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Old 03-01-2022, 08:06 AM
 
Location: Southeast US
8,609 posts, read 2,295,733 times
Reputation: 2114

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Quote:
Originally Posted by FatBob96 View Post
First and foremost, get the government out of the student loan business.

Universities can charge whatever they want for tuition when they know they have a guaranteed payer in Uncle Sam.

Students largely don't care how much it costs when they take the loan out either. The thought of actually having to pay it all back isn't their biggest concern....... until they actually have to do it.
Quote:
Originally Posted by The_Sim_Mister View Post
Make student loan dischargeable debt through bankruptcy. I guarantee that cost of schools will drop overnight.
you can't make student debt dischargeable until the Federal government isn't owed any more money though. And the Gov't - you and I - hold the vast majority of it. You could have the Federal gov't (Education Department) quit issuing NEW loans though.

one good article, and I'll post another

https://moneymink.com/student-loans-government/


Quote:
An overwhelming majority of the outstanding student loans held by Americans--92%, or 43 million borrowers--are federal loans of some type. The US Department of Education holds $1.4 trillion of the $1.6 trillion of total outstanding student debt collectively held by Americans.

As for the remaining borrowers, private loans comprise 7.63% of the total outstanding student debt at $119.3 billion.

State government-issued student loans are far rarer in terms of both offerings and eligible borrowers, so they only comprise 0.37% of the student debt held by Americans.

 
Old 03-01-2022, 08:15 AM
 
Location: Barrington
63,919 posts, read 46,608,492 times
Reputation: 20674
Tuition at Community Colleges seems to range from $5-10,000/ year, before scholarships.
 
Old 03-01-2022, 08:25 AM
 
Location: Southeast US
8,609 posts, read 2,295,733 times
Reputation: 2114
another good article.

https://www.weforum.org/agenda/2019/...ica-education/

Quote:
More than one-third of all severely delinquent debt in the country is the result of the growing pile of derelict student loans, which topped $89 billion by the second quarter of this year, compared to $38 billion in the same period of 2013, according to the Federal Reserve Bank of New York.
before 2008, there was basically NO severely delinquent student loans. In fact, per the related NY Fed article

https://libertystreeteconomics.newyo...nquency-rates/

Student loans are now the #1 seriously delinquent/defaulted loan type.

Still, it's very important to focus on a couple of numbers:

$32,600 - average owed on Federal loans
$28,800 - average owed at graduation


% of $ seriously delinquent compared to balance: 6% ... which is bad, but it is unsecured so not the end of the world.
 
Old 03-01-2022, 08:25 AM
 
Location: Barrington
63,919 posts, read 46,608,492 times
Reputation: 20674
Plenty of studies have shown at least 20% of students with student loans admit they use proceeds to fund non- educational purchases, spring break, cars, clothing, rent, alcohol, drugs, entertainment, dining out, etc.

What percent actually do and either don’t disclose or respond to surveys.

Similar surveys show nearly half of students believe government will forgive loans, regardless of who is sitting the oval.
 
Old 03-01-2022, 08:30 AM
 
Location: the very edge of the continent
88,800 posts, read 44,594,609 times
Reputation: 13623
Quote:
Originally Posted by middle-aged mom View Post
Tuition at Community Colleges seems to range from $5-10,000/ year, before scholarships.
I know you're familiar with Harper College in Palatine. The tuition cost of a full-load 30 credit hours/year for district residents is $4,005 before scholarships.

https://www.harpercollege.edu/regist...ition/fees.php
 
Old 03-01-2022, 08:36 AM
 
Location: Southeast US
8,609 posts, read 2,295,733 times
Reputation: 2114
oh, ps - 25% of student debt is held by those with/pursuing graduate degrees ... but they also are 50% of the total debt. And so, finding out the expense outlayed to the future income is pretty critical.

https://www.cnbc.com/2021/07/16/grad...dent-debt.html

A lawyer at a "good school" who gets a $100K/yr job and takes on $145K of debt, or my aforementioned doctor making even $150K for his $200K of student debt - both with significantly higher earnings potential in 5 years - are vastly different than the liberal arts PhD attainers.

