Average monthly payment = $250.00
Less than their car payment.
How about first helping those from public colleges and universities, community colleges and trade schools.
Those who borrowed for MBA, Law school, medical schools after graduation get nuttin, period.
Private colleges in the southeast have the highest dollar amounts borrowed and the most worsest hiring rate for their graduates. Re-certify these rip offs or close them down. They are not providing the students a future. Just lining the pockets of the administrators. These are traditional black colleges, fine, but they must provide a competitive curriculum that actually advances our young peoples. The taxpayer, U.S. borrowing should not back up these crooks - meaning the colleges, not the victim students.
Yes! Colleges can be crooks. Once upon a time getting a Phd meant something----but if that is true----why are so many newly made Phd’s having to run around to several colleges to try to make enough money to pay back their loans and still have food and shelter? It would seem like colleges would know this as they set the curriculum!
YOU choose to go to college. YOU choose to go to an expensive school, as opposed to a low cost school (e.g., community college for 2 years, state school with in-state tuition). YOU choose to select a major that isn’t going to pay well.
YOU should pay back what you borrow, not all the people who either chose not to go to college, or went to schools they could afford, or studied something that allowed them to pay back their loans.
This is just welfare for the intelligensia.
Colleges have become a racket. If you look at the data, college tuition has increased at roughly 2x the rate of inflation for the last 50 years. The number of “administrators” has more than doubled in the same time.
If they suddenly become “free” (oops, I mean if someone other than the people who go to them pay for…) there will be no reason to not increase costs even faster. Nice racket
See —you answered your own dilemma---------apparently in the 1970s, I’ve heard that junior colleges were a coupe of bucks for a ow fee----and state colleges were a bit more. Apparently after WW 2 there was a G.I. Bill, which made college possible for nearly everyone! And, with so many military jobs not needed, the government made it possible for many peopie to go to college and specialize in something! A retraining for the worid of a new America. But YOU are correct, the colleges and universities became places for the few to anoint themselves in power-----and rates raised more and more, but with the $ staying in administration-------and in some paces, not much ws needed to become a “college.”
That’s a big failing in America’s history--------somewhere along the way greed became a racket for those at the top----and probably since the 1970s period—college became a way
for SOME to make millions -----but that didn’t include the students! That’s what students want to have reformed— and it’s an idea that would hep the nation. : )-
The GI Bill made college available for those who had already paid by putting their lives on the line and served in the military. It was, in effect, deferred combat pay. Huge difference from giving “free college”.
One of the few potential “silver linings” of COVID is that people are beginning to realize what a racket college has become, with colleges attempting to continue to charge people outrageous tuition and (hysterically) student activities fees when people are learning virtually. That is the direction we need to be moving - more use of virtual learning to break the cost of the Higher Education Establishment.
So, are students and former students who are so deeply in debt to this scam, ready to fight back? A letter to Biden is nice. What will you do when he ignores it?
Debt strike anyone? Organized, with specific demands? Other tactics? A blockade or sit-in at key offices? What is under consideration? Besides another letter…
Why do we not charge for first grade? Sixth grade? 12th grade?
The entire financial construct of “higher education” is a scam. No one should be in debt for public education.
Your knee-jerk genuflection toward scammers who loot the economy is predictable.
Nice victim blaming, I suppose under your theory it’s the patients fault that their hospital bills are so expensive too, after all they could just go to their local pharmacy and treat themselves, no need for the poor to go to those expensive hospitals. And I suppose it’s the average Wall Street bank customers’ fault for the banks crashing the economy in 08/09.
I bet you got pissed because of the small amount of money spent on the workers during the beginning of the pandemic, while the 45 trillion allocated to corporations was fine, right?
Why is it you never seem to blame those who cause these problems, the rich, but instead the working class just trying to survive in this crappy country?
What about the guy at Harvard that received over a million dollars so that a rich foreign national could have his two sons graduate from Harvard? Unlike some of them, they were actually qualified to attend as in many cases the prospective student isn’t.
As one who went to college on what was then the “National Defense Student Loan” I endorse relieving student debt – including medical school. (I worked for years with medical students who assume a very large debt to enter that field. We need the docs.)
Studies have shown that eliminating this debt would provide a BIG economic impact. I know that Stephanie Kelton had a study in this regard.
It seems to me that investing in the young people of this nation and making sure they have the education they need to use their talents is one of the best investments we could make in the future of the country.
Have not seen anything about it, link?
I am surprised your defending WWSmith’s position though.
This example happens all the time, what is different is that they are now prosecuting this for the fraud that it is. Not just Harvard, but many universities no longer have the prestige they once had.
I’m not supporting any position, I doubt many of the students in this discussion will be able to pay these loans and need debt relief that doesn’t destroy their lives. They need to stop the practice altogether, but have some other plan, not fiat order.
In some cases you can’t even get into a Ph.D. program unless you can prove you can pay for it.
Across the board ‘forgiveness’ will make all those who sacrificed to pay back their loans look and feel like fools.
Students with any integrity should be addressing the whole system of exploitation.
Thanks for the link. I’m absolutely against this type of practice, and believe all involved need to be prosecuted to the fullest, not slaps on the wrist we saw this summer with the Hollywood stars.
I do fail to understand, what relation this story has to the article we are commenting about though.
My apologies for my accusation, I thought you were backing up Smith’s comments on the subject.
No apology needed, I think questioning is vital to discussion.
I think it is related in terms of resources available to students for education. It isn’t putting students on trial but what they have to do to get an education. Will the student paying for years of debt pay more than the ones that used bribery to accomplish the same goal. How many of the decision makers in government or on Wall street corrupted universities or were corrupted by universities to become influential. I have to think the chickens are coming home to roost.
Because EVERYONE benefits from 1st, 6th and 12th grades. It is a “common good” as opposed to an “individual choice”.
“Higher Education” (an amusing term) is not “public” education. It is a matter of individual choice - afterall, not everyone goes to college, do they?
Most borrowers have good intentions and begin the repayment process after they graduate. Many planned on careers that would reap benefits large enough to include loan repayment. But companies downsize and transfer jobs overseas. People who keep working usually experience cuts in pay and benefits. Or the borrower gets seriously sick. And when a student loan goes unpaid, the interest capitalizes into principal, racking up interest on interest. Before long, with decreased income or rising costs, the person can’t make the payments.
My $13,500 from the mid-'80s is now nearly $50,000. I’ve had cancer twice and lost two well-paying jobs, in each case when the owner ended the business or sold it to a corporation that brought in their own people. Taxpayers will have paid around $250,000 on that loan by the time it is discharged in another 20 or 30 years. Better to have paid it back when illness and job loss prevented me from making payments and discharging in bankruptcy. Most other borrowers are in very similar situations. They even get their Social Security garnished!
All that money goes to the banks and not to fellow citizens who are offering goods and services. It would come around so that the economy works for everyone, not just the rich and connected.