The Delinquent Borrowers Leading a Student Loans Revolt
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Re: The Delinquent Borrowers Leading a Student Loans Revolt
#2Those numbers are horrific. My entire UK degree debt will be about $60k at 3% and I won't have to make any repayments until I earn about $30k pa.
For my degree it should be a net profit for me. For less well paid occupations one is insulated against low wages. I am happy that I contribute to the advancements in non vocational learning.
My fellow students and I are said to contribute $40m pa to the local economy which is much needed in this deindustrialised part of the country - all accommodation is provided by third parties.
But $45k per year is an outrage. It surely can't be based upon the cost of provision.
Re: The Delinquent Borrowers Leading a Student Loans Revolt
#3Hey! Glad to see this on HN. I'm a volunteer developer for this group, and we are looking for more hands. If you're interested in helping us out, feel free to reach out to me on GitHub (karissa) or Twitter (captainkmac).
Here's the list of issues (signup/login related) that I'm working on now: https://github.com/debtcollective/debtcollective-web/issues/...
Here's a taste of the future: "Harnessing user data (and combining it with data gathered automatically from creditor websites and public data sets)" - https://www.newschallenge.org/challenge/data/entries/debt-co...
Re: The Delinquent Borrowers Leading a Student Loans Revolt
#4Those numbers are horrific. My entire UK degree debt will be about $60k at 3% and I won't have to make any repayments until I earn about $30k pa. For my degree it should be a net profit for me. For less well paid occupations one is insulated against low wages. I am happy that I contribute to the advancements in non vocational learning. My fellow students and I are said to contribute $40m pa to the local economy which…
You're right, it isn't. It's largely a for-profit industry, even the 'non profit' colleges. Most teachers, especially adjuncts, make very little in comparison to what the students are paying -- look at NYU, 50k/year per student in a class of 20 where the teacher is paid 5k/class. The math doesn't add up.
Re: The Delinquent Borrowers Leading a Student Loans Revolt
#5Those numbers are horrific. My entire UK degree debt will be about $60k at 3% and I won't have to make any repayments until I earn about $30k pa. For my degree it should be a net profit for me. For less well paid occupations one is insulated against low wages. I am happy that I contribute to the advancements in non vocational learning. My fellow students and I are said to contribute $40m pa to the local economy which…
UK Background: Last government (the coalition) decided to move part of the financial burden of a University education from the state (in the form of a 'teaching grant' paid directly to the University) to the student (in the form of a low rate loan as described by SixSigma). This was entirely within the ideological position of one of the coalition partners, but was a bit of a u-turn for the other partner with rather drastic results in terms of support.
The Student Loan Company in the UK has to borrow money at commercial interest rates in the financial markets. The difference in costs between the interest rates paid by the company and the interest paid back by the students will be met by the government. It isn't clear to me if there will actually be any net saving to the taxpayer at all - I recollect seeing (but can't find a reference at present) an analysis that suggested that the policy will actually cost more money compared with the previous direct grant system for the next 20 years or so. I suspect the payback period will depend on the number of graduates who get stuck in low paying jobs.
I would love to see any more recent analysis.
Back on topic: good luck to these people!
Re: The Delinquent Borrowers Leading a Student Loans Revolt
#6Those numbers are horrific. My entire UK degree debt will be about $60k at 3% and I won't have to make any repayments until I earn about $30k pa. For my degree it should be a net profit for me. For less well paid occupations one is insulated against low wages. I am happy that I contribute to the advancements in non vocational learning. My fellow students and I are said to contribute $40m pa to the local economy which…
You're right, it isn't. It's largely a for-profit industry, even the 'non profit' colleges. Most teachers, especially adjuncts, make very little in comparison to what the students are paying -- look at NYU, 50k/year per student in a class of 20 where the teacher is paid 5k/class. The math doesn't add up.
Of course the math adds up. You can't run a university without a home in Fire Island, and that shit's spendy.
Re: The Delinquent Borrowers Leading a Student Loans Revolt
#7Those numbers are horrific. My entire UK degree debt will be about $60k at 3% and I won't have to make any repayments until I earn about $30k pa. For my degree it should be a net profit for me. For less well paid occupations one is insulated against low wages. I am happy that I contribute to the advancements in non vocational learning. My fellow students and I are said to contribute $40m pa to the local economy which…
You're right, it isn't. It's largely a for-profit industry, even the 'non profit' colleges. Most teachers, especially adjuncts, make very little in comparison to what the students are paying -- look at NYU, 50k/year per student in a class of 20 where the teacher is paid 5k/class. The math doesn't add up.
Would a self organised University be possible in the US system?
A group of teachers using cheap space and online communications to provide lectures/support/assessment with students then taking exams accredited by another institution? Possibly with sponsorship/organisational support from a voluntary sector organisation?
That is basically how most Universities outside Oxford/Cambridge/Edinburgh/Aberdeen started in UK in the Victorian period. The University of London was set up to validate degrees provided by various constituent colleges in the regions. There was a strong non-conformist (Baptist/Methodist) input on the funding and organisational side.
Re: The Delinquent Borrowers Leading a Student Loans Revolt
#8Earlier quoted context omitted.
You're right, it isn't. It's largely a for-profit industry, even the 'non profit' colleges. Most teachers, especially adjuncts, make very little in comparison to what the students are paying -- look at NYU, 50k/year per student in a class of 20 where the teacher is paid 5k/class. The math doesn't add up.
Of course the math adds up. You can't run a university without a home in Fire Island, and that shit's spendy.
I rofled
Re: The Delinquent Borrowers Leading a Student Loans Revolt
#9The absurd student loan system is what fueled tuition inflation in America. It needs to be abolished.
Re: The Delinquent Borrowers Leading a Student Loans Revolt
#10Earlier quoted context omitted.
You're right, it isn't. It's largely a for-profit industry, even the 'non profit' colleges. Most teachers, especially adjuncts, make very little in comparison to what the students are paying -- look at NYU, 50k/year per student in a class of 20 where the teacher is paid 5k/class. The math doesn't add up.
Would a self organised University be possible in the US system? A group of teachers using cheap space and online communications to provide lectures/support/assessment with students then taking exams accredited by another institution? Possibly with sponsorship/organisational support from a voluntary sector organisation? That is basically how most Universities outside Oxford/Cambridge/Edinburgh/Aberdeen started in UK i…
I'd love that. I think a lot of teachers would be happy to get rid of the bloated administration in their university.