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Some U.S. Colleges Cut Tuition

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Re: Some U.S. Colleges Cut Tuition

#151

Post by yyyymmddh »

Melting_Harps wrote: post #141
WaitWaitWha wrote: post #57

Earlier quoted context omitted.

>The permanence of student loans means lenders have no qualms against writing loans for people who will likely not be able to pay them off for decades, or ever. Worse, lenders write, and universities accept applications for people they know statistically 99.999% they will not get past the first year.

> Worse, lenders write, and universities accept applications for people they know statistically 99.999% they will not get past the first year. Sounds like the subprime mortgage scam by the banks, given that they know the US government is going to subsidize the 'losses' and they will have extracted their profit one way or another. Anyone who thinks Socialism is some de-facto virtuous ideal needs to see that collusion…

To the point about socialism, this book has blown my mind: https://www.amazon.com/Peoples-Republic-Walmart-Corporations...

Re: Some U.S. Colleges Cut Tuition

#152

Post by bzbarsky »

selimthegrim wrote: post #113
dragonwriter wrote: post #95

Earlier quoted context omitted.

> There is no collateral for a school loan. There is no collateral for credit card loans either. > Banks have to make up for that risk somewhere. Private student loans have pretty much shriveled to a drop in the ocean of higher-ed financing since they were excluded from the federally-subsidized loan programs (for quite a long time the only “federally-subsidized” loans are direct federal loans), so banks don’t need to…

Not true, I went to a top accredited school and had to take out private loans (at 9.5%) when I exhausted their aid and federal resources and my parents were tapped out

When was this, though? There have been major changes in the college loan situation over the last 20 years or so....

Re: Some U.S. Colleges Cut Tuition

#153

Post by afterwalk »

sandeeps_ wrote: post #123
afterwalk wrote: post #91

Recently playing around with a 529 college saving plan calculator, it told me that for a 5 year old aiming to go to a 4 year private school, I need to save up $600k in the next 13 years. I thought the calculator was broken, but it was simply using the past decade's grow rate for tuition to model the next decade.

Do you mean the account should have 600k at the time of kid starting college? Does the 600k include gains from the investment in 529 or is it just the principal?

That figure includes the gains, and represents approximately how much college will cost in 13 years if trends continue. My point was that $600k for going to college sounds so ridiculous that the trend shouldn't be able to continue.

Re: Some U.S. Colleges Cut Tuition

#154

Post by selimthegrim »

bzbarsky wrote: post #152
selimthegrim wrote: post #113

Earlier quoted context omitted.

Not true, I went to a top accredited school and had to take out private loans (at 9.5%) when I exhausted their aid and federal resources and my parents were tapped out

When was this, though? There have been major changes in the college loan situation over the last 20 years or so....

2008-09. Just for about 10k though.

Re: Some U.S. Colleges Cut Tuition

#155

Post by jldugger »

manfredo wrote: post #84
ntsplnkv2 wrote: post #79

Earlier quoted context omitted.

This is wishful thinking. There is no collateral for a school loan. Banks have to make up for that risk somewhere. Students will have nothing to lose by staging bankruptcy, and banks will stop giving out loans.

Bankruptcy tanks your credit rating for years. Most of a decade, ~7 years IIRC. If student loans could only be cancelled via bankruptcy after 10-15 years, that would mean students trying to cancel their loans through bankruptcy would be doing it in their early to mid 30s assuming they graduated at 21 years of age. Their credit scores would be ruined until their 40s at least. Few people would pursue this route just to…

But what good is a credit rating? Plenty of people are willing to offer you a credit card after declaring, simply because of the 8 year prohibition on serial bankruptcy.

Re: Some U.S. Colleges Cut Tuition

#156

Post by smileysteve »

kube-system wrote: post #124
smileysteve wrote: post #81

Earlier quoted context omitted.

