equal to 1 percent of the loan balance, if they prevent a borrower from going into default. But the same agencies get paid much higher fees for collecting or rehabilitating a defaulted loan.

If that's not immoral, then I don't know what is.


I'm not sure I understand just exactly what this is saying. Someone care to expound?
 
2012-09-10 04:41:23 PM  
Mister Kiwi and I have this discussion all the time. His ex wife spent 30K on a BA not even in her field, because it made her "feel like an adult". He dropped out of high school and makes half again more than her, working twenty hours a week.

She fumes because I don't have a BA, and I'm thirteen years younger than her and make the same amount.

College isn't everything. Having skills is more important.
 
2012-09-10 04:43:12 PM  

TaterTot_HotDish: The only thing I'm worried about is possibly becoming disabled during that 10 year time frame and not being able to keep up with the payments - if you miss a payment by more than 15 days during the ENTIRE 10-year period, you are SOL.


Well, that's not totally true. You could switch OUT of IBR and make payments- or not- on another plan. Those payments you made wouldn't could for the 120 needed for PSLF, but it wouldn't cut you out of the plan.

Also, be worried that Congress eventually axes the forgiveness part.
 
2012-09-10 04:45:15 PM  

kiwimoogle84: College isn't everything. Having skills is more important.


data.whicdn.com

Agrees
 
2012-09-10 04:47:13 PM  

sweetmelissa31: Something needs to be done about for-profit colleges. They account for 50% of defaults and only 10% of all colleges, plus their graduation rate is only 20%. Government loans should not be going to these colleges.



Higher cost loans or better still no loans for majors in overcrowed fields- like lawyers and near useless majors in terms of finding a job like interpersonal communications. If you want to seek your bliss do it on your dime not the tax payers.

Maybe base student loan qualifications on :

1. Job and salary prospects in the field of study being financed.

2. Hight school GPA/class standing along with SAT scores.


Low cost loans for areas we need more people in like nursing, doctors etc with loan forgiveness if they do a few years in the PHS, VA or military.
 
2012-09-10 04:47:19 PM  
meh...

Education beyond basic serves two purposes: personal enrichment and future career opportunities.
- If it's for personal enrichment, it is a luxury
- if it's for career furtherance, it should be seen as an investment.

If you attend college for personal growth, and you lack the funds, that is an example of poor financial planning and a lack of common sense. You do not put yourself in debt to purchase a luxury.

If you attend the college for your future career, and you pick a career focus which is not likely to provide financial stability, that is another example of poor financial planning and a lack of common sense. It's irrational to put yourself in debt knowingly for a foreseeably bad investment.

In both cases, it does not matter if college/major of your choice is your dream. Money is the currency by which we purchase what we want in life: leisure time, the ability to explore your own dreams, having a place to live and food to eat, and so on. Attempting to chase your dream without the means to do so is both irresponsible and stupid. The few that succeed regardless does not make it a valid idea any more than a given winner validates the idea of using the lottery as your 'retirement plan'.

This is not any more mysterious than any other major purchase you make in your life. The folks that don't seem to get it appear less educated than their degree would otherwise indicate.

That's a tricky way of me saying they're dumb. :)
 
2012-09-10 04:49:34 PM  

MadUncleEoin: wee: Who is telling these kids that they need to to go to college? I'll let Mike Rowe address the issue.

In 2008, Mike Rowe wrote an open letter to Obama about this issue, and never received a reply. Last week, he wrote a similar to Romney and has already heard back.

Rowe's site is not responding, so here is another source


seems logical and goes pretty well with thie hypothesis of how the Democrats lost the redneck vote.
 
2012-09-10 04:49:35 PM  

what_now: TaterTot_HotDish: The only thing I'm worried about is possibly becoming disabled during that 10 year time frame and not being able to keep up with the payments - if you miss a payment by more than 15 days during the ENTIRE 10-year period, you are SOL.

Well, that's not totally true. You could switch OUT of IBR and make payments- or not- on another plan. Those payments you made wouldn't could for the 120 needed for PSLF, but it wouldn't cut you out of the plan.

Also, be worried that Congress eventually axes the forgiveness part.


:) Thanks for the advice! I wonder if I could go back to PSLF after switching out of it, or does it re-set the entire 10 years? The thing is, my income-based repayments will barely keep up with the interest, so if Congress DOES get rid of it, or if for some reason I can't keep up, I will have basically my entire principal left and will have made no progress.
 
2012-09-10 04:49:49 PM  

sweetmelissa31: Something needs to be done about for-profit colleges. They account for 50% of defaults and only 10% of all colleges, plus their graduation rate is only 20%. Government loans should not be going to these colleges.


