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European and Canadian universities do get more state funding but they are also more basic compared to American universities. So it's no surprise why they're much cheaper.
That's one reason I've heard the U.S won't be getting the free college that people like Bernie Sanders was pushing for. U.S colleges would have to scale back on so many things Americans have gotten accustomed to with colleges.
Bingo.
I've specifically looked at Michigan before. Since 2000, the state has reduced higher ed funding by 50% in real dollars, not adjusted for inflation. Tuition has gone up 100% to make up for it.
And we have Amway to blame for it.
Just a point. "real" dollars means adjusted for inflation. Nominal dollars are not adjusted for inflation. If your source for the 50% number listed "real" anywhere there was some sort of inflation adjustment.
What colleges did during covid gave us a clear indication there will be no free college. They moved classes online but charged the same tuition and fees. I know the staff was still getting paid, but campus operating costs were definitely lower. The campuses were closed but the government grants were not cut off.
How does it happen that people who have paid faithfully on their government loans for decades can still owe two or three times more than they borrowed?
That's one reason I've heard the U.S won't be getting the free college that people like Bernie Sanders was pushing for. U.S colleges would have to scale back on so many things Americans have gotten accustomed to with colleges.
Like the assistant vice president of diversity and the president of gender equity...
Predatory loan companies like Sallie Mae/Navient are a huge part of the problem, with their loans that amount to usury.
Bloated and overpaid admin does not help.
But ya, let's blame a bunch of 18-22-year-olds who just wanted to further their education and improve their chances of landing a decent-paying job for this mess...
Ridiculous. Want to talk about the biggest reason for this mess, actually freakin' address it. Get the leeches out of the equation.
Quote:
Originally Posted by skeddy
no...everybody that borrowed signed a legal agreement to repay their loans. There will always be a percentage of people who are untrustworthy and irresponsible. Thankfully, they will eventually have to pay it back when the sign up for Social Security.
Or people get jobs that don't pay enough to pay for the ever-increasing costs of rent or mortgage, food, a car OR public transit, cheap cell phone plan and bills, etc. on top of loan monthly payments. When it comes to paying for rent or food and loan payments, the choice is easy, survival. I know people who have to make that choice and work more than one job while desperately trying (and sadly failing) in trying to find something that pays better.
Or they get sick or injured.
Or they struggle to pay enough each month to actually lower the PRINCIPAL. Instead, the monthly payment only pays for the interest. Nonsense. I know people who took out an initial 50k, for example, who have paid more than that and still owe more than that. How the f' does that make sense? It is predatory, it is usury. Dotted lines aside, companies like Sallie Mae spend millions to lobby govt to change the rules and are always moving the goal post to benefit themselves at the expense of the young students so their CEOs can buy another yacht.
Your ignorance is showing and not only is it also judgemental, it isn't pretty.
States reduced funding for their universities, the federal government reduced Pell Grants, colleges started adding in expensive programs to compete with each other, repayment can not be gotten rid of through bankruptcy, and the government got involved with loans, interest rates are crazy!
Historically tuition was equal to the median yearly salary. This was before the second world war. Also historically, and understandably, very few people could afford to go to college.
College costs dropped dramatically after the second world war because of public subsidies, state and federal. Now that the fiscal situation of many governments is deteriorating tuition subsidies are among the first on the chopping block because those subsidies help the relatively privileged. And yes if you're smart enough to get into college your intelligence is above average and the government hates helping above-average people.
We are reverting to the status quo ante the second world war.
The biggest problem is that while governments have responded to the deteriorating budget situation by reducing tuition subsidies, and students have responded to the deteriorating budget situation by taking on more debt, employers have not adjusted their expectations. You are still expected to have a college degree to get an office job.
It's crazy that student loans are structured in a way that marginal borrowers can end up paying 3x of the principal. It's crazy that all these worthless administrative jobs exist in college. It's crazy that 18 year olds can take on mortgage level debt loads with no collateral or income.
But you know what the craziest thing is? That your resume goes in the trash if you don't have a magical degree on it. Most jobs that require a degree to be hired, don't require a degree to do the job. Lots of people say, if the government would stop backstopping loans then the college bubble would collapse. The college bubble would also collapse if employers stopped requiring degrees for jobs that don't need them.
if the loans were paid directly to the colleges that may be one thing but these loans don't require any of the money to be spent on tuition or books. I had my own kids to pay for, not your kids car payments or vacations.
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