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U of Chicago projected to be the first U.S. university to cost $100k per year

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Re: U of Chicago projected to be the first U.S. university to cost $100k per year

#71

Post by misiti3780 »

As a US citizen, I see the US debt bomb ending it two different ways

1. Sanders/Warren get elected and somehow forgive 1.5 trillion in student loans and make education free going forward.

2. 2008 level crisis

with (2) is the more probable

I think universities tuition is way too expensive in our country, but I'm against (1) currently because I don't think retroactively forgiving debt is a good policy. The students took those loans out, signed the docs, and knew (or should have known) what they were getting themselves into. I think forgiving all of the debt would be obviously ridiculously expensive (1.5 trillion is a lot of money) but also possibly creates moral hazard.

I would be more supportive of (1) if the government took more of a "Canadian pharma industry" approach and just said "this is how much we will pay for this citizen to go to Harvard, take it or leave it". I have no faith that any of the current presidential candidates will be able to negotiate and pass that type of law, so I currently cant support (1).

Is my line of thinking wrong here? I think education should be more affordable but have no faith we have leaders that can get us there.

Re: U of Chicago projected to be the first U.S. university to cost $100k per year

#72

Post by fortran77 »

chrischattin wrote: post #17

How to fix student loans... The .gov backs student loans. And, they are non-dischargeable. So, it is zero risk for the lender to give loan to the 2.7 GPA moron getting a worthless basket weaving degree from the local private lib arts school for $100k. So, they give as many loans as possible, since they can't lose (taxpayer on the hook). Colleges are incentivized to drive up costs of tuition b/c tons of free money. It…

The Government should stop backing student loans. Tuitions will drop like a rock.

Re: U of Chicago projected to be the first U.S. university to cost $100k per year

#74

Post by jfb »

rayiner wrote: post #47
bluetidepro wrote: post #14

Is University of Chicago even that good? Genuinely curious, as I know nothing about it. I live here in Chicago, and feel like I never hear about it, compared to say Northwestern or like UIC (University of Illinois at Chicago). Why would anyone ever pay that much for college yearly, if it wasn't like the #1 school, by a landslide, in the US? EDIT: I guess it is good? haha The more you know. Just surprising that I've b…

As a Northwestern grad--this is hilarious.

I also find this hilarious -- as a Chicago grad.

Re: U of Chicago projected to be the first U.S. university to cost $100k per year

#75

Post by trgn »

chrischattin wrote: post #17

How to fix student loans... The .gov backs student loans. And, they are non-dischargeable. So, it is zero risk for the lender to give loan to the 2.7 GPA moron getting a worthless basket weaving degree from the local private lib arts school for $100k. So, they give as many loans as possible, since they can't lose (taxpayer on the hook). Colleges are incentivized to drive up costs of tuition b/c tons of free money. It…

The 100k basket weaving liberal arts student barely exists and is a meme to generate rage clicks.

Re: U of Chicago projected to be the first U.S. university to cost $100k per year

#76

Post by freeAgent »

big_chungus wrote: post #24
bluetidepro wrote: post #14

Is University of Chicago even that good? Genuinely curious, as I know nothing about it. I live here in Chicago, and feel like I never hear about it, compared to say Northwestern or like UIC (University of Illinois at Chicago). Why would anyone ever pay that much for college yearly, if it wasn't like the #1 school, by a landslide, in the US? EDIT: I guess it is good? haha The more you know. Just surprising that I've b…

University of Chicago has amazing economics, and is know for its unique approach. The Chicago school is descended more from the right-leaning Austrian than the left-leaning Keynesian that essentially every other school has. One of the best places you could hope to study for economics. https://en.wikipedia.org/wiki/Chicago_school_of_economics

The UChicago Economics department has not been super friendly with "Austrian" economics. Hayek, for example, was not a faculty member in the Economics department.

Re: U of Chicago projected to be the first U.S. university to cost $100k per year

#77

Post by WhompingWindows »

UChicago 2011 graduate here. When I attended, I paid about $20k/year in tuition, given that I had various merit scholarships, worked for the university, and that my siblings also attended school. My parents were in for a RUDE awakening in my fourth year, however, when my brother graduated his undergraduate program...UChicago found out via a survey, that I was now the sole college attendee, and without warning they jacked the tuition from $20k to $32k for my final year. My parents were absolutely livid and it left a terrible taste in our mouths.

I must say, it was not a pleasant undergraduate experience. On top of being expensive and working very long hours daily, it was immensely competitive and the social life was very poor for me. I have always had numerous friends in life, but I constantly felt lonely at that school, not to mention receiving MUCH worse marks due to grade deflation, which made medical school applications a nightmare.

In hindsight, I absolutely should have gone to my state school, and I'd be a Tesla and a Steinway piano richer for it if I had. I think these ridiculously expensive, 4 year educational vacations need to end...let's encourage our young, bright minds to stay local, to save money, and to use their brightness and talents to lead very productive and EFFICIENT lives.

Re: U of Chicago projected to be the first U.S. university to cost $100k per year

#78

Post by bluedevil2k »

paulcole wrote: post #61
bluedevil2k wrote: post #43

Earlier quoted context omitted.

Make the college take a 10% stake in each loan. Suddenly they’ll start being more discerning about who they accept and what their majors are.

If someone told me they'd give me $1 if I throw away a dime, why wouldn't I just keep taking their dollars all day long?

You don’t get a dollar (in your metaphor)...a student still requires variable costs so you’d be left with maybe a dime.

Re: U of Chicago projected to be the first U.S. university to cost $100k per year

#79

Post by pkaye »

bluedevil2k wrote: post #43
chrischattin wrote: post #17

How to fix student loans... The .gov backs student loans. And, they are non-dischargeable. So, it is zero risk for the lender to give loan to the 2.7 GPA moron getting a worthless basket weaving degree from the local private lib arts school for $100k. So, they give as many loans as possible, since they can't lose (taxpayer on the hook). Colleges are incentivized to drive up costs of tuition b/c tons of free money. It…

Make the college take a 10% stake in each loan. Suddenly they’ll start being more discerning about who they accept and what their majors are.

Suddenly costs go up 10%.

Re: U of Chicago projected to be the first U.S. university to cost $100k per year

#80

Post by chimi »

slg wrote: post #55
chrischattin wrote: post #17

How to fix student loans... The .gov backs student loans. And, they are non-dischargeable. So, it is zero risk for the lender to give loan to the 2.7 GPA moron getting a worthless basket weaving degree from the local private lib arts school for $100k. So, they give as many loans as possible, since they can't lose (taxpayer on the hook). Colleges are incentivized to drive up costs of tuition b/c tons of free money. It…

This is fundamentally incompatible with the idea that everyone should be able to afford to go to college and private institutions need to foot the bill for the costs. We as a society prioritized availability of college education over costs. In order to get both you would likely have to change to some income percentage based repayment system instead of traditional loan repayments and that probably wouldn't be possible…

Debt as an investment is fine. If you are investing in your future with your education, okay, but that requires the education be practical. It must have a value greater than its cost. That is not true for most education and thus we are not investing in our future as a society with this debt.

I'd rather the debt we incur as a society be spent on infrastructure and engineers than wicker baskets. Wicker baskets don't last very long. Roads and bridges do. Engineers do.

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