Quote from etile:
Do I think the student debt situation is outrageous on the aggregate level? Absolutely. However, my point is that on the individual level the situation is still very manageable for the prudent student. Is it a win-win situation, far from it.
Personally I think the spigot on the easy money for student loans needs to get lopped off. Private student loans should be able to be discharged in bankruptcy. Why private finance institutions should be able to charge a premium over federal student loans and receive the same level of default protection is ridiculous.
Public school systems are still relatively affordable. The UC system is still, relatively, cheap. Although I admit the tuition rate hikes are absurd over the last few years.
I agree with a lot of your post. The problem is that with the vast majority of for-profit type students you can rule out the "prudent" descriptor.
These for-profits target, specifically, a lower-income, financially unsophisticated population. These "schools" advertise on TV shows like Maury, and all those Judge Whatever concoctions. They know exactly who they're going after, and it's NOT the people who are candidates for State colleges and universities. For-profits compete with each other, not state colleges.
They are promising jobs galore in fields that pay $12-15 an hour to start, and in most cases are unlikely to rise more than a few dollars an hour. Here in the Midwest, Medical Assistants, for example, start at around $14 an hour. Very few, without additional training, can look forward to making more than $16 dollars an hour or so.
I'd agree that a degree from the UC system or most State colleges and universities is worth pursuing, depending of course, upon the program. But for-profits? Almost always, no.
Ok, I'll stop ranting now; my apologies, and thanks for everyone's indulgence!
