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I think there are two roots of this problem. The obvious one is that the Government doesn't want to make education truly available to everyone (which it must be in any just society). But for now that seems to be a given so little point in complaining.
Another point is that a lot of people seem to think that "a degree" is always a wonderful thing, no matter what it's in. A degree in, say, Law, Engineering or Life Science will probably pay for itself. However, a degree in various Humanities (a lion's share of degrees out there, probably most of them) leaves two paths: teaching and close-to-mininum wage paying careers (being a secretary, serving lattes etc).
If you loan 10-30K to someone to get an English or Political science Bachelor's degree and then expect them to pay it back with interest...well, ain't gonna happen. People gotta eat first. That should be obvious to any non-brainwashed individual: both to students/parents, assuming hefty debt for a degree in Basket-Weaving and the bright minds in the student loan industry who lend to them. Alas, rational thinking is not one of the strengths of our era.
However, I think if private student loan industry took a good beating, that would be good in a way. I think that institution is inherently immoral (and now, it turns out, quite stupid). More fundamentally, market forces cannot make education available. It is the government's job to provide it (along with health care). Until most of us Americans get that, our country will always be on the very bottom among the developed countries. That vital realization will come sooner if a few student loan giants go belly up at the same time.
Last edited by sergeyn; 04-18-2008 at 12:35 PM..
Reason: grammar
I think in other countries you can get your equivalent degrees much much cheaper. Maybe they are subsidizied? Which is the reason you have so many degrees coming out of other countries that american corps want to hire. They can afford to get those degrees.
I think there are two roots of this problem. The obvious one is that the Government doesn't want to make education truly available to everyone (which it must be in any just society). But for now that seems to be a given so little point in complaining.
Another point is that a lot of people seem to think that "a degree" is always a wonderful thing, no matter what it's in. A degree in, say, Law, Engineering or Life Science will probably pay for itself. However, a degree in various Humanities (a lion's share of degrees out there, probably most of them) leaves two paths: teaching and close-to-mininum wage paying careers (being a secretary, serving lattes etc).
If you loan 10-30K to someone to get an English or Political science Bachelor's degree and then expect them to pay it back with interest...well, ain't gonna happen. People gotta eat first. That should be obvious to any non-brainwashed individual: both to students/parents, assuming hefty debt for a degree in Basket-Weaving and the bright minds in the student loan industry who lend to them. Alas, rational thinking is not one of the strengths of our era.
However, I think if private student loan industry took a good beating, that would be good in a way. I think that institution is inherently immoral (and now, it turns out, quite stupid). More fundamentally, market forces cannot make education available. It is the government's job to provide it (along with health care). Until most of us Americans get that, our country will always be on the very bottom among the developed countries. That vital realization will come sooner if a few student loan giants go belly up at the same time.
Your first mistake was assuming America was a "just society". It isn't, not by a long shot. I agree with your post pretty much.
"The exodus of lenders is the latest side effect of the mortgage crisis. Investors, wary from the losses they've suffered in mortgage securities, are now balking at buying student loans, making it tougher for lenders to raise the cash they need to offer new loans. Cuts in subsidies to student lenders, approved by Congress last fall, also have made federal student loans less profitable."
We already have too many people trying to get degrees in an oversaturated market... we need loan programs that actually work "intelligently" and put loans up for sectors of the economy of greatest need and eliminate loans for people pursuing careers in an oversaturated job market... if we need more farm hands then put loans in horticulture, if we need more fast food handlers then put loans in culinary arts... if we don't need more engineers then take those loans away... you can readjust loan offerings every year based on what the economy is lacking but doing things the smart "way" has never been the American way..
Students might have to actually work their way through college. And how are they going to survive starting off life without being tens of thousands of dollars in debt?
I graduated college (4 year degree) with about $2K worth of debt.
Paid my way through and did the 2 year community college then transfer to 4 year.
I juggled my classes such that I had a job on campus (good student benefits + discounts) plus 2 other part time jobs. I took 1 class over the summer and worked full time. I bought used books on my CC and paid as much as I could each month.
I didn't have a lot of free time to party it up with my friends who had loans and didn't have to work but it was only for 4 years and when I got my first job post college I was debt free in 2 months.
Students might have to actually work their way through college. And how are they going to survive starting off life without being tens of thousands of dollars in debt?
That's ok, their parents can always refinance the house....
Last edited by sterlinggirl; 04-18-2008 at 03:24 PM..
Reason: add quote
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