A $30K student debt paid at 6% for 10 years is "just" $333 a month. You "only" need $50K annual income to afford that, and that's right at the average starting wage for college graduates right now
 
Old 03-01-2022, 08:39 AM
 
Location: the very edge of the continent
88,800 posts, read 44,594,609 times
Reputation: 13623
Quote:
Originally Posted by middle-aged mom View Post
Plenty of studies have shown at least 20% of students with student loans admit they use proceeds to fund non-educational purchases, spring break, cars, clothing, rent, alcohol, drugs, entertainment, dining out, etc.

What percent actually do and either don’t disclose or respond to surveys.

Similar surveys show nearly half of students believe government will forgive loans, regardless of who is sitting the oval.
That's exactly the problem. Is that a bad choice? Sure. But if you're going to finance instead of earn the lifestyle you want during your college years, you better be prepared to face the fact that you're going to be financially crippled for at least the next few decades.
 
Old 03-01-2022, 08:41 AM
 
10,800 posts, read 3,574,784 times
Reputation: 5951
Quote:
Originally Posted by shiftymh View Post
Stop guaranteeing loans. End Social science degrees as not everyone belongs in college. Protect the value of the dollar.
I guess philosophy and art should not be viable degrees, right? Nor should environmental sociology, right?

Let me tell you a little story.

My son-in-law has the first degree off philosophy with an art minor. His masters degree is in Environmental Science.

My daughter's first degree is in Environmental sociology, and her second degree is in Education.

He has a well paying job, just got promoted to regional (large region, larger than some States) manager, which is even a more well paying job. My daughter is well paid as a teacher. (My jurisdiction does not believe in cheaping out on teacher's salaries).

They bought their first house just before my first grandchild was born. They had three children over a 8 year period after that. My daughter did not work until all children were in school. He was able to provide for the family on his family alone, and due to good fortune in the real estate market, were able to pay off both student loans as they trade up on houses.

The point is, their first degrees were "useless", right? I mean, WTF, Philosophy???

What many who demean that degree in particular, and "soft artsy fartsy" degrees in general don't realize that the basis of much science uses philosophy. Here is an excellent (but longer) article of why and solid example.

https://www.pnas.org/doi/10.1073/pnas.1900357116

Don't demean those degrees you may not understand. A society needs all types of people to function, not just doctors or welders or business owners.
 
Old 03-01-2022, 08:57 AM
 
Location: Southeast US
8,609 posts, read 2,295,733 times
Reputation: 2114
Quote:
Originally Posted by InformedConsent View Post
Community colleges are already subsidized. They're publicly-funded and nonprofit.

I don't know why more people don't take advantage of that resource if the cost of a college education is an issue. It does take a little bit of planning, though. If a 4-year degree is the goal, make sure the college you want to transfer to after community college has an articulation agreement with the 4-year school and follow the recommended course path EXACTLY as published for your intended major.
I'm really surprised to find out that my "bad education" state (as painted by teachers orgs and the ivory tower crowd) is actually a GOOD education state because:

a. we have a robust community college system that's pretty well-subsidized from the State budget.
b. there's an agreement with the State U system to transfer in, with all relevant credits.
c. the CC system does have trade programs, nursing programs, and locale-specific credits & training (like, in areas where "tech" is relevant based on employers, then they can get tech skills/degree.

And CC runs about 1/5 of the State U system per year (tuition only). Anyone can afford it by living at home and with a part-time job. Have some extenuating circumstances where you have to get out on your own? Work more hours, and get roommates.
 
Old 03-01-2022, 08:58 AM
 
Location: Southeast US
8,609 posts, read 2,295,733 times
Reputation: 2114
Quote:
Originally Posted by InformedConsent View Post
For those who are still learning about all of this, an articulation agreement establishes a binding partnership agreement between 2-year community colleges and 4-year institutions in order to simplify the transfer process. The transfer agreement outlines the specific major and courses a student completes at the community college that will transfer to the 4-year institution. By following the published transfer student course sequence path, students are able to complete their 2-year degree at the community college with courses that transition for full credit into the 4-year degree of their major. These seamless guides enable students to determine which courses to take and eliminates the guesswork regarding transferability of community college courses to the 4-year school.
Again, I'm surprised not ALL states have this. Even if they call it JuCo instead of CC.
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