I agree 100% melissa
 
2012-09-10 04:52:44 PM  

hasty ambush: Low cost loans for areas we need more people in like nursing, doctors etc with loan forgiveness if they do a few years in the PHS, VA or military.


A college buddy of mine went on to study law at NYU. I'm unsure of the exact details, but he received financial aide from them in exchange for working a few years in the public sector. Basically, he applies his abilities to helping those less fortunate for a couple years and they forgive a large portion of his loan.

Or something like that. I'm sure I'm getting the details terribly wrong. But it's nice to see a university give back to society like that.
 
2012-09-10 04:53:02 PM  

TaterTot_HotDish: :) Thanks for the advice! I wonder if I could go back to PSLF after switching out of it, or does it re-set the entire 10 years? The thing is, my income-based repayments will barely keep up with the interest, so if Congress DOES get rid of it, or if for some reason I can't keep up, I will have basically my entire principal left and will have made no progress.


Yes. If you switch OUT of IBR- or if you stay in IBR and don't meet the employment requirements- you can always go back.

If you haven't already, fill out this form (PDF)
 
2012-09-10 04:55:10 PM  

EZ Writer: kiwimoogle84: College isn't everything. Having skills is more important.



Agrees


Mad skills.

Luckily, in my field, I don't need the piece of paper. I just need to be able to prove I know how to do the job. Which is nice.

I do laugh a little at the "I have a masters in Ethiopian Art and I can't find a job!" crowd. ...how many jobs are there for you? Do something practical, maybe.
 
2012-09-10 04:56:48 PM  

quietwalker: meh...

Education beyond basic serves two purposes: personal enrichment and future career opportunities.
- If it's for personal enrichment, it is a luxury
- if it's for career furtherance, it should be seen as an investment.

If you attend college for personal growth, and you lack the funds, that is an example of poor financial planning and a lack of common sense. You do not put yourself in debt to purchase a luxury.

If you attend the college for your future career, and you pick a career focus which is not likely to provide financial stability, that is another example of poor financial planning and a lack of common sense. It's irrational to put yourself in debt knowingly for a foreseeably bad investment.

In both cases, it does not matter if college/major of your choice is your dream. Money is the currency by which we purchase what we want in life: leisure time, the ability to explore your own dreams, having a place to live and food to eat, and so on. Attempting to chase your dream without the means to do so is both irresponsible and stupid. The few that succeed regardless does not make it a valid idea any more than a given winner validates the idea of using the lottery as your 'retirement plan'.

This is not any more mysterious than any other major purchase you make in your life. The folks that don't seem to get it appear less educated than their degree would otherwise indicate.

That's a tricky way of me saying they're dumb. :)


you make a lot of good points, walker. one thing that doesn't get mentioned enough though is that most people make these life-changing decisions when they are 17 or 18 (I was 17). At 17, I wasn't old enough to get married, join the military, have a drink, or even buy cigarettes. But I was old enough to sign on the dotted line for an education that would cost me north of $50,000. I came from a broken home and got shiat for guidance from my parents.

In the end, I was able to get an education with a value of around $200,000 for only a quarter of the cost due to scholarships and grants I found. My brother and sister weren't as lucky or as studious and both owe in the six-figure range. None of us had the benefit of good (or even mediocre) guidance.

/csb

it's really predatory how things are handled in the industry of higher education. the costs are terribly inflated as well. something needs to change. and something will change, eventually.
 
2012-09-10 04:57:32 PM  
kiwimoogle84
Mister Kiwi and I have this discussion all the time. His ex wife spent 30K on a BA not even in her field, because it made her "feel like an adult". He dropped out of high school and makes half again more than her, working twenty hours a week.

She fumes because I don't have a BA, and I'm thirteen years younger than her and make the same amount.


I spent this summer working a PhD-level job that would work out to $63k (CAN) if it paid at that rate for a whole year. My landlady has no post-secondary education and make $66k. Sometimes I wonder why I bothered. Ditto when I was an undergrad sitting up late working on my third or fourth lab write-up that week, and watch my sister come home from her job waiting tables with a fistful of twenties from tips.

Fortunately, I did my undergrad living at home, and went to a local school while there was a tuition freeze on, so I got my B.Sc. with a minimum of debt, and the decades I've spent in grad school haven't increased my debt load. Sucks to be American.
 
2012-09-10 04:58:51 PM  
I will say that the University I work for is seeing more students going into the hard sciences than ever before. I work for the chemistry department and the number of chem majors have skyrocketed over the last three years.
 
