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Tuition costs have risen 710% since 1983

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Re: Tuition costs have risen 710% since 1983

#351

Post by taeric »

mistrial9 wrote: post #327
pixelatedindex wrote: post #227

Earlier quoted context omitted.

Which I find really weird, they take this stance against education but businesses don’t have to deal with such predatory loans - in fact govt loans for businesses tend to have low interest rates, or forgiven like the PPP loans. Why do we take anti-individual stances, but pro-business stances? Is that a byproduct of capitalism, or am I misreading the world?

you are right basically -- with the caveat that "business has shown the ability to be responsible with money" while individuals fail at this for a large variety of reasons. However, in many societies past and elsewhere, not every single individual adult has to manage money like a business. Zoom out a bit and you might imagine that government now treats corporations as a person, and persons like they have to behave li…

In what world have businesses shown the ability to be responsible with money?

Re: Tuition costs have risen 710% since 1983

#352

Post by allenrb »

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.

Giving the benefit of the doubt here, I assumed the push toward trade school is because that makes the most sense for the child in question. College is not for everyone, including a lot of people pushed into attending.

Re: Tuition costs have risen 710% since 1983

#353

Post by jackson1442 »

aidenn0 wrote: post #183
codegeek wrote: post #41

It is free money for lenders because backed by the Govt AND protected against bankruptcy. It is Free money for colleges because they know they will get paid regardless. Remove this "free money guarantee" and watch how market corrects itself. When students can file for bankruptcy and/or the debt is not guaranteed by Govt, lenders would now use the same criteria they use to issue credit cards to 18 year olds. Hint: It'…

> Hint: It's tough to get your 1st credit card if you have no credit history in the US and most lenders will not even entertain that idea. Some will do if you put in a collateral like $500 of actual cash deposit to guard against the default risk. Is that true these days? At my university 20 years ago, the credit card companies would bribe 18-year-old freshmen to sign up for their cards.

I was able to get a credit card with a relatively low limit ($1200) as my first one, partly because I had a higher than average income during school as a private tutor. Many people do get secured cards if they are on a low income though.

That was a “student card,” so optimized for people who don’t have a credit history. After having that for a while I was able to leverage it into standard rewards cards.

Re: Tuition costs have risen 710% since 1983

#354

Post by throwaway29812 »

JamesLeonis wrote: post #276
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…

> Now I read that Wall Street is creating CDO's based on these loans The official term is SLABS: Student Loan Asset Backed Securities. Here's a recent paper on the subject. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3631953

Have we learned...nothing?

Re: Tuition costs have risen 710% since 1983

#356

Post by zer8k »

verteu wrote: post #217
NoMoreNicksLeft wrote: post #160

Earlier quoted context omitted.

> Seems to work for I love when someone says "seems to work". In the strict sense, that only ever means "does something". Not necessarily "does what someone wants"... and never "does what I want". When it works for those other countries, does it "do what you want"? Because it doesn't "do what I want" at all. > With the monetary savings of #2, it could even give every medical student a fully free ride. Won't someone t…

I suspect GP is referring to the fact that the US has the one of the worst health outcomes per dollar spent vs peer countries [1] [2]. If "better health outcomes per dollar" is not "what you want" -- how come? [1] https://www.pgpf.org/blog/2022/07/how-does-the-us-healthcare... [2] https://www.piie.com/blogs/realtime-economic-issues-watch/wh...

The US's healthcare system is so bleak because we quite literally fund healthcare for the rest of the planet. Taxpayers in the US get access to the best treatment decades earlier if they're rich enough. Prices are increased on US citizens to account for the strong arming other governments do to get prices lower for their citizens. If the pharma companies couldn't do this, for example, they'd refuse to negotiate with other countries. A microcosm of this behavior is medicare here is the US. Yes, the US taxpayers even have to be charitable to them.

IMO, if the US decided to actually help its citizens every country the average progressive considers "great at healthcare" would likely implode under the sudden increase in cost. The cost of medication alone would likely nearly bankrupt several governments. Imagine if the price of insulin, almost completely funded by US citizens paying absurd prices, went up to its US price.

Much like with defense, the US taxpayer is the hero of the rest of the world's healthcare. Without US tax cattle the rest of the world would not be as nice as it is. It's just like when prices go up at your favorite store due to theft. The US is punished by insurance companies because other countries refuse to pay more.

Re: Tuition costs have risen 710% since 1983

#357

Post by crote »

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.

Christianity also used to have many restrictions on charging interest, but that got lost somewhere around the 19th century.

It is where the whole "Jews are greedy bankers" stereotype comes from: during the Middle Ages Jews were allowed to charge interest to non-Jews, so they were essentially the only people who could act as bankers for Christians. Combine that with a large dose of racism keeping them out of a lot of other jobs, and you end up with a lot of Jewish bankers.

Re: Tuition costs have risen 710% since 1983

#358

Post by SoftTalker »

burkaman wrote: post #187
hospitalJail wrote: post #60

Earlier quoted context omitted.

No no don't let the Physician cartel get out of this. Year over year they get at least 5% pay increases with US tax dollars. Not to mention, they get private pay increases by weaponizing the ACGME to keep residency slots low. Residency does not need to be paid. Outside of the Medical industry, people pay for their college. For some reason Physicians make tax payers pay for their education and a decent salary.

Postdocs are paid, and that's basically what a residency is. Or you can think of it as a co-op during a CS degree, which is also paid.

PhD students are paid as well, at least in research departments.

Re: Tuition costs have risen 710% since 1983

#359

Post by [deleted] »

bitshiftfaced wrote: post #318
dpierce9 wrote: post #315

Earlier quoted context omitted.

The first bullet says: “$23,839 is the average annual tuition among the nation’s private K-12 schools.” Edit: it looks like there is an error on this page. The bar chart the numbers are much higher. Anecdotally, private high school is always more expensive than private elementary. That is what the bar chart shows but not the bullets.

In your post, you said "private high school."

[deleted]

Re: Tuition costs have risen 710% since 1983

#360

Post by gumby »

jeron wrote: post #340
gumby wrote: post #326

As a single datapoint, in 1983 MIT tuition hit $10K -- highest in the nation according to a cartoon in the paper. It's currently $60K (total cost estimated $80K) so 7X is about right. However there's another way to look at it: over the summer I would earn over $10K so roughly covered my tuition. Admittedly that was at the high end of summer job compensation due to the AI boom, but gives you a rough idea of where that…

>These days I doubt anyone is getting $50K for a summer job. Enter Citadel: https://fortune.com/2023/06/28/wall-street-citadel-summer-in...

More than Google!

It's possible some grad students in AI are getting that kind of money these days. I was talking about my undergrad.

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