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Should be based on ROI. If the ROI on a college education is negligible or negative, it should be priced accordingly.
Then all humanities and arts degrees of every stripe should be done away with. We have enough dreamers and poets. And unemployed philosophers can be found seated at every bar in town.
A cashier with a masters' in black studies takes my order every morning while a barista with a masters' in art history makes my coffee.
"we" (the Federal Government) has NOT "subsidized the private banking system" College Loans since Student Aid and Fiscal Responsibility Act March 30, 2010, when the Federal Government took over Student Loans as part of the method to Finance the Affordable Care Act.
It still amazes me that Kiddos, their parents and the General public don't understand this. I would add that not a single Republican voted for this disaster and that Bernie did vote for it.
Banks have next to ZERO to do with Student Loans. You can thank the Leftist, Obama and all who voted to take over the Student Loan program for Student Loan Debt skyrocketing.
Prior to the GI bill of 1944, a college education and homeownership was an un reachable goal for the average guy. By 1947, nearly half of all college admissions were veterans on the GI Bill.
Student loans followed in the 50's and government was the direct lender to qualified students.
In the 60's government began to pay banks to create student loans guaranteed by the federal government.
By the 90's the pendulum began to swing the other way and the federal government began limited lending on a Direct basis.
The credit crisis resulted in banks being less willing to make government guaranteed loans.
In 2010, government resumed direct lending and did so at lower rates than the banks were charging and ceased to pay banks to process the paperwork. The bill was attached as a rider to the ACA which, like most riders, have nothing to do with an Act's stated purpose.
The bank lobby was none to pleased to have been cut off from no risk, fee for student loans guaranteed by the federal government.
Last edited by middle-aged mom; 02-23-2016 at 04:10 PM..
How quickly people forget just how little cash they spent on their own education. Hello? Most of us were able to work through college and/or pay it off in a few years with a small monthly payment. Today's grads have mortgage size loans...bad, bad, bad.
False. Median debt is under 40k. That mortgage you compare it to is a doghouse.
I think most people just want affordable education. College education costs are at extreme all time highs that can be seen at any university, but let's take a look at a well known one for example:
Annual Tuition for Yale, 1970: $2,500
Annual Tuition for Yale, 1970, adjusted for inflation (2014): $15,253.61
Annual Tuition for Yale, 2014: $45,800
Assuming you work every single day for the 4 years of your undergrad (1460 days) and every single penny you make goes to tuition (and tax deductions aren't factored in):
Daily hours of minimum wage needed to pay for Yale's tuition in 1970: 4.72 hrs
Daily hours of minimum wage needed to pay for Yale's tuition in 2014: 17.31 hrs
Due to creating government subsidized education loans, universities have had free reign to jack up their tuition rates up every year because the money is guaranteed, and in turn to compensate the government has been forced to raise their own interest rates on said loans. Meanwhile starting salaries when adjusted for inflation are at all time lows and financial upward mobility has also been at all time levels of stagnation in the past decade, plus unemployment and underemployment are still major issues, especially when looking only at young college graduations. Hm, I wonder why so many millennials are upset and jaded with the current system..
What most Europeans do recognize is not everyone is suited for college and direct in one way or another the double digit IQers away from challenging studies. Imagine the uproar if 75% of whites and only 40% of blacks were directed to higher education.
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Originally Posted by whogo
What most Europeans do recognize is not everyone is suited for college and direct in one way or another the double digit IQers away from challenging studies. Imagine the uproar if 75% of whites and only 40% of blacks were directed to higher education.
Thats not what IQ is.
IQ is the ability to learn not retained information, and that is the very reason why IQ doesnt matter when talking about simply going to college. Most of college is simply retained information.
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