Skip to comments.A Generation Hobbled by the Soaring Cost of College
Posted on 05/12/2012 7:26:12 PM PDT by Lorianne
Kelsey Griffith graduates on Sunday from Ohio Northern University. To start paying off her $120,000 in student debt, she is already working two restaurant jobs and will soon give up her apartment here to live with her parents. Her mother, who co-signed on the loans, is taking out a life insurance policy on her daughter.
If anything ever happened, God forbid, that is my debt also, said Ms. Griffiths mother, Marlene Griffith.
Ms. Griffith, 23, wouldnt seem a perfect financial fit for a college that costs nearly $50,000 a year. Her father, a paramedic, and mother, a preschool teacher, have modest incomes, and she has four sisters. But when she visited Ohio Northern, she was won over by faculty and admissions staff members who urge students to pursue their dreams rather than obsess on the sticker price.
As an 18-year-old, it sounded like a good fit to me, and the school really sold it, said Ms. Griffith, a marketing major. I knew a private school would cost a lot of money. But when I graduate, Im going to owe like $900 a month. No one told me that.
(Excerpt) Read more at nytimes.com ...
$200,000 down the drain for an "education" and she's still as dumb as a bag of hammers.
College campuses are full of em.
I’m thankful that I graduated from Undergrad with no debt thanks to the good graces of my parents. I don’t know what I would do if I had $30,000+ debt.
It would be crippling.
ONU costs nearly 50 grand a year???
That’s a lot of money to spend on a no-name school!
What a crock!
Any loan papers I've ever signed were crystal clear on the terms. Interest rate, length of contract and monthly payments.
But when she visited Ohio Northern, she was won over by faculty and admissions staff members who urge students to pursue their dreams rather than obsess on the sticker price.
Do these people sell used cars on the side?
An 18 year old doesn’t understand that loans have to be repaid, it’s just “free money”.
I’m not kidding. It’s that scary.
Only if their parent’s didn’t teach them.
These kids have been sold on the BS that they simply cannot live without a college education.
The Colleges helped sell that crap and then they took advantage of the poor dumb suckers and jammed the cost down their throats.
This country still needs mechanics, plumbers electricians and many other trades that can earn people more money than college if they become good at it.
Colleges took advantage of the kids, raised their prices and then raised them again when the government started giving out easy money.
This is what higher education is in America today, Crooks , shysters, con Men and scam artists. They told the kids they couldn’t make it in life without college and then the kids come out with no jobs and their hopes shattered, and loaded with debt, working as waitress’s, which they could have done without the friggin sorry assed sheepskin.
My advice is if you go to college, educate yourself to what courses will give you a hand up to a career, or don’t go at all. Educate yourself before you educate yourself.Don’t let these shysters talk you into debt.
SHE should take the LSAT and graduate Law School...
wasn’t it AL Capone who said ‘a lawyer can steal more money with a briefcase than a mobster with a gun..and he dont have a to a go ta jail a for it’?
‘Mamma mia che bella idea’!
Apparently, only a minority know how to basic finance works.
And the trend continues - a thousand dollars each year for unnecessary health insurance. Health insurance required of all students, charged to the student account and included in the tuition bill.
Would you ever imagine financing insurance? Especially to a loan that can never be discharged through bankruptcy? It is incredibly stupid that this practice has become so widespread - though at least ONU isn’t gouging as much as some other colleges on the insurance bill. The same coverage at other universities can run as much as twice that bill.
The hard question that every 17 year old prospective college student should ask (but never does):
“How long will it take my “increased earning potential” with a degree to pay off my student loans?”
It may very well be that a college education is revenue-negative.
This has all the makings of the housing bubble — people taking out loans to get something they can’t afford, can’t manage, and don’t deserve.
Um... I am wondering what exactly the word ‘loan’ means to this girl in the article.
Sweetums, it means you have to pay it back, usually with interest. Sorry you fell for their gushing all over you but they aren’t the ones who were going to have to pay back the money, you were. Actually, they wanted you to pay THEM. Matter of fact, you looked like someone who would qualify for the money and were probably an easy mark for these people who swooned all over you.
And a private school? Sheesh!. I attended a private school for two semesters full time and one part time. I paid cash for the tuition and worked full time the entire duration.
And stop with the bull that no one told you how much you would have to pay back. This is detailed when you get the loan and no doubt you thought it would be a snap to make those payments, (which by the way, are the cost of a house to many Americans) as upon graduation you would be offered a VP position with a Fortune 500 company and get a corner office, full benefits and a BMW.
Switching gears now - when I hear of your fellow students in CA and GA protesting in favor of illegals getting free or in-state tuition (which we all know won’t be paid back) and getting to live here off of taxpayers backs, just wait until you have to pay taxes on top of your tuition to support these illegal aliens.
Poor dear is a victim of the tricky admissions staff./s/
My sons were given the choice: We help and they help and together we pay for it as we go. If they do debt, we are out of the deal. They both got through without debt, but they had to work hard.
“only a basic minority knows..”
That is the sad truth. I talked to a friend whose daughter is wanting a divorce. Leaving with THREE kids. But not to worry, she found a job making 15,000 a year.
She don’t get it.
“Marketing Major?” Is that even useful?
Eliminate Department of Education, get the Feds out of education and I guarantee tuition/education costs would go down. And, there would be less indoctrination in liberal thought/lunacy.
“Thats a lot of money to spend on a no-name school!”
My thinking exactly. And that would indicate she received no ‘grants,’ i.e., the scholarship/gifts from the school itself and its various endowed funds that are used as incentive for highly prized applicants to attend.
