Interesting how this was flagged to death... Maybe comparible to the same sentiment that was present in the housing market in 2007: most dreaming of their "rainbows and unicorns" blind to the chains they just wrapped their necks...
NYU Neatly Embodies Everything Wrong With Higher Education in America
51–60 of 65 posts
Re: NYU Neatly Embodies Everything Wrong With Higher Education in America
#52Earlier quoted context omitted.
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.
All other things being equal, just like with mortgages and credit cards and car loans and other credit products, there will be different options with different terms available from different providers. Including these guys: http://www.economist.com/news/finance-and-economics/21578670...
Re: NYU Neatly Embodies Everything Wrong With Higher Education in America
#53Earlier quoted context omitted.
> "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.
Mary Washington? That's about an hour outside DC, but the only place I can think of in VA that fits. I don't know the MD side very well, though.
Re: NYU Neatly Embodies Everything Wrong With Higher Education in America
#54Earlier quoted context omitted.
I'm not even sure parental credit would slow things down. That might send more of the less-privileged students to smaller universities and community colleges, but I'm not sure they constitute a large fraction of major university students in the first place. And for those students whose parents credit would justify a 60k loan, how many of those couldn't also get an 80k loan, on student loan terms (rates and repayment…
I think it should be dependent on the credit of the students . And, yes, this is almost none. Furthermore, make the students able to declare bankruptcy to escape student debt. The reaction from the schools would be to make sure their students don't end up more than (very roughly) $10,000 in debt.
If they can discharge student debt on bankruptcy, wouldn't that just normalize the process of: 1. take on loans 2. go to college 3. declare bankruptcy 4. enter jobs market?
Or are we counting employers continuing/extending their discrimination against candidates with 'bad credit' ? And would that hold up in a tighter jobs market?
Re: NYU Neatly Embodies Everything Wrong With Higher Education in America
#55NYU 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…
I never said NYU is all rich kids. That's obviously not the case given so many are going into debt to attend. What I'm trying to say is it's "intended for rich kids." People who have to borrow $200k just for tuition and books to attend should NOT GO. Period! Go to the best public school in your state. NYU is not superior to UCLA, UT, Berkeley, etc for undergrad.
Re: NYU Neatly Embodies Everything Wrong With Higher Education in America
#56I'm not sure I agree with all the scandal. To me it's more a legal technicality. Schools should be allowed to pay whatever market salaries they must to keep their heads. If students don't like it, they can choose to apply to other schools. If alums don't like it, they don't need to donate. If faculty are jealous, they can work elsewhere. The argument only breaks down when these schools get non-profit benefits. So why…
The NCAA is pretty scummy: http://www.theatlantic.com/magazine/archive/2011/10/the-sham... but what pro sport requires a college degree?
To be drafted by the NBA you have to be "at least one year out of high school".
http://en.wikipedia.org/wiki/Eligibility_for_the_NBA_Draft
The degree is not required, but this forces most into at least one year of indentured service to a college. You can sit out, but how will you be evaluated for the draft?
Re: NYU Neatly Embodies Everything Wrong With Higher Education in America
#57NYU 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 hear you on distractions... Who would want to study accounting or read long books when you live in the Village? But NYU is one of the best schools in the US for getting to Wall Street, so it's not a complete vacation for everyone. For some the student loans are a reasonable and sane investment.
Re: NYU Neatly Embodies Everything Wrong With Higher Education in America
#58I'm not sure I agree with all the scandal. To me it's more a legal technicality. Schools should be allowed to pay whatever market salaries they must to keep their heads. If students don't like it, they can choose to apply to other schools. If alums don't like it, they don't need to donate. If faculty are jealous, they can work elsewhere. The argument only breaks down when these schools get non-profit benefits. So why…
The point about head coaches is interesting, because while NYU has athletic programs, the funding (if I remember correctly) is hugely less than that than other private schools. NYU students just don't care about athletics. Two additional points: 1) Conde Nast gives loans to editors and higher ups. [1] [2] 2) Having worked with some of the "all star" professors in varying capacities (and getting a glimpse, however sma…
True - I was generalizing about coaches. But... Coaches are the highest paid public employees in most states. (http://deadspin.com/infographic-is-your-states-highest-paid-...)
And I hear you on the necessity of this benefit. It's like anything else, if you want the best of the best in a competitive market, you have to find a way to pay them.
Re: NYU Neatly Embodies Everything Wrong With Higher Education in America
#59As a general rule, I think there is an counter-productive reaction among people to the idea of paying high salaries to people working in non-profits. At the end of the day, good people are willing to take a pay cut to work at an organization they perceive to be socially beneficial, but only so much of one. Their kids still have to go to college, after all. And if the organization can raise the money, why object to it…
"If students could only get loans based on parental credit, tuitions at places like NYU would collapse."
Perhaps there could be another way of doing it - perhaps only allowing a threshold for the loan? If you cap the subsidy to average in-state tuition plus expenses, you will go a long way to solving the problem too.
Re: NYU Neatly Embodies Everything Wrong With Higher Education in America
#60Earlier quoted context omitted.
I think it should be dependent on the credit of the students . And, yes, this is almost none. Furthermore, make the students able to declare bankruptcy to escape student debt. The reaction from the schools would be to make sure their students don't end up more than (very roughly) $10,000 in debt.
If they can discharge student debt on bankruptcy, wouldn't that just normalize the process of: 1. take on loans 2. go to college 3. declare bankruptcy 4. enter jobs market? Or are we counting employers continuing/extending their discrimination against candidates with 'bad credit' ? And would that hold up in a tighter jobs market?
It would definitely limit the loan size. Someone with $50,000 in debt will default at the drop of a hat, and so they will never be extended $50,000 worth of debt, and so schools will need to charge less for their service.
Someone with $4,000 worth of debt probably will not default, because the hit to their credit isn't worth it.