> They teach interpersonal skills, social skills, work ethic, self care, professional networking This suggests that people who don't go to college lack interpersonal skills, work ethic, ability to self care; Seems like all of these are important, especially for the other 34%. But the other response is, this is a loud siren for nepotism -- and potentially other isms; as opposed to meritocracy, thanks for including "pr…

> This suggests that people who don't go to college lack interpersonal skills, work ethic, ability to self care; No I am not suggesting that. These skills are not boolean, they are all a varying continuum, and they can be learned in different ways. Liberal arts schools don't teach these things because they cannot be learned in a different way, they simply teach them because they are important to their educational mis…

> they can be learned in different ways.

But that's not what you're saying. Your comments suggests that a college education is necessary to learn these skills; That removing student loans would somehow decrease work ethic.

The irony of the West Point cheating scandal coming out that denies that even the most prestigious college that focuses on values fails to instill values disproves your suggestion very strongly.

Re: Some U.S. Colleges Cut Tuition

#157

Post by tesmar2 »

sbeller wrote: post #128
gregario wrote: post #86

Earlier quoted context omitted.

So they tax 8% higher than USA's highest tax state? > affordable healthcare, education, and government-backed pensions Affordable healthcare, education, and pensions are wonderful things and I want them as well. It's immoral to provide them through the federal government though, it should be done privately through the market.

> USA's highest tax state? That is another myth that is floating around the US. CA actually has progressive tax brackets (i.e. the rate changes quite a bit from bracket to bracket) and only few get into the top state brackets, whereas most of the other states that have income tax, >90% of people are in the top bracket as the top bracket is around $10k (looking at https://tax.idaho.gov/i-1110.cfm ).

And if you make more than a million dollars a year? With a potential wealth tax added? Certainly the highest tax state. It gets stupid.

At least in Idaho everyone is treated equally.

Re: Some U.S. Colleges Cut Tuition

#158

Post by tesmar2 »

imtringued wrote: post #146
nrclark wrote: post #125

Earlier quoted context omitted.

Why is it immoral for the government to provide that stuff? What makes private industry better in any way?

When you consider that there is no limit to the size of a company it is pretty obvious why monopolies form. A lot of markets only really need one company that provides a service or product for the entire economy. With healthcare it is extremely obvious that having one provider is beneficial because you want everyone to be on the same health insurance plan. The problems are that monopolies usually abuse their power so…

> it is pretty obvious why monopolies form

The reason is clear: government regulation. Basically every. single. time. See Milton Friedman on this.

Re: Some U.S. Colleges Cut Tuition

#159

Post by sandeeps_ »

afterwalk wrote: post #153
sandeeps_ wrote: post #123

Earlier quoted context omitted.

Do you mean the account should have 600k at the time of kid starting college? Does the 600k include gains from the investment in 529 or is it just the principal?

That figure includes the gains, and represents approximately how much college will cost in 13 years if trends continue. My point was that $600k for going to college sounds so ridiculous that the trend shouldn't be able to continue.

Enroll them in Lambda school :)

Re: Some U.S. Colleges Cut Tuition

#160

Post by LockAndLol »

swebs wrote: post #25
djsumdog wrote: post #4

> cut its tuition by $10,000 for all new students I find it insane tuition is that high. I finished grad school before 2010, and at least with the smaller state schools I went to, total cost of tuition and books was in the $3k~$5k range. Boutique schools like Vanderbilt were like $25k+ (per semester). I had a friend who got a free ride there for graduate school, and he said it wasn't really that different than our st…

>Federally subsidized student loans need to GO AWAY. They've allowed students to enter into debt, the only long term contracts kids under 18 can legally sign, for something they can never declare bankruptcy on. I think that's something that many people would agree with, but how do we go forward with making that happen?

Honestly, vote for people like Yang, Bernie and Warren. Talk to people and try to get it into their heads that voting for the well-being of everybody - not just a select group you belong to (ethnicity, sex, social status, job, region, etc.) - is better for the country.

That might include you taking a hit e.g higher taxes, but it's group think and individualism that brought the country to its current state.

So voting for:

- free public education

- higher teacher salaries

- higher taxes on the wealthy

- forgiving all student loans

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