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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

#91

Post by usefulcat »

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…

Regarding income-based repayment, I think Purdue was experimenting with this, and may still be. I haven't heard of any significant government involvement in that program.

https://www.washingtonpost.com/news/grade-point/wp/2016/04/1...

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

#92

Post by chrischattin »

snarf21 wrote: post #42
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 giving anyone and everyone money and guaranteeing it is the problem. I don't think the bankruptcy plan works. A lot of people would just not pay.

That's exactly the point. Lenders would stop lending to people who couldn't/wouldn't pay.

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

#93

Post by mc32 »

ptconroy wrote: post #53
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…

Option 3: Make the schools co-obligors on the debt. In a default, the school pays. I suggested that to a congressman once; he nearly spit out his drink.

I was thinking the same thing except maybe place it at 50% or something. So they still want to give out loans but are more judicious about it.

Also there might be scale correlated to market demand. So if doctors are in high demand the gov backs it more, if it’s something with little market demand, back it less.

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

#94

Post by helpPeople »

ptconroy wrote: post #53
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…

Option 3: Make the schools co-obligors on the debt. In a default, the school pays. I suggested that to a congressman once; he nearly spit out his drink.

Everyone passes all of their classes?

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

#95

Post by jmpman »

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…

Or, track the loan payback percentage for each degree, let’s say 5 years after graduation. Publish those results, and stop making loans for programs where the repayment is less than X%. Then, basket weaving degrees won’t get loans, the cost for basket weaving programs will go down, as only those with parent’s stupid money will pay for basket weaving degrees. Students will be directed by market forces to degrees that actually pay, and repayment percentages will go up.

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

#96

Post by trgn »

yowlingcat wrote: post #89
trgn wrote: post #75

Earlier quoted context omitted.

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

The 100k in debt grad student becoming an adjunct and needing food stamps not to die of starvation in poverty is a pretty stark reality. One would have to be tone-deaf to pretend it does not exist.

Sure. But I said the basket weaving liberal art student. The 100k grad student can be everything from a CS major to a soon-to-be-tenured ivy league history professor. These are not the same people, and it's not what I said.

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

#97

Post by Merrill »

sorenn111 wrote: post #20
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…

From US News, its #6 in national rankings so its pretty good. But the way the economy is structured around knowledge work and with the effect of credential signalling, our society is convinced of the need to get into the best school possible. This belief could be utter bullshit, have some truth (top rated schools teach better), or be somewhere in between. What is probably very true is that getting into a top school i…

According to US News, University of Chicago is "Unranked in Best Engineering Schools". https://www.usnews.com/best-graduate-schools/top-engineering...

The high school student needs to ask the question, "where is the best place to get a undergraduate degree in a specific field"? Generic rankings, especially ones that are heavily influenced by the university's research record, are pretty useless for undergraduate education quality.

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

#98

Post by nixass »

Scoundreller wrote: post #50
nixass wrote: post #21

On the other hand, TUM (technical university in Munich) costs only 220 euro per semester, and you're still enrolled into top25 university in the world. The land of free..

How am I supposed to buy my way in there if I have to compete with the entirety of society for admissions??!!

Be good student perhaps? You'd rather have a bunch of money loaded people than people who earned their spot?

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

#99

Post by jeffdavis »

chimi wrote: post #68

Throughout history, every time loans are invented to pay for something, the price skyrockets. House, Cars, Education... except credit cards. What credit cards did is flatten the salary curve, filling the gap between where salaries should be if they increased as much or more than inflation and the cost of living, with debt. Debt is a powerful tool when used correctly, but most people are unskilled in tool use, financi…

"People are generally more optimistic about their futures and irrationally excited about what they consume."

I don't think that's quite it. People get comfort from following a plan. Go to college, take a bunch of loans, and it will all work out.

They think if it doesn't, someone will bail them out because they followed the plan. Everyone else is in the same boat anyway, and maybe one of them will find a solution, or they can band together and demand something from someone else.

That doesn't line up with reality though. A lot of people do get left behind. The people with the "plan" are nowhere to be found, and were just repeating what worked for them without looking at the new numbers.

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

#100

Post by belltaco »

jmpman wrote: post #95
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…

Or, track the loan payback percentage for each degree, let’s say 5 years after graduation. Publish those results, and stop making loans for programs where the repayment is less than X%. Then, basket weaving degrees won’t get loans, the cost for basket weaving programs will go down, as only those with parent’s stupid money will pay for basket weaving degrees. Students will be directed by market forces to degrees that…

That will automatically happen because lending banks will do it, just like car, home and health insurance.
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