News – Lenders drop out of federal college loan program, but money is still available. Congress wants to ensure financing doesn't shut down over long term.
Maybe these parents should find a way to pay for college without student loans. My son is in his third year of college. Total amount of loans he has for college - 0. His only cost is 'one weekend a month, two weeks in the summer'. My degree was paid for by 6 years of 'Never Again Volunteer Yourself', my father's degree came from being one of 'Uncle Sam's Misguided Children'.
There's something to be said for putting yourself through college, especially when you are young enough to tackle both schoolwork and at the very least a part time, work-study job. That said, WS jobs tend to pay minimum wage at best. Perhaps shuffling more of the government loan money into WS positions so that WS students, students who want to work for their education, can be paid more would be a decent idea.
As for the military, I think it has been a good option in the past but my understanding is that lately it's tricky to actually secure your educational benefits and often they pay for around one year at a public university.
There's always "night school" these days, too, where you can work a regular job and attend classes in the evenings or on the weekends.
There are many options. However I'm of the opinion that higher education should be a right for all capable Americans.
The trick for getting the military benefits is to apply for them. As for how long they pay, mine was for 4 years of books, fees and Tuition. The same for my father, and the same for my son. As for the public university, my son is attending a private university. They have a normal tuition which is higher than the National Guard benefit for books fees and tuition, but for those that are on National Guard, VA, ect. they just reduce the rates to what the military pays. So it requires doing a little paperwork and a little research. It is no problem at all. In fact for my son, the application for the guard benefits was done online.
I didn't see any data on how many people default on their student loans.
The very highest default rate is among Doctors who don't pay off their medical school loans. With the average doctor securing more than 180,000/yr in take-home pay that seems faintly ridiculous. That said, they're often among some of the hardest working people around (the good ones, anyhow -- but I suspect they pay their loans).
How about lawyers like Obama's wife that was complaining about paying back hers when she was only making 300K.
Let's not be that general. Those calling themselves doctors who default higher than the rest are Chiropractors, no offense to those who are helped by them. Another high failure rate, at least here in Wisconsin are dentists and lawyers.
I'd like to see data on how many illegal immigrants are getting free educational benefits at tax payers expense. Moral to this story is change your name, sneak in this country illegally and get your education free. Forget working summer jobs and paying on a loan for years.
red,
Now that's a great idea for a project for you to do. It may be the most enlightening thing you could ever do.
It's so frightening to even consider how you come up with these scenarios. How do you do it? I think we all would like to know then maybe we could understand how xenophobia as a disease really spreads.
FTA--"Financial firms say they are leaving the program because subsidy cuts enacted by Congress last year, combined with the credit crunch that has made it costlier for them to sell the loans to investors, have slashed the market's profitability."
It's plain that problem is not in making student loans, or in collecting on them. Like the mortgage "crisis," the difficulty only occurs when there is a secondary market of receivables.
Student loans and mortgages are both subject to regulation--they have to follow the rules. But there is little or no regulation of the secondary market, where thousands of loans are bundled and sold. Does that information give anyone ideas?
My own opinion is that unbridled greed never comes to a good end. Now we have to figure out how to keep unbridled greed from hurting ordinary people.
This is a squeeze play by the Big-Ten of student loans. These ten CEOs have gotten together and are putting pressure on congress to repeal the College Cost Reduction and Access Act of 2007.
Perhaps these ten big-time players want a piece of the hundreds of billions that the Treasury and Fed are handing out to the Wall Street tycoons?
When ten people can essentially dictate the student loan rules there might be a problem in the student loan system?
Here in Florida, the legislature is cutting taxes and costs in a year that has seen more jobs leaving, along with people, and the cost of education is rising. Needless to say, this affects education at all levels.
My university is considering cutting programs, professors, and raising tuition by 8%.
To make matters worse, a few pet referendums are being considered to be put on November's ballot; women who want an abortion are required to have a sonogram, the state will open the barrier in their constitution for the separation between church and state in order to allow public money be used by religious organizations, wording in science curriculum will be introduced to not refer to evolution.
With all the problems we have economically and educationally these part-time bozos are heading for the last roundup...ours.
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I have an idea, Give back to the public high schools the teaching materials and subject matter, that they use to teach in the high schools and a lot of our children will not be so illiterate when they leave high school.