2012-09-10 04:59:53 PM  

KiplingKat872: I will say that the University I work for is seeing more students going into the hard sciences than ever before. I work for the chemistry department and the number of chem majors have skyrocketed over the last three years.


Do you need more instructors?
 
2012-09-10 05:00:38 PM  

Bondith: I spent this summer working a PhD-level job that would work out to $63k (CAN) if it paid at that rate for a whole year. My landlady has no post-secondary education and make $66k. Sometimes I wonder why I bothered. Ditto when I was an undergrad sitting up late working on my third or fourth lab write-up that week, and watch my sister come home from her job waiting tables with a fistful of twenties from tips.


As they told me flat out when I was investigating going post graduate, "You do not get a PhD for the money. You do it for the love of the subject." Academics do NOT make buckets of dough.
 
2012-09-10 05:00:46 PM  

Kid the Universe: But I was old enough to sign on the dotted line for an education that would cost me north of $50,000.


If you weren't 18, you weren't old enough to enter into a legally binding contract...
 
2012-09-10 05:01:33 PM  

Bondith: KiplingKat872: I will say that the University I work for is seeing more students going into the hard sciences than ever before. I work for the chemistry department and the number of chem majors have skyrocketed over the last three years.

Do you need more instructors?


If the GOP state senate will stop hacking massive chunks out of our budget, we might be hiring more next year.
 
2012-09-10 05:02:22 PM  

what_now: TaterTot_HotDish: :) Thanks for the advice! I wonder if I could go back to PSLF after switching out of it, or does it re-set the entire 10 years? The thing is, my income-based repayments will barely keep up with the interest, so if Congress DOES get rid of it, or if for some reason I can't keep up, I will have basically my entire principal left and will have made no progress.

Yes. If you switch OUT of IBR- or if you stay in IBR and don't meet the employment requirements- you can always go back.

If you haven't already, fill out this form (PDF)


rad. you are rad, whatnow. Thanks for the free financial advice!
 
2012-09-10 05:03:58 PM  
A nearly worthless degree (defined by lack of post-degree employment as a result of the degree) combined with a $50,000 or a $100,000 debt attached to it doesn't sound like the best way to enter the workforce in this economy.

Mike Rowe is onto something here people.
 
2012-09-10 05:04:43 PM  

KiplingKat872: Bondith: KiplingKat872: I will say that the University I work for is seeing more students going into the hard sciences than ever before. I work for the chemistry department and the number of chem majors have skyrocketed over the last three years.

Do you need more instructors?

If the GOP state senate will stop hacking massive chunks out of our budget, we might be hiring more next year.


Dammit, wrong side of the 49th. Which state?
 
2012-09-10 05:06:07 PM  
Gee, it's as though everything the government subsidizes experiences out-of-control price increases.

It's almost as though the people who receive this government largesse (in the form of taxpayer money) help perpetuate the delivery of taxpayer money to themselves.

It would sound so dirty and corrupt, if I didn't already know from the Fark Socialist Brigade that government only has the purest of intentions, and the ability to right all wrongs, if only the right people were elected to protect us.
 
2012-09-10 05:08:23 PM  
Lots of people are blaming private, for-profit schools, and they are definitely a problem, but tightening the rules for them would do nothing to alleviate the rising costs of education at public universities. At the root of this problem is the boneheaded policy of making student loan debt impossible to discharge through bankruptcy. It was originally supposed to lower the risk of student loans for private lenders, which it may have done, but it also massively increased the supply of money. Students flush with cheap money no longer faced such a strong incentive to choose a less expensive school, and schools began to compete for students by adding expensive and unnecessary services and amenities. Their administrations also became increasingly bloated over time.

The most frustrating part is that we're way past the point where we can just change our minds and take it all back. The government has to engage in more and "better" interventions to fix its past fark ups, and so it just keeps growing and farking things up more.
 
2012-09-10 05:13:44 PM  

Bondith: KiplingKat872: Bondith: KiplingKat872: I will say that the University I work for is seeing more students going into the hard sciences than ever before. I work for the chemistry department and the number of chem majors have skyrocketed over the last three years.

Do you need more instructors?

If the GOP state senate will stop hacking massive chunks out of our budget, we might be hiring more next year.

Dammit, wrong side of the 49th. Which state?


NC - As soon as they got the majority, the first thing they did was cut 280 million from the university system.

And you don't think any of that was coming out of athletics or upper administration do you? *Blasphemy!*
 
2012-09-10 05:13:44 PM  
F**k it. Just bundle them all into leveraged instruments, rate them AAA, and sell those suckers off. What could possibly go wrong?
 
