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Congrats, Graduates! Here’s Your Diploma and Debt


#1

Congrats, Graduates! Here’s Your Diploma and Debt

Chuck Collins

It’s that time of year again. Flowers are flowering, spring is springing, and across the country college graduates are graduating with their newly awarded degrees held high.

Also high is the mountain of student debt most of these recent graduates are taking on. All told, 44 million Americans now owe student debt — including 7 in 10 graduating seniors last year, who owe an average of $37,000.


#2

"It's time for the 44 Million student debt households to flex OUR muscles...?

Thanks, author of "Born on Third Base, a One Percenter Makes the Case...", and when are you going to co-author ANOTHER book with Bill Gates?


#3

The 1% love Lincoln because he ended formal slavery and enabled the 1% to create debt slaves that they did not need to own but could extract even more money from compared to owned slaves. Who wants to buy slaves and constantly need to make sure they stay healthy so they can be productive, when an eternal procession of expendable debt slaves are much more profitable and pose no financial risk for the 1%.


#4

Oh, the time is coming for a debt strike of massive proportions.


#5

Right, it's also Uber's model.


#6

And the biggest reasons for exploding debt are:

1) The fact that the cost of college has increased at 2-3x the rate of inflation for the past 30 years. This is reflected in the dramatic increase in the number of administrators in colleges and the levels of compensation some (but certainly not all...) professors get - e.g., Liz Warren getting $300,000 to teach one course a semester.

2) The fact that what students used to complete in four years now takes them 5-6 years.

This is further exacerbated by the number of students who get degrees that are uneconomical - i.e., that will not afford them a reasonable livelihood after graduation. An engineering degree, a computer science degree, even a business degree will get you a job where you can pay off your student loans (well, maybe not if you're living in San Francisco...).

A degree in sociology, or ethnic studies or english probably isn't going to get you more than a barrista's job.. Perhaps you should have thought of that when you were choosing courses.

No one is forced to go to college. No one is forced to take out loans. Think before you borrow, and don't expect other people to bail you out._____


#7

I would also add the outrageous cost of athletic programs.


#8

No argument on that one!


#10

Pew Research published a report on funding for higher education. Pell Grants and federal tax credits for education have increased greatly since 2000, Obama helped with the American Opportunity Tax Credit, while enrollment went up 60%. http://www.pewtrusts.org/~/media/assets/2015/06/federal_state_funding_higher_education_final.pdf -- Tuition fees cover only about 20% of the cost of running a college, see page 10 for the U.S. average. State funding has dropped by 37% since 2000. The total cost of public higher education is maybe $150 billion a year, (or $30,000 per student per year) which is not huge in an economy of $19 trillion.The economy needs to shift money out of finance, CEO pay, super-high health care expenses and military spending, and put it into higher wages for non-supervisory workers (employees) and re-create the power of labor union strikes. And to create debt forgiveness programs. We need a major overhaul.


#11

My observation back in the 1980's as a member of essentially the first wave of this after Reagan took office was it was one of the best (along with stagnant/lower wages) means to control the populace. 80's undergrads by and large would not object to all the stuff that was just beginning with Reagan and has continued on for over three decades, They were scared, and took solace in getting that gold card as soon as possible. It was an ingenious was to keep campuses quiet.