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Old 11-01-2009, 08:42 AM
 
Location: Thumb of Michigan
4,494 posts, read 7,483,911 times
Reputation: 2541

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Here is the link -- The Subprime Student Loan Racket - Stephen Burd

With help from Washington, the for-profit college industry is loading up millions of low-income students with debt they'll never pay off.

(a bit of a read)

Discuss......
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Old 11-01-2009, 01:19 PM
 
Location: California
37,143 posts, read 42,234,436 times
Reputation: 35022
I've looked into these "technical" schools for both myself and my kids and was always put off by the high price tag. Even Art schools are ridiculously expensive. ART!!! Because I'm a natural born cynic I never believed the claims of instant, high paying jobs, etc. And in all my years have NEVER met a graduate of one of these types of schools working in any industry. I wish community colleges would step up and offer more of this type of job training so people wouldn't end up with mountains of debt and a sub par education.
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Old 11-01-2009, 02:17 PM
 
1,747 posts, read 1,954,159 times
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Quote:
Originally Posted by Ceece View Post
I've looked into these "technical" schools for both myself and my kids and was always put off by the high price tag. Even Art schools are ridiculously expensive. ART!!! Because I'm a natural born cynic I never believed the claims of instant, high paying jobs, etc. And in all my years have NEVER met a graduate of one of these types of schools working in any industry. I wish community colleges would step up and offer more of this type of job training so people wouldn't end up with mountains of debt and a sub par education.
I completely agree with ya!
I've always believed that many of these "colleges" were geared toward unemployed suckers who are home, unemployed or underemployed, stuck watching daytime garbage on TV, feeling sorry for themselves and being relentlessly pummeled with these commercials to "better oneself" by going back to school and getting one of there special degrees.
I personally, never looked into cost but I figured it was high. Too high to believe it to be worth it......in the long run, with student loan debt.
Love all those offering degrees in the Criminal Justice field too.
Obviously, its ONE field that will always grow no matter what the state of the economy.
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Old 11-01-2009, 02:50 PM
 
47,525 posts, read 69,722,740 times
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The government promotes this practice because imagine the unemployment rates if these people were out looking for jobs. The jobs are gone - yet you have millions of people sitting in colleges and universities believing they will have a great high paying job when they finish.
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Old 11-01-2009, 02:53 PM
 
47,525 posts, read 69,722,740 times
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Also it's a whole racket. In part because public schools have become so awful that a high school diploma means next to nothing today. In the past -- a few generations back, a high school diploma meant someone could read, could follow written directions, could perform basic math and was ready for a job.

Not any more. After high school it takes at least 4 years of college to get students today up to where their grandparents were right after high school. But why hire an American who will want better than minimum wage so he can start to pay up thousands of dollars of loans when an immigrant can be brought in to do the same work much cheaper.
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Old 11-01-2009, 04:12 PM
 
12,270 posts, read 11,335,521 times
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My son is in college right now, and his roommate bought a 42" flat screen TV with his student loan. I was astounded to find out student loans go right to the kids these days. I remember taking a student loan out in the early '70's and that money went straight to the school...it didn't come anywhere near my bank account.
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Old 11-01-2009, 04:19 PM
 
Location: Turn Left at Greenland
17,764 posts, read 39,741,511 times
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Quote:
Originally Posted by Dockside View Post
My son is in college right now, and his roommate bought a 42" flat screen TV with his student loan. I was astounded to find out student loans go right to the kids these days. I remember taking a student loan out in the early '70's and that money went straight to the school...it didn't come anywhere near my bank account.
I remember going to the financial aid office, signing my check, they took out their tuition portion and gave me the rest since I didn't live in a dorm (I was a graduate student). I banked it and paid my rent with it. Any money I made on my campus job was mine to spend ... but it hardly covered the cost of a tv ... heck .... I never watched tv in college and grad school!

I visited my alma mater today with my kids. Did I look and act that spoiled when I was a student there??? I just remember counting out my quarters and singles so I could go out on the weekends and see bands and have some beers ... then again, I was in school during the first Bush recession. We were all stinking poor and humble. College kids now act like they are owed "just because". On Sundays, I was studying ... man, I sound old and bitter!
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Old 11-01-2009, 04:20 PM
 
Location: Raleigh, NC
20,054 posts, read 18,291,205 times
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Hehe...I actually loaded up on precious metals with some of my student loans. Did alright I would say.
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Old 11-01-2009, 04:29 PM
 
Location: Portland, Oregon
7,085 posts, read 12,059,627 times
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The problem is there arts and technical colleges that really have no accreditation farming students for their loans, which they try and encourage to go for private loans (with credit card like rates). The students also rarely have any consideration how they are going to pay them back, the often repeated mantra of "I want to do what I want to do no matter what it takes"...no consideration or thought by the student of responsibility for the amount taken out.

Then you see some one with 120k and a masters in fine arts from a crap school who realizes they aren't hirable for more then a janitor.
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Old 11-01-2009, 05:15 PM
 
12,270 posts, read 11,335,521 times
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Quote:
Originally Posted by subsound View Post
Then you see some one with 120k and a masters in fine arts from a crap school who realizes they aren't hirable for more then a janitor.
That is a problem. Society and parents like me warn my kid you need that college education to compete for a job. And kids and parents are going into fabulous debt to send their kids to school. When the job doesn't pan out you get situations like this. College Grad Can't Find Job, Wants $$$ Back | NBC New York

I was a bit dismissive of this when the story first came out, then I opened up my son's tuition bill, and I realized this might become the wave of the future.
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