Tuition costs have risen 710% since 1983 • Hacker News Board

Re: Tuition costs have risen 710% since 1983

#171

Post by onlyrealcuzzo » Mon, Jul 10, 2023, 5:52 PM UTC

hospitalJail wrote: post #48

dpierce9 wrote: post #29

Earlier quoted context omitted.

Private high school costs have also gone up astronomically and there are no federal loans for them. [0] https://educationdata.org/average-cost-of-private-school

Where does it say that? Btw private school looks quite affordable. I used to think my neighbor was rich, they were, but for only $20k/yr you can send 2 kids to private school? That is cheaper than daycare.

If you're paying $20k for daycare and there's not really a free option, that's just what you have to do.

If you're paying $20k for private school, and there's a free option (public school) - you obviously have a healthy amount of disposable income.

Re: Tuition costs have risen 710% since 1983

#172

Post by f1yght » Mon, Jul 10, 2023, 5:52 PM UTC

rayiner wrote: post #27

From 1991 to 2013, federal student loan issuances increased from $20 billion to over $100 billion (in 2013 dollars). And federal tax expenditures related to education increased from $2.5 billion to over $30 billion. Growing tuitions are a predictable consequence of the federal government subsidizing higher education systems that they don't control (unlike state funding of state universities). The feds should impose p…

Isn't part of the issue that state and federal funding for higher education hasn't kept up with costs, so the increase just goes straight to the students paying?

Re: Tuition costs have risen 710% since 1983

#173

Post by drewg123 » Mon, Jul 10, 2023, 5:52 PM UTC

One thing that was mentioned in the article, but which seems to be missing from the discussion is the decrease in state funding for higher education.

When I was looking for colleges in the 80s, the most expensive private schools were on the order of $20K all in. Those same schools are on the order of $85K all in, which is an increase of "only" (hah) 450%.

However, my alma mater (SUNY Buffalo) has increased in-state tuition 830% ($1300 to 10.8K). When I went to school there, minimum wage was $3.35/hr. That means that I could work 10 weeks at 40hr/week and pay for my tuition. That's the main reason I graduated without student loan debt. The NYS min. wage is $15/hr, so a student today would have to work 18 weeks to pay for their tuition.

We need to increase state funding for higher education.

Re: Tuition costs have risen 710% since 1983

#174

Post by hamandcheese » Mon, Jul 10, 2023, 5:52 PM UTC

tempsy wrote: post #119

kortilla wrote: post #115

Earlier quoted context omitted.

This is wrong. You’re mixing up subsidized loans with the ability to get loans. People can get unsubsidized loans that still come with the same constraints around inability to discharge in bankruptcy for vastly more money. It’s essentially all unsecured student loans (i.e. effectively the entire student loan market) that have this risk free model for lenders. It would all be completely toxic trash otherwise that no l…

No its not Literally says "Subsidized and Unsubsidized Aggregate Loan Limit $31,000-No more than $23,000 of this amount may be in subsidized loan" Just confirms most people have no clue how small the limits actually are.

Again - the rules about student loans during bankruptcy apply to all student loans, including from private lenders.

Re: Tuition costs have risen 710% since 1983

#175

Post by cannonpalms » Mon, Jul 10, 2023, 5:52 PM UTC

swagasaurus-rex wrote: post #80

ourmandave wrote: post #56

Earlier quoted context omitted.

If you don't repay your student loan, it dies with you. They won't go after your estate for the balance.

At great sacrifice to your credit score

Dead people don't have or need credit scores

Re: Tuition costs have risen 710% since 1983

#176

Post by pneill » Mon, Jul 10, 2023, 5:52 PM UTC

The core issue is that there isn't a free market at work here and there are conflicting motivations that are preventing progress toward that model. One the one hand, people want higher education to be affordable and cost effective (which requires a free market) but on the other hand they want higher education available to all even if that means taking on an ROI negative course of study.

For example, if we allowed student loans to be a bankruptable form of debt, then over time, certain schools and majors would be unable to get loans, which then could have a series of economic responses such as universities increase tuition for ROI positive majors to support ROI negative majors or some departments might close or we might see consolidation of universities specializing in certain types of education.

Re: Tuition costs have risen 710% since 1983

#177

Post by AzzieElbab » Mon, Jul 10, 2023, 5:52 PM UTC

basisword wrote: post #26

eschulz wrote: post #10

Makes sense when you have student loans backed by the federal government. If an 18 year old with no money and no credit history gets accepted into a qualifying university, she will be able to receive a loan since the bank knows that the government will protect their investment if she fails to pay them back. So now young people have this easy access to credit, and universities can greatly increase tuition and fees wit…

If only governments could make…laws to restrict the price of University. Or…could limit the maximum loan size thus encouraging Universities to not charge more than that.

Easy fix - include education, health care, and housing costs into inflation indices.

Re: Tuition costs have risen 710% since 1983

#178

Post by jayd16 » Mon, Jul 10, 2023, 5:53 PM UTC

kortilla wrote: post #158

jayd16 wrote: post #130

Earlier quoted context omitted.

I think the solution is to just grant some money to schools and cap tuition costs. The current incentives are just so misaligned. Its only half the problem because you'll still see inflated housing as well but at least its something.

Just stop backing student loans. The issue will stop, very fast.

That's only true if the issue is the cost and not maximizing education. The trick is we really do have folks that deserve college and can't afford it without some kind of help.

Re: Tuition costs have risen 710% since 1983

#179

Post by SamBam » Mon, Jul 10, 2023, 5:53 PM UTC

za3faran wrote: post #149

eschulz wrote: post #10

Makes sense when you have student loans backed by the federal government. If an 18 year old with no money and no credit history gets accepted into a qualifying university, she will be able to receive a loan since the bank knows that the government will protect their investment if she fails to pay them back. So now young people have this easy access to credit, and universities can greatly increase tuition and fees wit…

I hope to see the day where interest bearing loans are recognized by the rest of the world as the evil they are. Muslims and Jews know this fact quite well.

Serious question: what would incentive anyone to lend to people who have any risk at all (i.e. everyone)?

Re: Tuition costs have risen 710% since 1983

#180

Post by willcipriano » Mon, Jul 10, 2023, 5:53 PM UTC

Xeronate wrote: post #162

TheRealDunkirk wrote: post #135

Earlier quoted context omitted.

Now I read that Wall Street is creating CDO's based on these loans, like they (continue to) do on mortgages. Some people die "early" without paying back these loans, and sometimes, they will owe more than they took out. Given the mounting problems with the numbers here, it seems a whole generation of people in the middle of this bubble are going to go to the grave while still owing on these loans. What happens to the…

Seems wrong to influence your son's decision based on your financial situation rather than his desires/passions. Of course if he's naturally interested in the trades then sure.

Most people desire not being poor over most other things.