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 Post subject: Re: Student Loan Crisis - Why and Solutions
Post Posted: Jun 4, 2019 11:08 pm 
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Higher education has behaved with total irresponsibility toward students. It took me seven years to get my first degree but with no student debt. There were times I didn't eat, but I made up for it later.

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 Post subject: Re: Student Loan Crisis - Why and Solutions
Post Posted: Jun 4, 2019 11:18 pm 
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I agree, if their involvement is only focused on getting the schools their money by paying them with taxpayer money. It gives the schools a free pass to keep charging whatever they want.

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 Post subject: Re: Student Loan Crisis - Why and Solutions
Post Posted: Jun 5, 2019 6:33 am 
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Student debt is the result of lack of accountability by both the colleges and the students. The younger generation is one of instant gratification and lack of financial skills. "Budget? What's a budget? I MUST have my $5 coffee, sushi, and $1k smartphone". The colleges have overpaid professors, many of whom do little to no teaching, and no accountability. The link below outlines the college situation pretty well.

Quote:
Colgate University spent $162 million in 2013, net of grants (scholarships) to students. It works out to $56,000 per student. There's a lot of strange fluff in the expense column, including $11.8 million paid to outside consultants, $8.0 in travel expenses, $4.2 million to top officials, and $25 million in undisclosed "other expenses." Total personnel expenses, outside of the top officials, were $86 million.


https://www.forbes.com/sites/nathanlewis/2017/02/17/u-s-colleges-where-does-the-money-go/#62f3e94a73ca


What are the younger folks wasting their money on?... (the 'average' guy really has 12 pairs of shoes?)

https://www.cnbc.com/2019/02/13/shark-tank-star-kevin-oleary-on-millennial-money-habits.html
http://investmentguru.com/financial-advisor/10-things-millennials-waste-money/

Just like the government, there is no revenue problem, there is a spending problem.


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 Post subject: Re: Student Loan Crisis - Why and Solutions
Post Posted: Jun 5, 2019 7:09 am 
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From CNBC - Here’s how much more expensive it is for you to go to college than it was for your parents

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Here’s College Board’s breakdown of how tuition has changed by decade, with all figures adjusted to reflect 2017 dollars:

Private nonprofit four-year institution

Tuition for 1987-1988: $15,160
Tuition for 1997-1998: $21,020
Tuition for 2007-2008: $27,520
Tuition for 2017-2018: $34,740

Public four-year institution

Tuition for 1987-1988: $3,190
Tuition for 1997-1998: $4,740
Tuition for 2007-2008: $7,280
Tuition for 2017-2018: $9,970

I wonder if todays students are getting a 200% to 300% increase in what they are learning,


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 Post subject: Re: Student Loan Crisis - Why and Solutions
Post Posted: Jun 5, 2019 8:30 am 
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Here's another look at college expenses with all costs:

Average Cost of College in America: 2019 Report

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No way I could have afforded even a public 4 year in state when I was young. I did work my way through school but I don't think even with todays wages, I could have made enough to pay these costs.


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 Post subject: Re: Student Loan Crisis - Why and Solutions
Post Posted: Jun 5, 2019 9:24 am 
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Taranis wrote:
Student debt is the result of lack of accountability by both the colleges and the students. The younger generation is one of instant gratification and lack of financial skills. "Budget? What's a budget? I MUST have my $5 coffee, sushi, and $1k smartphone"...


I grew up poor, dirt poor.
I was fortunate to fall in with a group of friends in high school who valued education & were aware of the doors a degree would open in the future.

I earned an associates degree from a state university paid for by small loans, meager grants, tiny scholarships, a work study program as well as my earnings from waitressing & factory work. (The latter kept me motivated to get an education!) It was about $5000/year.
Those funds were used for books & tuition only, which also covered the dorm & cafeteria meals.
This was the early 80's. I had no car, phone, computer or a compulsive need to have a latte in hand.
My later degrees were paid for with employer contributions coupled with my own money and a nice scholarship with my final degree.

I never once thought of using that money for anything other than school related expenses.
I work with many 20 & 30 somethings. I hear lots of stories about the difficulty of paying off student loans. Then I learn they took funds to support a LIFESTYLE while going to school :rent, car payments, clothes, restaurant meals, vacations, movies, salons & spas, etc. I guess my priorities were different.
The degree came first, with the responsibility to use the funds for the intended purpose. The rest would come later, as earned.

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 Post subject: Re: Student Loan Crisis - Why and Solutions
Post Posted: Jun 5, 2019 11:09 am 
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 Post subject: Re: Student Loan Crisis - Why and Solutions
Post Posted: Jun 5, 2019 11:30 am 
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I can relate, Chef-gal. At times, I worked 2 jobs to pay my tuition. I was not eligible for grant money because I was told "you're the wrong color" by the college admissions office (guess that's what they mean by 'white privilege' - the privilege to pay your own tuition). I drove a beat up 1981 Celica, and lived on hot pockets, Ramen noodles, and beans. To this day I cannot eat a hot pocket. A 'big night out' was having a couple cheap beers and throwing darts.

But, I graduated with my B.S. in 4.5 years, debt free. I still have the register from my checking account when I started my first job out of college. The balance? $9.60


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 Post subject: Re: Student Loan Crisis - Why and Solutions
Post Posted: Jun 6, 2019 6:45 am 
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Too much money paid out to administration and maintenance. Just like the pay CEOs get for
their work in most industries. Outrageous sums.....


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 Post subject: Re: Student Loan Crisis - Why and Solutions
Post Posted: Jun 6, 2019 7:15 am 
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chef-gal, I did the same, I worked my way through college and didn't have time or money or "extras". But, I have read several articles that as the number of students declines, colleges are increasing their amenities and fees to attract students to their campus.

Bigger’s Better? In Higher Ed’s Amenities Arms Race, Bigger’s Just Bigger!
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Testifying before the U.S. Senate in 2013, University of Wisconsin professor Sara Goldrick-Rab described college campuses as “glorified summer camps.” She said administrators were “engaging in an arms race to have the most impressive bells and whistles.”

That depiction may at first seem hyperbolic, but even a cursory glance at many of today’s college campuses reveals that the “arms race” described by Goldrick-Rab is real. Lush new dormitories, recreation facilities, student activity centers, libraries, and lecture halls now dot the collegiate landscape, embodying the idea that students must be appeased with upper-middle class comforts if universities are to vie for their tuition dollars.


near the bottom of this article, these "fixes" are recommended:

Quote:
At the national level, Professor Goldrick-Rab has suggested that the maximum amount that students can borrow should be lower. Allowing students to borrow large amounts of money, she says, enables colleges to overspend on amenities. She suggests the federal government should focus on grants to low-income students instead.

At the local level, public universities and small schools can refocus to compete on price instead of pomp. To some extent, this shift has already begun.


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 Post subject: Re: Student Loan Crisis - Why and Solutions
Post Posted: Jun 6, 2019 12:47 pm 
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Pay back your own damn loans! I paid mine! If you can't afford it, you best not be taking a loan. And don't expect everyone else to pay for your loan. It's not rocket science people!


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 Post subject: Re: Student Loan Crisis - Why and Solutions
Post Posted: Jun 6, 2019 2:48 pm 
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okfine wrote:
Pay back your own damn loans! I paid mine! If you can't afford it, you best not be taking a loan. And don't expect everyone else to pay for your loan. It's not rocket science people!

:exactly:


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