2012-09-10 05:17:55 PM  

KiplingKat872: And you don't think any of that was coming out of athletics or upper administration do you? *Blasphemy!*


School is for athletics and athletes. duh.

280 million? Farking Hell NC.
 
2012-09-10 05:19:28 PM  

Honest Bender: hasty ambush: Low cost loans for areas we need more people in like nursing, doctors etc with loan forgiveness if they do a few years in the PHS, VA or military.

A college buddy of mine went on to study law at NYU. I'm unsure of the exact details, but he received financial aide from them in exchange for working a few years in the public sector. Basically, he applies his abilities to helping those less fortunate for a couple years and they forgive a large portion of his loan.

Or something like that. I'm sure I'm getting the details terribly wrong. But it's nice to see a university give back to society like that.


Good but lawyers is one of those things we have too many of and we should not be financing more of them:

Glut of lawyers has many graduates saddled with debtLink


"When the auto industry finds it has a surplus of product on its dealership lots, due to overcapacity or slack demand, production is reduced. Plants are idled or temporarily closed.

And yet, while roughly 44,000 new lawyers graduating each year from law schools in the United States are vying for an average 30,000 new positions, the American Bar Association has accredited more than 50 new law schools since 1970." 

on the other hand

Nursing Shortage


"The Council on Physician and Nurse Supply, an independent group of health care leaders based at the University of Pennsylvania, has determined that 30,000 additional nurses should be graduated annually to meet the nation's healthcare needs, an expansion of 30% over the current number of annual nurse graduates."
 
2012-09-10 05:26:55 PM  
If you are paying your own way, think about you are getting yourself into. Some points I think most will agree with:

Consider alternatives to college, particularly if you are not academically gifted. Learn a trade, either through an apprentice program, or the military. Myriad of skills you can learn in the service that have marketability outside (i.e. electrician, nuclear power, Security/law enforcement, ATC).

Stay away from the for-profit college racket.

Consider a two-year degree. AN associates will allow you to sit for the R,N exam. The average salary for an R.N. is around 70k and a good nurse can get a job anywere. Much better prospects than someone with a four year degree in sociology. That person is probably making your coffee.

If you did it right and still ended in too deepm there is the income based proigram, or if you are adventurous, could consider emigrating to a country with debt collection laws that are favorable to the borrower (i.e. not Germany) and has a demand for the skills you have. Nurses and other health care professionals win again here as many countries have a demand for them
 
2012-09-10 05:27:32 PM  

thecpt: KiplingKat872: And you don't think any of that was coming out of athletics or upper administration do you? *Blasphemy!*

School is for athletics and athletes. duh.

280 million? Farking Hell NC.


That was last academic year. This year they went after public educaiton:

Link

(Keep in mind that no state employee, including teachers, has seen even a cost of living increase, let alone a raise, in 4 years, and the raise we got was 1.2%)

We aren't the only one. With all this brouhaha over gay marriage, Iran, the economy, etc,, a lot of states have been quietly taking the hatchet to education at all levels.

Link

It's some seriously scary shiat.
 
2012-09-10 05:29:43 PM  

Pumpernickel bread: or the military.


Yes, because veterans are having such a jolly time finding work since they have come home.

The unemployment rate for the 18 to 24 year old veterans in August remained at 19.9%

And do do know that trades in the U.S. are extremely limited since the majority of manufacturing was sent overseas?
 
2012-09-10 05:32:35 PM  

TheBeastOfYuccaFlats: Keep in mind that "for profit" and "private" are not synonyms when it comes to Universities. DeVry is for-profit and private. Harvard is private and a nonprofit corporation.


Yes I know. I'd get rid of for profit govt student loans outright. It would also seem non-profit private do not warrant government money, especially considering many of these are religious based.
 
2012-09-10 05:33:32 PM  
FTA: Lindsay Franke, of Naugatuck, Conn., is among the borrowers taking advantage of income-based repayment. While her monthly payment is now lower, Ms. Franke, who is 28 and has a master's degree in business administration from Albertus Magnus College, said the program had not changed a crushing reality: she still owes too much money and makes too little to pay it off. A marketing coordinator for a law firm, she filed for bankruptcy last year because she could not afford her mortgage, car payment and student loans. She lost the house, but still owes $115,000 in student loans, both private and federal. Under income-based repayment, she pays $325 a month on her federal loans; she also pays $250 a month on her private loans.

"I will never have my head above water," Ms. Franke said.


A masters degree in business administration and she can't maintain her own finances? Wow.

That said, I think students would probably stop racking up all the student loan debt if more employers stopped requiring a bachelor's degree to run a cash register, stock shelves, etc.
 
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