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And in the end the CEOs of these colleges make the money by enrolling kids that have no business being in college or kids that may have to spend a lifetime with no cell phone, computer, cable TV, or even drink coffee to at most pay the interest on the enormous debt.
LOL!
Those kids CHOOSE to go there... no "CEOs" (?) are twisting their arms.
And I know no kids will spend a lifetime without a computer or cell phone..... cable TV and coffee, perhaps!
Everybody gets a bailout except college students. And they cannot file for bankruptcy regarding college loans. We are talking about 18 year old kids that are naive and somehow think they will have a great job and make a ton of money because after all they are going to college.
MAny folks continue to defend the right of CEOs to gouge these kids who are naive. They also claim they should know better. Not many are that savy at age 18.
And in the end the CEOs of these colleges make the money by enrolling kids that have no business being in college or kids that may have to spend a lifetime with no cell phone, computer, cable TV, or even drink coffee to at most pay the interest on the enormous debt.
I am paying for my daughter's college, but I can see it is a ripoff. She will struggle to get a good job and at the end may have to re-invent herself.
We are not very civilized at this time and assume this is OK because after all this is capitalism. IMHO, this is bad capitalism and will lead to a collapse. Sooner or later all these kids will stop paying these loans and the system will have to be changed. We continue to operate like animals in the wild. We are a very young country that needs to grow up. Our friends in Europe are older and a bit more advanced.
I agree with you and it find it strange that it always boils down to the choice and personal responsibility argument. I think part of the reason I find policy interesting is that one can see how many people get caught up in talking points.
Those kids CHOOSE to go there... no "CEOs" (?) are twisting their arms.
And I know no kids will spend a lifetime without a computer or cell phone..... cable TV and coffee, perhaps!
Sure, and prostitutes choose prostitution to make ends meet. At age 18 the kids would rather take a huge loan so they can go to college. Society tells them this is the right thing to do. They follow each other like sheep.
At least the kid gets something tangible out of a cell phone and a computer. And this lines the pockets of capitalists that are good capitalists. Capitalists that actually produce goods that improve the quality of life. However, the CEOs of colleges are selling dreams at a huge mark up and at the end the kids have to work for a lifetime to pay back a debt that provided them with no skills to make it.
I agree with you and it find it strange that it always boils down to the choice and personal responsibility argument. I think part of the reason I find policy interesting is that one can see how many people get caught up in talking points.
The current system has no defense. The Europeans get it and somehow this country which was founded by Europeans does not get it. Education, like health care should not be a business to become filthy rich.
DETROIT — The U.S. government projects to make more money off student loans this fiscal year than ExxonMobil, Apple, J.P. Morgan Chase or Fannie Mae made on their respective businesses last year, a new analysis shows.
According to the Congressional Budget Office's latest projections, the federal government projects a record $50-billion profit on student loans this year. ExxonMobil made $44.9 billion in 2012, according to published reports, making it the most profitable company in the country. And if Congress doesn't stop rates on some loans from doubling on July 1, that profit will rise more, up to an additional $21 billion, a recent report found. However, there are those who claim the projections don't accurately reflect risk taken by the government and the profits are much smaller.
"I can understand private companies making profits off student loans — part of mine are private — but it doesn't make sense for the government to be making huge profits off the backs of young students just trying to make themselves employable in a terrible economy," said Kristy Currier, 26, of Detroit.
It is more than that. Someone needs to step up and stop this madness which is nothing but a gravy train for the college CEOs.
You accept the status quo and pay up. I pay too and I also believe you get better service in the private sector. Nevertheless at some point we need to evolve and grow up. A truly civilized society provides education for free. I do not advocate the demise of private institutions, but free college education is a must for those that are academically talented. I do not advocate college for those that cannot cut it. I am not a socialist. I simply believe we need to evolve. The current prices are a joke.
1. No one is forcing students to go to expensive private 4 year colleges if they can't afford it, there are lower cost alternatives including excellent state schools in every state in the US. Yes, these are 18 year olds but where are the parents?? Financial decisions like these shouldn't be left to the student alone.
2. Those that are truly "academically talented" in the US have many options to go to the best of the best schools for little or no cost. Good schools fight over these students the same way they do over athletes.
3. If you are advocating for "free college educations" then you are advocating for the demise of private institutions, can't have your cake and eat it too.
