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Please provide a link that supports this concept that students are charged HIGH tuition to pay for the poor. That is socialism and a really bad example because plenty of middle class kids have to pay full tuition. Can you post sources to support your outrageous post?
A little research goes a long way. I'm sure when you're ready for college (or your child is) you'll come across this information by doing even the most basic research.
Let's start by looking at any of the decent colleges. Take Penn for example. Their sticker price is for tuition, boarding, and all the other fees are $64,300. Now go to their financial aid calculator and enter figures and see how much the student has to actually pay. If the parents make $75,000 and the student made $1000 (assuming he's a high school student), the breakdown is the following:
So worst case, the student pays $11,700 (work study + remaining amount). However if the student qualifies for federal financial aid, they'll have to pay less.
A student that comes from a wealthy family will have to pay more... often the full price to cover learning expenses.
You can do this at many of the decent colleges such as Princeton, JHU, CMU and get similar results. Go through the process yourself and stop going off of what the media wants you to think.
All other debt qualifies for bankruptcy except student loans. I smell a rat!
But, that is moot. No one in America should have to go into heavy debt to study.
But mediocre students get admitted in droves to college and are brainwashed with the idea that with college they will have great paying jobs.
And loans are easy to get, ALL qualify and the colleges get rich because the money is transferred directly to the school.
And some colleges pay their presidents as much as 3 million a year. All of this subsidized by loans by the federal government. The money goes to the rich colleges and the students are saddled with debt for a lifetime. This is a major crisis in America.
Obviously you don't understand the basics of loans. The reason why bankruptcy does not apply to student loans is because the loans are not risk-assessed and are not collateralized. I'm with you and think that student loans should be risk-assessed and that not everyone who gets accepted into any program should be allowed to take out loans. And in that case, it makes sense to allow them to qualify for bankruptcy. But that isn't the case.
Like I mentioned, you always have the option of personal loans from banks to attend school. If you want bankruptcy protection as an option, take out a normal personal loan. You have a choice. It's not like you are forced to take out student loans.
The only reason why mediocre students get admitted into college is because we have mediocre colleges. Get rid of the mediocre colleges and this problem goes away.
You're mistaken if you think that ALL colleges are making a lot of money off of student loans. I suggest you visit the office of treasury at Princeton, Cooper U, Texas A&M, Harvard, Penn, etc. Many of them have no-loan policies that prevents them from accepting student loans towards tuition. Their policy is to match the student loan with a grant.
You keep saying that "all colleges do this" or "all colleges do that". That's nonsense. Some colleges do things. There's a lot of garbage colleges out there and a few good ones. If you choose to go to a garbage university, it's on you.
A little research goes a long way. I'm sure when you're ready for college (or your child is) you'll come across this information by doing even the most basic research.
Let's start by looking at any of the decent colleges. Take Penn for example. Their sticker price is for tuition, boarding, and all the other fees are $64,300. Now go to their financial aid calculator and enter figures and see how much the student has to actually pay. If the parents make $75,000 and the student made $1000 (assuming he's a high school student), the breakdown is the following:
So worst case, the student pays $11,700 (work study + remaining amount). However if the student qualifies for federal financial aid, they'll have to pay less.
A student that comes from a wealthy family will have to pay more... often the full price to cover learning expenses.
You can do this at many of the decent colleges such as Princeton, JHU, CMU and get similar results. Go through the process yourself and stop going off of what the media wants you to think.
I put five kids through college and all paid full tuition, but I am in the high income bracket. Every year I did the FAFSA and got nothing. Perhaps the story is different for low income folks.
I will check that out. But, think you are being duped.
Obviously you don't understand the basics of loans. The reason why bankruptcy does not apply to student loans is because the loans are not risk-assessed and are not collateralized. I'm with you and think that student loans should be risk-assessed and that not everyone who gets accepted into any program should be allowed to take out loans. And in that case, it makes sense to allow them to qualify for bankruptcy. But that isn't the case.
Like I mentioned, you always have the option of personal loans from banks to attend school. If you want bankruptcy protection as an option, take out a normal personal loan. You have a choice. It's not like you are forced to take out student loans.
The only reason why mediocre students get admitted into college is because we have mediocre colleges. Get rid of the mediocre colleges and this problem goes away.
You're mistaken if you think that ALL colleges are making a lot of money off of student loans. I suggest you visit the office of treasury at Princeton, Cooper U, Texas A&M, Harvard, Penn, etc. Many of them have no-loan policies that prevents them from accepting student loans towards tuition. Their policy is to match the student loan with a grant.
You keep saying that "all colleges do this" or "all colleges do that". That's nonsense. Some colleges do things. There's a lot of garbage colleges out there and a few good ones. If you choose to go to a garbage university, it's on you.
Nice post, I give you credit----------------but that does not make the student loan crisis go away. And something needs to be done!
And the mediocre colleges are a business and they make money with federal loans. Your exceptions to the rule are nice, but do not make the problem go away.
Nice post, I give you credit----------------but that does not make the student loan crisis go away. And something needs to be done!
And the mediocre colleges are a business and they make money with federal loans. Your exceptions to the rule are nice, but do not make the problem go away.
The solution to your supposed "Student Loan Crisis" Is very simple... DONT TAKE OUT A STUDENT LOAN!!
I put five kids through college and all paid full tuition, but I am in the high income bracket. Every year I did the FAFSA and got nothing. Perhaps the story is different for low income folks.
I will check that out. But, think you are being duped.
If you make more than $180,000 combined, you're going to pay a pretty penny for college. But you're still unlikely to pay sticker price. If you have children that go concurrently, you financial aid options go up. FAFSA is okay for secondary financial aid, but it's not that rewarding and cuts off at a very low income. Traditional financial aid programs cover most of the cost associated with college.
For what it's worth, my parents were in a high tax bracket (each making six figures back when I went to college), and I only had to pay $2,000/year for the second half.
Nice post, I give you credit----------------but that does not make the student loan crisis go away. And something needs to be done!
And the mediocre colleges are a business and they make money with federal loans. Your exceptions to the rule are nice, but do not make the problem go away.
What exception to the rule? The exception to disqualify you from these no-loan programs is making over $180,000/year. If you're making that much, you are disqualified for financial aid (and I'm not talking about crappy federal financial aid).
The problem is that students are attending low quality schools. Nothing I suggested makes that go away. A combination of education and parenting is needed to resolve that.
What exception to the rule? The exception to disqualify you from these no-loan programs is making over $180,000/year. If you're making that much, you are disqualified for financial aid (and I'm not talking about crappy federal financial aid).
The problem is that students are attending low quality schools. Nothing I suggested makes that go away. A combination of education and parenting is needed to resolve that.
I am glad you support the idea of making the poor pay less than those that make over 180K a year. BTW, that is socialism!
If you make more than $180,000 combined, you're going to pay a pretty penny for college. But you're still unlikely to pay sticker price. If you have children that go concurrently, you financial aid options go up. FAFSA is okay for secondary financial aid, but it's not that rewarding and cuts off at a very low income. Traditional financial aid programs cover most of the cost associated with college.
For what it's worth, my parents were in a high tax bracket (each making six figures back when I went to college), and I only had to pay $2,000/year for the second half.
What college was that?
How did you get such a discount?
My last daughter received a 50K discount for four years, but the tuition was still over 30K per year and she only qualified for student loans which have a high interest. The program was so bad that they tried to collect money every summer and winter break because they thought she was not enrolled anymore. So every year we had to send a letter from the University. After two years of crap I paid the loans and used my savings to pay for her schooling.
In retrospect, it was all a scam!
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