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Discussion in 'Too Hot for Swamp Gas' started by sappanama, Jun 26, 2013.
Soon to be third behind the illegal invader alien vote.
does anybody know when banks became a player in the school loan game? I have looked but couldn't find it. I do remember my first loans were through the fed govt, and by grad school banks were competing to give loans, and it seems like that was when tuition started to jump. thanks to anyone who knows the answer.
I agree. And it's not just the federal government, but private lenders are in on it. Tuition and loans to pay tuition are getting wildly out of control. In-state tuition at many public universities will easily run a student over 100 K in order to graduate. Private school? LOL. Unless you have a scholarship or are European royalty I have no idea how people do it. What's the point of borrowing all that money when in many cases you won't be more employable than someone with a community college degree (less employable in some cases).
The best option for most students, IMO--if you can't get into a school at least as good as UF--is to do two years at community college while living at home (if possible) and then transfer. So it's the thirteenth and fourteenth grade; it is preferable to that extra 50 K of debt you will incur to earn your poly sci degree.
And it's not just undergrad. In grad school students are getting hit twice as hard for an even less useful degree. My graduate school was roughly 23 K in out of state tuition seven years ago. Now it is over 40 K in tuition and fees with a total estimated cost of 60 K per year in in-state tuition--while the market has nosedived. If that is the best deal they can offer, they should close. It is disgraceful for an institution that purports to exist for public benefit (it is a public university) to offer such an atrocious deal to naive post-adolescents who they know will have to incur severe, debilitating, debt to attend. Debt that they won't even feel until it is already too late.
This is an issue everyone should be aware of. The student loan program is what makes this insanity possible. Someone please end this madness.
I don't know for sure. But the law changed circa 2005 to make private students loans non-dischargeable in bankruptcy. And unlike Federal Loans, private loans won't even go away if you are dead. Your kids may eventually be paying them.