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NYU Neatly Embodies Everything Wrong With Higher Education in America

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Re: NYU Neatly Embodies Everything Wrong With Higher Education in America

#41
post #7

NYU is a school for rich kids. It's a vacation for students who want college fun, but prefer it to be in an urban setting like NYC (and the best part of NY, to be sure), rather than in a small college town with its frat parties and beer pong. IMO, it's not the ideal place to study at all. Too many distractions. If you're a liberal arts student you can probably take advantage of all the events, museums, intellectual s…

I went to NYU, and I disagree.

I am not from a rich family. No one in my family earned a college degree before me and they immigrated to the States with little to nothing. They were smart enough to start saving early for my education so I wouldn't have to pay a dime, but despite that, I still have loans. Thankfully I'm well on my way to paying them off, and early, because of the skills and the network I think I could have only built at NYU and NYC at large. I have the job I have because I went to NYU.

It's true that this is not the ideal place to become a hermit and focus on maximizing your GPA. I argue that higher education is far more involved than your studies - it's about exposing yourself to new experiences, honing your social senses and building a strong network, among other soft skills that are not summarized by your transcript. There are few better places in the world to do so than in NYC and specifically within NYU as a college student.

Lastly, going through NYU was not a vacation. I was very aware - as well as everyone else I knew was as well - that NYU was a ridiculously expensive place to be going to: nearly a quarter of a million dollars for an education with everything accounted for. If I screwed this up, all that money would be wasted, so study up. Not only that, study up, but resist the weakness to indulge in the "distractions" of the city and let your grades suffer.

In short, to say that NYU students are all rich kids is overgeneralizing, to think that studying in college is your one priority is myopic, and to call an NYU experience a "vacation" is just insulting. Have a little faith.

Re: NYU Neatly Embodies Everything Wrong With Higher Education in America

#42
post #26

Earlier quoted context omitted.

That's simpler, but worse. Education is a text-book example of a good with positive externalities and it's worth subsidizing, especially for poorer people.

But almost all of the returns to education are captured by the person receiving the education. How much incentive do you need to provide to someone to increase their own earnings by 50%? If you want to see what happens when a society mindlessly thinks "more kids in more college is better, damn everything else," look at society right now.

[deleted]

Re: NYU Neatly Embodies Everything Wrong With Higher Education in America

#43
post #7

NYU is a school for rich kids. It's a vacation for students who want college fun, but prefer it to be in an urban setting like NYC (and the best part of NY, to be sure), rather than in a small college town with its frat parties and beer pong. IMO, it's not the ideal place to study at all. Too many distractions. If you're a liberal arts student you can probably take advantage of all the events, museums, intellectual s…

> "If you're a liberal arts student you can probably take advantage of all the events, museums, intellectual stuff surrounding you, but there's no way I would want to study pre-med or engineering or the like there (even if disregarding the costs)." As someone who went to college in a small college town (a 3-college town, even) with no semblance of events, museums, and non-academic "intellectual stuff" to be found any…

You don't need to live in a city to have access to a city. Got a CS degree from a liberal arts collage in a nice small town near DC. So while it was easy enough to go to DC my rent was 1/4 of what it cost to live there.

Re: NYU Neatly Embodies Everything Wrong With Higher Education in America

#44
post #21

Earlier quoted context omitted.

>NYU is a school for rich kids Eh... Maybe at the undergraduate level. NYU has some extremely strong graduate programs and surely most grad students there are not rich vacationers.

I'm clearly referring to undergraduate education. People with solid state school options shouldn't choose NYU unless they are rich. You'd be a fool to give up in-state @ Univ of Texas undergrad for NYU, for example.

Only the rich can afford solid state school options. The rest of us have to make do with traditional spinning-magnetized-rust schools.

Re: NYU Neatly Embodies Everything Wrong With Higher Education in America

#45
post #26

Earlier quoted context omitted.

That's simpler, but worse. Education is a text-book example of a good with positive externalities and it's worth subsidizing, especially for poorer people.

To an extend yes. Absolutely true up to and including high school, but at some point diminishing returns kick in. The idea that all education at any cost carries positive externalities is exactly what got us into the mess that is education today. Edited to add: Also, my proposal isn't incompatible with neither financial aid nor grants to institutions. But like underpriced mortgages caused a housing bubble, underprice…

I think it might be the time to buy CDS backed by securities on student loans[0]...

