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I've taught up and down the east coast, along with universities throughout the rest of the nation. My experience with community colleges is that students get little or no exposure to actual college level work. They read textbooks and take exams just like in high school. They don't spend much time dissecting academic papers, proposing arguments, and participating in academic research. I'm sure community colleges with a college level education, but they must be very limited.
In fact, in the state of NY, community college instructors often do not have PhDs. This means that they may not have produced any peer-reviewed contribution to the field they are teaching in. How could they possibly teach students to contribute to academia if they haven't done it themselves? We need to stop dumbing down college education.
Even many years ago, PhDs weren't teaching much. The first year or two of most university classes are taught by indentured serfs.
The average student loan debt in America is $29,000. The average new car price in America is $31,000.
People finance new cars all the time, including new college grads. Is there any particular reason why any of us should be concerned that the average student will be paying the equivalent of a new car payment in monthly student loans?
Most people pay their cars off in 5-7 years. I see no reason why student debt should be considered a "crisis" when in reality that debt can be paid off in a few short years, just like the car these folks will inevitably buy and pay off lest it be repossessed.
I just don't see student debt as a "crisis." These numbers are manageable.
As someone who had a lot more in student loans many years ago (and someone whose spouse had almost triple that in student loans), I must say that $29,000 is pretty low. We were able to pay back the loans without killing ourselves. The average cost of a new car is over $32,000 (or something like that), and most people don't blink over paying it off in 5 years.
The student loan interest *may* be tax deductible. You can amortize the principal over 10 years, and you can refinance it any way you like. For example, you can take it out with a home equity line, or refinance through SallieMae (can't you still do that?). If you absolutely must, you can even get a deferment or forbearance. Over 10 years (i.e., most graduate would pay off by age 33 or so), monthly payments must be less than $300 on the $29,000 principal.
It sounds pretty okay to me, considering what you are getting in return. No one can take your education and degree away from you, unlike all material things like a bank account, house, stocks, car, plane, iPhone, Mac, etc.
I was in the student loan servicing business for several years. I can confirm that the majority of college graduates do not make enough money to service their student loan debt. This was not the case when I first started in the industry about 15 years ago.
This is a huge problem that is negatively effecting our economy.
I was in the student loan servicing business for a few years. I can confirm that the majority of college graduates do not make enough money to service their student loan debt. This was not the case when I first started in the industry about 15 years ago.
This is a huge problem that is negatively effecting our economy.
Ah, so you're the one forcing these students to sign these loan contracts at gun point.
Do you even know what liberal arts entail. Who does the writing and research. Who knows the history of our country and the world. These are pretty brilliant people. Honestly, I think people who think like you are stupid.
Sigh.
Can you not read?
A liberal arts degree AND no concrete career plan.
I never said liberal arts was a throwaway degree as you imply. But if you seek one out, have tens of thousands of dollars in loans and still don't know how you can springboard from that degree into a real actual money paying job ... you are a moron.
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