4. You throw around terms of "evolving" and "being civilized" offering praise to our "more mature" elders of Europe. Please....spare me the Euro groveling. Germany offers "free college education". Germany also has a tax rate of 42-45% for the vast majority of earners, the same range of earners who pay 28% in the US. There is no such thing as "free"...someone is paying the bill whether it is private borrowers or taxpayers as a whole.
Think I'll remain uncivilized on the lower scale of evolution if it means paying 45% of my wages to support "civilization"
Traveled quite a bit in Europe this summer: Spain, Italy, France....countries with unemployment rates ranging from 15-30%, speaking to young people that were looking for any opportunities to leave their countries and escape the crushing tax burden and unemployment nightmare.....glad they have everything figured out in Europe though..
Did anyone ever watch the documentary "The College Conspiracy"? That's what helped affirm my suspicions and open my eyes more on the subject of loans and debt. Makes me want to avoid debt with 100% of my being.
This was an interesting video. Thanks for sharing. I think that their points are about 1/3 true and full of errors. Instead of presenting the pros and cons of college debt (not all debt is created equal), the video has a "conspiracy theory" feel and full of doom-and-gloom ideas. They are trying to "sell" their point of view that college is worthless. This 4 year old video is already way off on its forecasts such as hyper inflation and other doom-and-gloom economic predictions.
That said, I agree that the lower performing college students are not getting their moneys worth and are factually buying into a false hope. I know many students that the lack drive. Many are simply not smart and will be competing with students and personalities that are in a different league. Those students are screwed and is who the video pertains to the most. Yet these students are getting their 4 year degree because they are brainwashed that they should. So the video has some merit. I wish they would have taken a balanced approach.
4. You throw around terms of "evolving" and "being civilized" offering praise to our "more mature" elders of Europe. Please....spare me the Euro groveling. Germany offers "free college education". Germany also has a tax rate of 42-45% for the vast majority of earners, the same range of earners who pay 28% in the US. There is no such thing as "free"...someone is paying the bill whether it is private borrowers or taxpayers as a whole.
Think I'll remain uncivilized on the lower scale of evolution if it means paying 45% of my wages to support "civilization"
Traveled quite a bit in Europe this summer: Spain, Italy, France....countries with unemployment rates ranging from 15-30%, speaking to young people that were looking for any opportunities to leave their countries and escape the crushing tax burden and unemployment nightmare.....glad they have everything figured out in Europe though..
At this time in history no system is perfect, but we must move forward and become more civilized. In the 19th century the work week was 80 hours for teen agers and that was consider normal. Anyone that complained sounded just like you do now.
You accept the current situation as normal and fail to look ahead. In 300 hundred years from now when people examine the history of this era they will be in shock to learn people spent so much money to get an education. That is why I say we need to evolve. To charge money for education is barbaric.
IN 500 years from now the concept of money or having to pay for something will disappear. Enlightened humans will have better fish to fry. Someone needs to be a bit more progressive and look forward to a new system. Taxes are higher in Germany and in Europe and they struggle. However, they are moving in the right direction and eventually will get it right.
Don't get me wrong, in this primitive barbaric times capitalism is the way to go as this matches the mind set of the human condition. I am in favor of any capitalist that creates wealth because at the end wealth is important. I wish we had a 1000 Bill Gates!
However gouging students with high tuition fees is bad capitalism and creates nothing of value. It basically pools the income of others into one or two pockets.
A truly advanced society will find a way to solve these issues.
How can anyone think to blame CEOs for this is beyond me.
How's about the 18 year old and their parents ?
Did they go into this blind ?
Were they forced to "choose" expensive schools ?
Parents didn't save, kids didn't save ?
No thought to the debt they would have upon graduation ?
I have 2 nieces with high debt. Both went to out of state private colleges.
And my SIL helped them do all the paperwork for loans.
Neither got jobs in their field. Both are underemployed.
Both have gone "back home" because they couldn't afford loan payments + life expenses.
Where does the blame for students end and the blame for loan companies begin?
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I think that their points are about 1/3 true and full of errors. Instead of presenting the pros and cons of college debt (not all debt is created equal), the video has a "conspiracy theory" feel and full of doom-and-gloom ideas. They are trying to "sell" their point of view that college is worthless. This 4 year old video is already way off on its forecasts such as hyper inflation and other doom-and-gloom economic predictions.
