231–240 of 289 posts
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This is similar to a proposal by the Obama administration to prevent loan-milling by Wall St. owned private schools.
When will a "Godwin's Law" type rule be introduced for the inevitability that the problem being discussed eventually gets blamed on Wall Street?
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Always ask if the school is Regionally Accredited in the degree you intend to take: http://en.wikipedia.org/wiki/Regional_accreditation#Regional... If not, the credits are generally non-transferrable and many businesses will simply toss your resume.
How do you know that 'Regionally Accredited' is meaningful until you are educated? My high school guidance councillor certainly never talked about this. My college actually shouted "we're accredited" at the top of their lungs, but I didn't give a fart until I was half way through the degree, and one of my profs talked to me about why they worked so hard ensuring accreditation (for the same reasons you state) - at whi…
Although I'm doing ok in my career I know many people who go to these types of schools do not. Now I don't know what to do. I would love to have gone or go to a 4 year state school. At this point in my life I make too much money and have too many responsibilities to be able to quit and go back to school. I also have 10 years in the field which I hope makes up for the education gap in some cases.
Are there any actually decent (accredited) programs that have hours for working people? The only way I see myself getting a BS is if there is a full night program somewhere but at this point I'm not even sure that it's worth taking on more debt.
I really have to wonder if a lot of the changes made previously to the student loan system are at all linked to the huge campaign contributions made by the University of California system. Basically, any changes that have been made I think benefit greatly the schools (including the rising tuition/costs) to the great chagrin of students. You have a situation where the real people making out here are school administrat…
40% of UC Berkeley undergrads pay no tuition [1] These conspiracy theories are really interesting, especially in light of the facts. [1] http://newscenter.berkeley.edu/2013/04/18/campus-announces-2...
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The issue is at the end of a normal Bankruptcy proceeding, assets are sold to repay the note. Lets say you go out and buy a rental property for $500k, if you never make a payment the bank can repossess the rental property and sell it to recover their loan. Your asset is gone, you have no way of making any kind of income from it after it has been repossessed. With student debt its different, if you went to undergrad a…
I'm not advocating this, but why couldn't they take your degree away? They can't take your education away, but the degree is just an agreement/contract that says you upheld your part of the bargain - passed tests, etc, and paid the university, and they in turn give you a certificate of achievement. If you default on the loan which was a substantial portion of the payment clause of that contract , why can't they revok…
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My girlfriend attends a for profit school (because her employer covers it 100%), it's absolutely alarming how stunningly expensive these for profit schools are. As a comparison, the state school that I attend, even with over-priced books, sets me back about $1200/semester, and that's for 3 classes. A single class for her is billed at that same amount. Before books. I don't know how anyone would look at the cost and t…
Full Sail Graduate here. You are correct. Avoid Full Sail. It's designed to pump out students like crazy. I'd say it's one of the most greedy schools. In the end I wish I could take it all back and never go there.
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I don't even understand how the notion of a "student loan bubble" makes sense, since people don't "speculate" on college like they speculate on real estate. This is exactly what's going on. They're making the bet that they'll be in demand later and able to pay off their loans. Just like buying a house and being able to make money from it later. After all, everyone had a rationale as to why the price of their house wo…
Except that you can't declare bankruptcy and walk away from a student loan, like you can with a house. The idea of a bubble bursting is the idea that all of the money will disappear at once, but instead what will happen is people will be plagued with debt that they can't repay quickly causing long term growth problems because the college graduates will have less spending money.
Part of the collateral for student loans is, technically, your economic freedom. It's easier for banks to assume you will pay the principal of your debts, when government is the acting collection agency. It's very difficult to escape garnished wages.
However, if something changes and people have a way to shed their student loan debts, I think the bubble will pop very quickly.
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All I know is that many people go bankrupt from medical expenses. I don't know the specifics of how they get into that sort of situation. Perhaps it happens when hospitals first treat people, then bill them afterwards.
They go broke for many reasons: 1. US Healthcare is too expensive. Two weeks after I first came to the states, my wisdom teeth (all 4) started growing. I had to pull them out. That was a $2,000 bill and a good lesson to get insurance asap. If you get into a car accident and you don't have insurance, your bill might be about $25K. More if you need continuous care and more surgeries. 2. Doctors are doing unnecessary te…
Probably because you would rightfully have a slam-dunk malpractice suit if they didn't test you for diseases with similar symptoms and missed a diagnosis.
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I went to one of the University of California campuses in the late '80s. Back then fees were about $500 per quarter my freshman year, and minimum wage was $3.35. I was able to cover all my fees and most of my living expenses by working summers at a job that paid about double the minimum (with lots of overtime). A job in the campus cafeteria during the school year covered the rest. I took out one $2500 student loan fo…
College tuition sticker price has gone up a lot. The actual amount that students pay hasn't gone up as much. A half-decade ago, Stanford waived tuition for students from families of income less than $100k [1]. Median household income in the country is roughly $57k. [1] http://www.reuters.com/article/2008/02/21/us-education-stanf...
Where is the citation for the amount students pay hasn't gone up? College tuition was already past the "this math doesn't make sense" mark when I was in school a decade ago. One of my room mates couldn't borrow anymore money and had to drop out half way through. $90 textbooks back then are $150 now. And so on.
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A large part of the problem is all the shitty for profit schools. They get students to take out large government backed loans, then are defaulting, since they can't actually get a job. I knew several people I grew up with who went to these schools. They took out huge loans, 10k plus, and they never landed any kind of job with their "certificates" / degrees. [1] Half of all defaults are from these kind of schools. [1]…
As a sometime prof at a for-profit school, may I observe that 1/3rd of my students (on average) failed - not for any guilt by the school (me included), but because they just didn't do the work . Really, they didn't even try; I can't grade what's not submitted. Methinks there's a significant correlation between your complaint and the reality I observed, a correlation which nobody is taking into account.
the issue is that public money is being used for this scheme, not that there's anything wrong with taking money from idiots in general.
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All I know is that many people go bankrupt from medical expenses. I don't know the specifics of how they get into that sort of situation. Perhaps it happens when hospitals first treat people, then bill them afterwards.
They go broke for many reasons: 1. US Healthcare is too expensive. Two weeks after I first came to the states, my wisdom teeth (all 4) started growing. I had to pull them out. That was a $2,000 bill and a good lesson to get insurance asap. If you get into a car accident and you don't have insurance, your bill might be about $25K. More if you need continuous care and more surgeries. 2. Doctors are doing unnecessary te…