If a school doesn’t offer at least half the “sticker” cost in grants with admission, they really don’t want you. You can attend, of course, but they want you to have to borrow that money to pay their outrageous tuition and fees.
I really feel sorry for students and their families who get suckered in this way.
She has had four years of college and the young lady cannot put together a proper English sentence.
I can hear it now...
“You mean we can bail out the biggest banks but not our children? Are our youth too big to fail? Is our future too big to fail... “ etc. etc. etc. will be repeated by the talking heads.
Little Precious can go to a state university or local community college and get a perfectly serviceable education for a lot less money and debt. It’s as if we all are compelled to buy our kids a new Porsche every year just because the dealer gave us a discount (from the hugely inflated sticker price) and a deferred, low-rate loan to cover the rest. And of course the price of Porsches would constantly rise because of this. She could have claimed some Indian blood and gotten a bigger discount.....that seems to be fairly poopular these days.
Surely she of all people can see the irony of going into debt for $120K for a degree in Marketing ...
Or maybe she just needs to spend another 100K to get her Masters, and that will make it all better!...ROTFLMAO!
Get the government out of the student loan business.
It will make it harder for the over-educated idiots and professional students to attend college, but tuition prices will immediately ratchet down for serious students seeking valuable degrees.
That was my reaction too. I don’t think Harvard even costs $50K/year.
ROI is looking pretty grim for college and even some graduate programs these days. I wonder how trade/technical schools compare.
If the Gubmint quit paying inflated tuition, tuition would quit inflating!!!
It an epidemic, IMO. Plus, even if they were taught, not sure how many of them have the basic discipline needed to go along with such knowledge.
My husband and I have taught Dave Ramsey’s Financial Peace University several times as volunteers. Last week, we taught Generation Change, the teenager / college version for the first time. These kids were shocked that loans were considered financial aid, that student loans were not bankruptable and not settled like credit card debt.
The only justification for acquiring outrageous loans might be some very misguided belief that there is going to be incredible inflation in the (near) future, so that these loans would be less than a monthly credit card payment. This is still possible.
“It may very well be that a college education is revenue-negative.”
You know, I really don’t think I could hire anyone with a degree in “cultural studies” for a job, even for a job requiring skills in cultural studies. It would be hilarious to think that in the future, you might not even put such information on your resume; it would be something that you hope that your employer doesn’t dig up!
How dare you impugn the dignity and honor of used car salesmen!
Was just chatting w/ a fellow classmate. She’s a very nice girl, and has a good job as a nurse, but she’s six figures in debt because she tried med school a while back and couldn’t cut it.
My jaw just DROPPED. Over 100K in debt. She is newly married and trying now to obtain a masters in nursing.
I felt like saying ...good luck ever owning a home. Good luck putting your own kids through college. Good luck staying out of debt ....what ARE these people going to do with their lives??
My husband and I have had our share of tough times, and have been in debt, but each time we managed to pay it down, and get ahead. These people will NEVER, EVER get ahead. Not with debt like that.
Oh, for Pete’s sake, who goes into debt for school that they just cannot handle? You know if you are smart enough to handle medical school or not.
The students that I see with that amount of debt have simply worked the system to skate through college, not working a day in their lives and then moved on to grad school These kids travel during their vacations on borrowed money, claiming that it’s educational or a matter of social justice.
I just have no sympathy for anyone who lives off of borrowed money and expects some sort of break.
This is a town so small that the nearest movie theater is more than thirty miles away, at least it was when I visited the school in 1984. I chose a school that was in a town with a mall and a movie theater. I stand corrected, they now seem to have a movie theater
The best advice ever given about college is that if it doesn’t say Harvard or Yale on the top of the sheep skin it might as well say I Screw U. Go to a local community college, stay at home transfer to the local state college after associates degree and work entire time.
Do NOt BORROW MONEY FOR SCHOOL!
123 colleges now belong to the 50K club.
She wants to make it everyone else's debt. That would just be so much "fairer".
$900 a month just to find out the only thing your skilled to do is be a waitress. P.T. Barnum was right ... a sucker is born every minute.
...Couldn't be faculty salaries, benefits and retirement costs, could it?
If I'm not mistaken, the costs for college really started to grow wildly shortly after the government stepped in to "make college affordable".
You are absolutely correct. As soon as the government started
handing out our money these colleges expanded in scope and
size and number..
It’s the students own fault. And the lying administrators
who just want the students money,and vote for candidates
who will make laws taking our money and giving it to the
We’re gonna get away from the entitlement society when we
The mother is just now getting around to getting life insurance on her daughter for the debt? I’d have thought she’d have done that the same day she signed the loan paperwork. oh well, at least mom’s succeeded in getting her daughter labeled ‘victim’. I guess that’s something.
I read somewhere that more than a few self-made billionaires never finished college...maybe it was here:
I am a Program Chair for a community college in the midwest. Two of the three degrees that you can earn in my program have a 90% success in finding jobs after graduation. Jobs that start at $50k per year and go up to over $100k with years of experience. These jobs also have fantastic benefits. After two years of college ($10,000 for books and tuition.), these kids are making more than I am. And yet, the companies that need these employees have to go out and recruit among high schools and run ads to get people to sign up for these programs.
What are these programs? Power plant operator and electric line worker.
Jobs that pay extremely well but require real work. Physical work.
Spot on. The universities essentially prey upon unsophisticated young adults. It is borderline criminal, certainly should be completely socially unacceptable. This debt cannot be discharged in a bankruptcy, unlike other debts. Now that only gov’t make student loans, we are turning our young people into indentured servants of the gov’t with those loans.
Commie NYT will never post the salaries of these indoctrination camps will they!