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I think it's a good deal if you are going for a degree that doesn't earn much.
But if you're going for a degree that pays high salaries then not such a good deal.
It would be nice if they had an early buyout option for those with high income. Just pay it off your first year or two and be free of obligation.
I am intrigued by this concept, but the more I think about it the more I think it may not mathematically work, unless the cost of college comes down.
1) I know several teachers that went to school for about 5 years, became a teacher, took additional classes for recertification or masters, only taught for 3 to 8 years and then were married to a guy with a high income and became housewives. If you work for 3 to 8 years...you aren't paying off your full expenses.
Now, this would be a small percentage...but I think there would be enough people not working for a full 24 years for a variety of reasons, housewife, disability, death, lifestyle, that it would throw a wrench in the system.
2) 45% of recent college grads don't have a job that requires a college degree.
You have a lot of people with a degree in something like "women's studies" who are now a barista at Starbucks. I guess, you will have a lot of people that get out of college and struggle for a few years making minimal money and sometimes even living at home.
3) They are estimating that the typical college grad will pay $800 in year 1 and $2,000 in year 20, with the final 4 years having a payment of $7,400 each for a total of $57,600 paid back per average student. What am I missing here....many kids are taking 5 years now to graduate...
Let's say a kid takes 4.5 years to graduate and they are expecting the typical kid to pay back $57,600....that works out to a projected $12,800 per year of college costs....seems a bit low doesn't it... Is that really the average cost of college per year?
Also, inflation....$2,000 in year 20, would probably be roughly equal to $1,200 in year 1. Because of inflation, it seems like they are paying less in "real" dollars back than imagined.
4) If you will go into an extremely high paying field, perhaps it would be cheaper to go to another state and use typical loans.
And to make things worse, He KNEW I said one year salary because he asked how the hell I calculated it..
Now of course they are pretending Its my fault..
Its pathetic.
No, it was a misunderstanding, I thought you were referring to one years salary, not 25 years. Either way, it is still a good deal for a college student.
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Then why even start the program?
