College tuition has become a joke!
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In 2015, Harvard’s annual tuition and fees (not including room and board) would cost a person $45,278, which is more than 17 times the 1971-72 cost. If annual increases of tuition had simply tracked the inflation rate since 1971, 2016’s tuition would be just $15,189....
No jobs and at a minimum you're $100,000.00 in debt. Congress passed a law in 2005 that prevents student loan debt to be disallowed in bankruptcy court.
According to a new report from the Government Accountability Office, the federal government is increasingly garnishing Social Security benefits to help cover student loans payments owed by baby boomers. According the Wall Street Journal, a total of $1.1 billion has been garnished since 2001 with $171 million being collected in 2015 alone.
The government has collected about $1.1 billion from Social Security recipients of all ages to go toward unpaid student loans since 2001, including $171 million last year, the Government Accountability Office said Tuesday. Most affected recipients in fiscal year 2015—114,000—were age 50 or older and receiving disability benefits, with the typical borrower losing about $140 a month. About 38,000 were above age 64.
The report highlights the sharp growth in baby boomers entering retirement with student debt, most of it borrowed years ago to cover their own educations but some used to pay for their children’s schooling. Overall, about seven million Americans age 50 and older owed about $205 billion in federal student debt last year. About 1 in 3 were in default, raising the likelihood that garnishments will increase as more boomers retire.
Parents are required to sign the student loans for their children. So when they can't find work guess who's on the hook? Banks were given trillions to keep them afloat in 2009 and yet they continue to screw the average working American. Banks are in the business to make money. Take away the risk of loss (bankruptcy) and they lend money to anyone because it's non dischargeable. Sounds like predatory lending to me and yet nothing is done. Poor Grandma can't even earn a lousy 4% on a CD with her savings. Because of the artificially low interest rates (to help banks and government debts), $500 billion a year is lost to savers. Grandma has to eat cat food. Because of the law in 2005, colleges have continued to jack up costs to pay their over priced faculty and administrators. For what?
Probably why Mannfred has been such a shill for the establishment all these years, espousing his trumped up (pun intended) Krugman bullshit, he's all about inflation is so good for things and while we're at it, let's inflate things drastically more because it benefits.......him, but he'll show you some pretty charts and shit......,, Keep on keeping on Brother!
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Top of Page Bottom of Page PermalinkFull Name: Ken D.
Harvard?
Harvard?
There are still some deals on schools, especially at certain state universities. My son is going to New Mexico State and his tuition is pretty reasonable, especially considering he gets in state tuition through the Western Undergraduate Exchange program and has a couple of scholarships.
You can also cut the cost of college by having your kids attend community college for a year or two and knock out a bunch or pre-requisites and not be in a lecture hall with 300 students and a TA.
Top of Page Bottom of Page PermalinkFull Name: andy
The only students that pay
The only students that pay full tuition are those whose parents earn over 250k per year. Tuition there is on a sliding scale. I think if income is less than 80k it's free. Most, if not all, of the Ivy schools work that way.
I agree with the rest of it, though. Banks hold hard-working people down. It was a huge mistake not letting them fail back in 2007 / 2008. We would have fully recovered from that fallout by now.
Top of Page Bottom of Page PermalinkFull Name: Thumbkinetic
Harvard's cheap, in our
Harvard's cheap, in our experience
.
The Farm is now free for families w/income under 125K.
Timing is everything
We could've worked 1 job each to get under.
Top of Page Bottom of Page PermalinkFull Name: ________
Mexico will pay for it
Mexico will pay for it
Top of Page Bottom of Page PermalinkFull Name: Ausonius
Anything that is subsidized
Anything that is subsidized by the government will always rise in price faster than anything that isn't. Medicine and education are the greatest examples of this.
Top of Page Bottom of Page PermalinkFull Name: Sun so hot, clouds so low
There is only so much money
There is only so much money to spread amongst the middle class and upward. So naturally the goal is to price out the invaders. A rigged game no doubt.
Top of Page Bottom of Page PermalinkFull Name: The Lonely Questioner
Tuition is crazy, no doubts.
Tuition is crazy, no doubts. That being said, consumers should do their homework before racking up massive debts.
I work for a state university. Our prices are pretty reasonable considering what private colleges charge. Since Kentucky elected a crazy Trump inspired Governor, he's cut funding again to our university. So keep the tuition from rising, we restructured and layed off employees.
If you have a child getting ready to go to university, first know that it's not a 'rigged' game- no one at my University tricks people into certain majors or into signing up for crippling student loans.
Here are some tips for folks who are price sensitive:
1. The student should be pretty certain about what degree they want- and also about the realistic job prospects once that degree is earned (unless they are flush in cash). I believe a degree in women's studies or history are valuable in and of themselves, but a bachelor degree in those won't qualify a student to pull in a Engineer's salary. They will hopefully help a student be more gifted in writing and reading and thinking critically, but that doesn't really pay the bills unless someone is very savvy or plans on a graduate degree after college. So: Know what degree you want.
2. If you know what degree you want, go to a community college and take your electives and gen ed classes- get a 4.0 and save money.
3. Fill out the FASFA and see if you qualify for Pell grants- should cover your community college cost for the most part.
4. Work hard in your classes and do well. Take as many as you can to complete as soon as you can. Work out your timetable to degree completion before you begin, not after.
5. Do your own personal research into scholarship opportunities. No one else will do this as well as you do for yourself. I've been grooming my son's musical abilities for the last few years so we can apply for a Governor's scholarship for musicians in the state of KY. We are building his resume as he works hard on his classes and performances. He's 13, but you have to start now to pave the way for future opportunities.
6. Harvard, as mentioned above, provides free tuition to students under a certain income level. Additionally, Berea College provides free tuition to students if they qualify. I know because I managed to get accepted and received $100,000, laptop, apartment, etc. while I was a non-traditional student there (2005-2008).
Honestly, you can keep the costs down, but it requires work, being proactive, and planning. Sucks that tuition is crazy, but avoid the private schools, for-profit schools, and any educational track that doesn't lead to employment, and you should be ok.
Top of Page Bottom of Page PermalinkFull Name: 2 Room Shack
1 did fashion school and is
1 did fashion school and is almost debt free
1 did jc>uc. will be debt free.
can be done.
and thom, have prices increased higher at state/public institutions as compared to private?
Top of Page Bottom of Page PermalinkFull Name: Jay
Yea man, college prices are
Yea man, college prices are kinda crazy these days. I graduated in '10 after going to a small, private college (now a university) for the full 4 years.
You can definitely save some $ by going to a community college for the first 2 years. I deliberately chose to attend for 4 years as I had switched highschools and was looking for a student-body to fit into for a full experience. I graduated with about ~50k in student debt. Could be worse, though. Oh well. I've had a decent job for the last 4.5 years.
Top of Page Bottom of Page PermalinkFull Name: Tim
Get your kid in sports....
Get your kid in sports.....they treat student-athletes like royalty.
My son plays football and EVERYTHING is paid for. Includes benefits that are unbelievable too.