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Tuition costs have risen 710% since 1983

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Re: Tuition costs have risen 710% since 1983

#371

Post by sixstringtheory »

Xeronate wrote: post #292
pixelatedindex wrote: post #282

Earlier quoted context omitted.

Presumably you have enough money now to switch to something that makes you happy? Personally, if you’re going to be miserable anyway (as most Americans are these days), it’s probably better to be miserable with money than without money, lol

I'm 29 and have 500k saved up (live in Santa Monica which is quite expensive), but yes I think I will quit my next stock vest which is Friday. And idk. My best friend from high school moved out here with me and he's a waiter making 40k a year and seems totally happy. Works like 30 hours a week, no mental stress, able to work out and work on himself. I think money is highly overrated.

Making 40K a year is only sustainable while you're in good health and don't have a family to support. I remember my carefree twenties as well, but things can change as you get older. There is no retirement plan on that kind of income other than waiting tables till you die. At least you should recognize that your relationship to money is very different than theirs. Having half a mil in savings is a completely different ballgame.

Re: Tuition costs have risen 710% since 1983

#375

Post by taeric »

dragonwriter wrote: post #316
taeric wrote: post #298

Earlier quoted context omitted.

I had thought that I had private loans back in the day. Been a long time since I paid all of mine off, though, so I can't remember who they were through. (And, I fully grant that, even if I was private loans, 8% is still a non-zero number...)

Before federal loans were all direct (Ford loans), there were federal loans issued through third-party lenders (Stafford loans) that otherwise worked the same way with the same kinds of loans (subsidized, unsubsidized, PLUS; for a while, both Stafford and Ford were offered at the same time, with identical terms.) These are collectively “federal” loans (and there are still balances on loans originated as Stafford loan…

I remember I maxed out my Stafford allocation, and then also had to get extra loans to cover my last year. Memory being what it is, I wouldn't be shocked if I am misremembering some.

Regardless, I got them all payed off; and still have a massive distaste at how most discourse over this goes.

Re: Tuition costs have risen 710% since 1983

#376

Post by prepend »

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.

How many kids do you have?

Interests are all well and good, but costs are real. Following passion is for rich people (or people who get unlimited student loans).

Re: Tuition costs have risen 710% since 1983

#377

Post by nightski »

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'…

I'm pretty sure the government is the lender in the case of federal student loans. There aren't any banks getting "free money".

Re: Tuition costs have risen 710% since 1983

#379

Post by [deleted] »

elpakal wrote: post #291
phillipcarter wrote: post #121

Surprised that nobody here mentioned community colleges yet. Not a silver bullet, but the total cost of someone commuting to a community college from home is an order of magnitude cheaper than going to college. In many cases, CCs have explicit transfer programs, and the chances of transferring to a decent university after year two are pretty high.

+1, and don't forget that they don't force you to pay room & board for your dorm your first two years. I'm a product of the California Community College system and a lot of my teachers were teaching both in the UC and Cal State systems at the same time. I am happy with the quality of education I received.

[deleted]

Re: Tuition costs have risen 710% since 1983

#380

Post by HDThoreaun »

clusterhacks wrote: post #262

I am beginning to believe that the root cause of tuition costs in the US exceeding inflation is based much more on FOMO on the benefits of college education rather than federal government guarantees on student loans. My claim is that buyers (parents+children) of college degrees are maybe not behaving rationally with respect to cost. High-cost schools position themselves as offering a "better" outcome or opportunity t…

In the end college costs so much because people are willing to pay, because they think it's a good investment. Generally they have been right, college was the best investment you could possibly make historically. Now it's just an average investment, but the FOMO of not going puts it over the top.
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