Time for me to find some investors and pull my own Kyle Bass :P

[0]: http://m.washingtonpost.com/business/economy/sallie-mae-to-s...

Re: NYU Neatly Embodies Everything Wrong With Higher Education in America

#46

Earlier quoted context omitted.

Those institutions that can convince lenders that graduates will be in a position to pay back the loans quickly will be able to offer lower rates to students, and thus attract more and better students. This assumes that a lender's primary interest is in having a loan repaid quickly. I don't think it's true - they are in it to make a profit, and exploiting the young adult with penalties and hidden fees or tricks helps…

No, true, they won't care about the speed. But they will care about the default rate - and the ability to pay the debt down faster correlates strongly with a lower risk of default.

But all other things being equal, would they choose a speedy repayment or a slower, more expensive schedule?

I think one good reason for government participation in the student loan market is that it helps reduce exploitation of the borrowers, who are mostly just-turned-18 adults so eager to attend a college they'll sign anything.

Re: NYU Neatly Embodies Everything Wrong With Higher Education in America

#47
post #7

NYU is a school for rich kids. It's a vacation for students who want college fun, but prefer it to be in an urban setting like NYC (and the best part of NY, to be sure), rather than in a small college town with its frat parties and beer pong. IMO, it's not the ideal place to study at all. Too many distractions. If you're a liberal arts student you can probably take advantage of all the events, museums, intellectual s…

You are speaking out of your ass, and it's really damn irritating to see the rest of you upvote this trash given people who've actually studied there responding in disagreement.

My younger brother just graduated from NYU Stern undergraduate and he says the experiences he's had were invaluable. School was not easy by any means, he was encouraged to travel and experience business in other parts of the world, was heavily involved in student government and the community, and is going to start a job here in NYC. He might not have been able to have such a rewarding 4 years had he gone elsewhere.

He pulled loans and will be paying them back, too. And he thinks it's still worth it. And I agree.

Re: NYU Neatly Embodies Everything Wrong With Higher Education in America

#48
post #7

NYU is a school for rich kids. It's a vacation for students who want college fun, but prefer it to be in an urban setting like NYC (and the best part of NY, to be sure), rather than in a small college town with its frat parties and beer pong. IMO, it's not the ideal place to study at all. Too many distractions. If you're a liberal arts student you can probably take advantage of all the events, museums, intellectual s…

[deleted]

Re: NYU Neatly Embodies Everything Wrong With Higher Education in America

#49
post #7

NYU is a school for rich kids. It's a vacation for students who want college fun, but prefer it to be in an urban setting like NYC (and the best part of NY, to be sure), rather than in a small college town with its frat parties and beer pong. IMO, it's not the ideal place to study at all. Too many distractions. If you're a liberal arts student you can probably take advantage of all the events, museums, intellectual s…

> "If you're a liberal arts student you can probably take advantage of all the events, museums, intellectual stuff surrounding you, but there's no way I would want to study pre-med or engineering or the like there (even if disregarding the costs)." As someone who went to college in a small college town (a 3-college town, even) with no semblance of events, museums, and non-academic "intellectual stuff" to be found any…

You'd kill for one but would you go into $200,000+ more debt for it? That's kind of a ridiculous notion. Study in a cheap small town at an excellent public university for $35k vs NYU at $250k+? No thanks, I could just fly first-class up to New York once a month and stay at the Waldorf Astoria and still come out ahead.

Re: NYU Neatly Embodies Everything Wrong With Higher Education in America

#50

Any government backed student loan should have a simple repayment schedule -- a maximum of 15% of your earnings for 10 years following graduation. At the end of 10 years, the loan is considered fully paid and any balance, if remaining, forgiven. The institution eats the cost of forgiving the balance. So if you're an institution providing an expensive but worthless education, you aren't going to get paid for it. Let's…

> Let's treat universities the same way we treat teachers -- let's assess the results.

There are dozens of legitimate ratings of colleges and universities and NYU rarely ranks at the top academically (except their research staff, which I know can be exceptional). That won't stop kids from paying $40k/yr from going there so they can party it up in the Village for 4 years.

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