Student loans are the manacles of Satan

[JustinR]

The other part of the equation is that with so much "free" money available from the government in the form of student aid/loans, higher learning institutions have less motivation to reign in costs, since many students don't realize how much their education is costing them until they start paying off the loans. If all of the "free" money started to dry up, many institutions would be forced into drastic cost cutting measures because their student base would shrink dramatically, either unable to afford the astronomical prices or attending schools with lower tuition rates. As previously stated, it would cut out a lot of the fluff education and help bring the cost of a real education to a realistic free market rate.

[Weetabix]

The other part of the equation is that with so much "free" money available from the government in the form of student aid/loans, higher learning institutions have less motivation to reign in costs, since many students don't realize how much their education is costing them until they start paying off the loans. If all of the "free" money started to dry up, many institutions would be forced into drastic cost cutting measures because their student base would shrink dramatically, either unable to afford the astronomical prices or attending schools with lower tuition rates. As previously stated, it would cut out a lot of the fluff education and help bring the cost of a real education to a realistic free market rate.

That's why I said, "bankers, university administrators, and politicians." I'm pretty sure they're all doing their active best to hide from the students the true cost of their education as well as the true, lower-than-advertised, salaries that go with the degree. I can't see any conclusion but that the universities, banks, and government are colluding to defraud the young - to actively prey on them. (And, yes, it's OK to split an infinitive, if you're doing it because you understand the roots of the rule and choose to split it anyway for clarity. )

[Netpackrat]

The other part of the equation is that with so much "free" money available from the government in the form of student aid/loans, higher learning institutions have less motivation to reign in costs, since many students don't realize how much their education is costing them until they start paying off the loans. If all of the "free" money started to dry up, many institutions would be forced into drastic cost cutting measures because their student base would shrink dramatically, either unable to afford the astronomical prices or attending schools with lower tuition rates. As previously stated, it would cut out a lot of the fluff education and help bring the cost of a real education to a realistic free market rate.

While I was attending the University of Alaska back in the mid 90's, the state raised the amount that a student could borrow each year. The University openly used that as justification for an immediate tuition increase. I wasn't surprised that they raised the tuition, but the fact that they came right out and said that's why they were doing kind of took me aback. I didn't have a loan at the time; I'm not sure if I would have been pissed off more, or less. I ended up taking one out to finish my last year, and had it paid off a couple years after that. And that's including getting my private pilot certificate during that same time.

[Mike OTDP]

I sold myself to Uncle Sam to pay for college. The Naval Air Test Center had a co-op program...they would cover your tuition if you contracted to work for them for three years after graduation. You were underpaid, and NAS Pax River was even more remote then than it is today (and it's pretty far off the beaten track today), but I graduated with no debt other than the work obligation. Took Uncle's nickel in 1980, been working for him ever since.

[mekender]

I am sitting on a house payment's worth of loans myself and that does not count my wife's... Thankfully I make enough to get em paid off.

[esa5444]

University administrators, bankers, and politicians are not equal. Bankers suck, politicians are scum, but university administrators? Send them to Guantanamo, waterboard them with acid, hook up car batteries to their reproductive organs (I'm trying to be gender neutral), make them listen to Irishmen playing bagpipes, and I would still be the guy with a red hot poker yelling "my turn, my turn!". They combine the predatory instincts of bankers, the complete lack of morals or common sense inherent in a politician, and a dictatorial authority over students, which they abuse freely and frequently.

That said, the student loan issue is not one that I specifically blame on those three groups. I blame it on parents and liberal menace running the K-12 system. They teach the kids that you go to college for the experience rather than the education. I think that's a load of horseshit. No one seems to be learnin' the kids that when you graduate, those friendly people at the student loan bank go from saying "help us finance you're dreams!" to "check's due in two weeks, b***h, pay up or else". If you are $120,000 in debt to pay for a degree that will earn you 35,000 a year starting out and perhaps 60,000 after 15 years*, then you are screwed.

I am saying this as someone who has student loan debt. However, I pursued a difficult degree plan which didn't leave me much time for "the college experience" (unless doing x-ray diffraction at 4am Saturday is "the college experience"). When I was close to graduating, I nearly burned myself out looking for a job; that job pays well enough that the student loan debt is significant, but comfortably within my means of paying. Compare this to most of the people in trouble with student debt; degree in basketweaving, don't look for a job, graduate, take a trip somewhere, come back to their parent's house and an answering machine full of messages saying "pay up".

*Teachers is the specific example I am thinking about. In my experience, 95% of recent grad teachers are those that received degrees that are not economically viable in any way.

[workinwifdakids]

I agree. My student loans are about as much as my mortgage, and I regret it very much. It's 100% my fault, but I wish someone would've given me a heart to heart and told me at the tender age of 19 what a terrible decision it was.

Now I always tell the college students I'm teaching to stay away from student loans, period!

[blackeagle603]

Presumbably this book...

Worthless: The Indispensable Guide to Choosing the Right Major [Paperback]
Aaron Clarey (Author)

I did something I never thought I'd do this past year -- I encouraged one of my kids to pursue a non-STEM degree in Musical Theater and/or Voice. What. Have. I. Done.

[blackeagle603]

Nope nope nope. No debt. Community College. Has a vocal instrument she needs to develop. It just wouldn't be right to neglect the remarkable ability she was born with. Meantime she is growing herself a little childcare/housecleaning/personal assistant business. Got 2 regulars right now that pay much better than min wage. Hopefully the one will generate referrals (a successful family law attorney who just hung out her own shingle) -- and maybe a chance to help in the office if that firm grows. I bought her some business cards for her 19th birthday (tomorrow).

The S&H going to Cal Maritime in Mech Eng and taking debt to supplement NROTC money was ok with me. That was a rare case with a fast payoff. Mech Eng's from CMA have 100% placement rate and can make solid 6 figures first year out of school if they're willing to go to sea (with low expenses afloat).

[Darrell]

It's no coincidence that "all kids should go to college" is a popular mantra. As usual, follow the money. As I've said before, college has become a racket; half the kids in college have no business being there.