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The maximum a graduate student can borrow from the federal government is $20,500 a year, including $8,500 from subsidized loans where the federal government absorbs the interest rate while the student is in school. Over the course of a degree, graduate students can accrue up to $138,500 in direct federal loans, with $65,500 from subsidized loans.
This CNN article discusses the graduate student loan interest subsidy being repealed as a means for paying for Pell Grants and other opportunities. But what strikes me the most is that a graduate student can obtain a whopping $138,500 in federally-backed student loans!
This of course on top of the whopping $57,500 that can borrowed for an undergraduate degree! Not even accounting for private student loans!
Couple this with parents and college students who fail to do their due diligence on college costs, fail to keep a runnng tab of how much they've borrowed, and fail to be efficient in finising college in a timely manner.....no wonder we have a personal student loan crisis!
The President castigates universities for raising tuition prices, but he conveniently failed to mention that this is directly related to the amount of money a student can borrow. How is this not obvious to the President and our elected officials?
I am a preceptor for doctoral level students at work and am continually shocked by the amount of student loan debt they have accrued. My current student has over $85K in loans and my previous student had over $100K. It has really gotten out of hand the amount that students are allowed to borrow and the sheer cost of education.
I am a preceptor for doctoral level students at work and am continually shocked by the amount of student loan debt they have accrued. My current student has over $85K in loans and my previous student had over $100K. It has really gotten out of hand the amount that students are allowed to borrow and the sheer cost of education.
Those are astounding amounts for sure! Unfortunately, $85K+ in student loans is more common than we think. Ironically, even historically lucrative professions such as doctors, lawyers, scientists, etc. arent' guaranteed to be able to afford to pay back student loans without having to sacrifice other niceties such as marriage, buying a house, having children, etc.
I have lurked on student loan forums just to get a general idea of how student loans are severely depressing the economy, and i'm here to tell you it gets downright disgusting. Most of the people are to blame for their financial morass, but the system itself makes it far too easy to get money.
This CNN article discusses the graduate student loan interest subsidy being repealed as a means for paying for Pell Grants and other opportunities. But what strikes me the most is that a graduate student can obtain a whopping $138,500 in federally-backed student loans!
This of course on top of the whopping $57,500 that can borrowed for an undergraduate degree! Not even accounting for private student loans!
Couple this with parents and college students who fail to do their due diligence on college costs, fail to keep a runnng tab of how much they've borrowed, and fail to be efficient in finising college in a timely manner.....no wonder we have a personal student loan crisis!
If by "rip-off" you mean students are paying far more than the value of the services received and the earnings potential, I'd have to agree with you for the most part.
What I thoroughly detest in regards to higher ed is the propensity of American's to believe that a "big name" school is necessary to get an equal education. That mentality alone saddles our citizens with insurmountable student loan debt, not even factoring in other variables like personal irresponsibility.
Go into the natural sciences. If you're halfway intelligent, universities will pay you to get your Ph.D there.
That's certainly an option that should be explored. However, I do believe that too many students go to college "just to get a degree" and don't do enough pre-planning to set themselves up for Ph.D science studies.
I think it depends. I went to a very expensive private college for my first one. After that, I realized the value I was getting by going to this expensive college was negligible. I went to a MUCH less expensive state school for my subsequent degrees. I was able to pay those directly out of pocket. I felt like I got a very good education but I think with things like that, you get out what you put in. I know my level of income would not even be remotely possible without those degrees, but I am a mathematician/CS/business degree(s) person. Perhaps that's really the difference.
This CNN article discusses the graduate student loan interest subsidy being repealed as a means for paying for Pell Grants and other opportunities. But what strikes me the most is that a graduate student can obtain a whopping $138,500 in federally-backed student loans!
This of course on top of the whopping $57,500 that can borrowed for an undergraduate degree! Not even accounting for private student loans!
Couple this with parents and college students who fail to do their due diligence on college costs, fail to keep a runnng tab of how much they've borrowed, and fail to be efficient in finising college in a timely manner.....no wonder we have a personal student loan crisis!
The President castigates universities for raising tuition prices, but he conveniently failed to mention that this is directly related to the amount of money a student can borrow. How is this not obvious to the President and our elected officials?
Well, Obama took over the student loans, so I guess he is trying to milk the students dry.
The college tuition is out of whack, and is immune to market corrections, because government got involved.
You would have thought, that with government tuition grants that the colleges would be seeing an artificially created rise in profits, and would be able to lower costs across the board. Instead, they found if they jacked up tuition costs, then the money from government grants, and the need for even more grants and tuition assistance, goes up too.
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