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This post is ignorant at best in that it dismisses the fact that tuition in the 1980s was extremely cheap compared to salaries. Why don't you show the real numbers rather than focusing in on an abnormal period (1980s until now) that doesn't represent historic tuition pricing?
That being said, I don't agree with the student loan landscape.
Student tuition has risen at a much higher rate than anything else in the planet.
If we go all the way back to the 60s the rise is even more dramatic. A private university in Boston is now more than 50k a year. The days when students could work part time to help tuition are gone. The average parent cannot afford the average tuition for four years.
meanwhile a German student can go to college in the same manner an American kid goes to high school.
BTW, the CEO of Northeastern University in Boston makes over three million dollars a year.
1. You can make tax deductions on student loan payments. But the more money you make, the less money you can deduct. In my case, I get no deductions.
2. Tax payers subsidize student loan interest.
3. If you believe that a large percentage of people will default on their loans (and many do), then that is yet another hit on tax payers.
So in the sense that the bigger the failure you are, the more you are rewarded, yes student loans are a kind of welfare.
Not on the actual loan payments. You can only deduct the interest you pay on the loan, and even then, it is limited to a $2500 maximum deduction. And yes, if you make more than around $60 or $70K, you can't deduct anything at all.
Student loans is a scheme to collect money form innocent students with dreams of grandiosity. And students loans are not covered by bankruptcy law. The loans must be paid, no matter what.
Thanks to student loans colleges have been able to raise tuition to the stratosphere.
Another classic example of crony capitalism where the US Government helps private schools get rich.
Student loans is a scheme to collect money form innocent students with dreams of grandiosity. And students loans are not covered by bankruptcy law. The loans must be paid, no matter what.
Thanks to student loans colleges have been able to raise tuition to the stratosphere.
Another classic example of crony capitalism where the US Government helps private schools get rich.
Anyone stupid enough to borrow a whole bunch of money they can't pay back deserves the outcome. Don't they teach anything in HS anymore?
Student tuition has risen at a much higher rate than anything else in the planet.
If we go all the way back to the 60s the rise is even more dramatic. A private university in Boston is now more than 50k a year. The days when students could work part time to help tuition are gone. The average parent cannot afford the average tuition for four years.
meanwhile a German student can go to college in the same manner an American kid goes to high school.
BTW, the CEO of Northeastern University in Boston makes over three million dollars a year.
You keep ignoring the facts and focusing on a small period of time where rates were relatively cheap. Look at median income and tuition for a reasonable period of time. I suggested the 1500s-2000s, but you can go even further back to gather more data.
Anyone stupid enough to borrow a whole bunch of money they can't pay back deserves the outcome. Don't they teach anything in HS anymore?
**** happens.
A good friend, for instance, had a 1 in a million allergic reaction to an antibiotic while he was in med school. It causes permanent nerve damage as well as cognitive impairment (not severe, but enough brain fog that he could not continue medical training) and long-term fatigue. Suddenly, he was in his mid-20s and could no longer do the work he had trained in (or much of any work) and was facing down tens of thousands of debt he thought would be easily paid off once he was a physician. He is now 30, lives at home, and all of his disability money goes toward paying off his student loan debt. I've seen this happen to friends in the cancer world as well. It almost happened to me as, if the economy had not crashed, I would have been halfway through law school when my own cancer diagnosis came.
Disability does not get your student loan debt wiped and no one can predict when it will happen/
There's also the run of the mill 18 year old who doesn't understand what $500+ a month to pay off loans will look like. Even with "good" degrees, there is no guarantee that your salary will be able to support that kind of loan debt. Not in the economy of the last decade. And no, it's not taught in high school. People looked at me when I was nuts in high school because I applied to 20+ schools shopping for the best financial aid (and ended up getting several full tuition or full ride scholarships as a result) to avoid going into any debt. It's on the parents to teach that - and unfortunately, many parents of today's kids still think college is the magical way to get a job. And it often is - just not for everyone.
Student loans are essentially college welfare in disguise.
Colleges see student loans the same way electronics, clothing and department stores see credit cards - they translate into greater revenue while strapping the users with unnecessary debt.
Personally, I'd love to work on a college campus. Generally speaking, they are beautiful. They have all sorts of wonderful facilities, pretty buildings and park like landscaping. Professors and administrators enjoy working in such a setting regardless of the impact to the cost of education.
Many adults are hiding out in the educational system because it's an easier way to have housing, internet, etc. than is, you know, actually working. Agreed?
Student loans have a lifetime cap of $138.5k (undergrad cap is $57.5k). You cannot hide out for very long on that amount of money when you are paying tuition too.
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