Skip to comments.Missouri college no longer accepting students who take out loans
Posted on 03/20/2013 6:05:51 AM PDT by rightwingintelligentsia
(Reuters) - A private, four-year Missouri college is so concerned about mounting debt of college graduates in the United States that it no longer will take students who insist on taking out loans.
The policy on loans set by College of the Ozarks, an evangelical Christian school of 1,400 students located in a rural area near Branson, Missouri, may be a national first, according to Roland King, vice president for public affairs at the National Association of Independent Colleges and Universities.
College of the Ozarks is unusual, however.
All students work on campus, and they do not pay tuition, said Jerry Davis, president of the southwest Missouri four-year school.
Ninety percent of each entering class at the college must demonstrate financial need, according to the school's website, which says that tuition is covered by credits for campus work, along with any federal and state aid and a college scholarship, if necessary.
(Excerpt) Read more at reuters.com ...
Hallelujah. I believe I’ve found another suitable charity.
I wasn't aware that they took students with loans before.
This has been the policy at the school for decades.
It used to be that you could only get college loans for, you know, paying for college. But now you can get college loans for anything that you might wish to spend money on WHILE at college. It is no longer written to the college, but instead written to the student, and is a debt that can not be discharged through bankruptcy or in some cases, even death, since many times the loans require cosigners.
Berea College (Berea, Kentucky) My daughter graduated from there. Waited tables at Boone Tavern for 4 years. Worked her butt off.
The majority of the work required to keep the campus running is performed by students. All students must work to stay enrolled.
There are 4 or 5 colleges like this. Berea has a large endowment in order to do this, a little more wouldn’t hurt........
The student loan scam bubble is awful. Not only are the loans issued with terrible interest rates, but often kickbacks are being made to the schools to steer students to particular lenders.
And then Obama nationalized most student loans, which made a bad situation far worse.
What I’m looking forward to are when some states forbid it for their state universities. That could cause not only the student loan bubble to collapse, but the bloated education bubble as well.
The interest rate used to be 3% before the feds got really involved, now it is between 6 and 9%. It is worse than a mortgage because the only tangible is a piece of paper.
The feds hold the loan and there is no guarantee that graduates will get a job to be able to pay it off.
Whoever thought this up ought to be shot and p*$$ed on.
Thanks Child and Vig. I’ve been a Hillsdale subscriber and donor for a while. I had heard of Berea and forgotten. They will all get some of my money.
Look into how many Democrat jobs there are that get loan forgiveness. This is just vote buying. Real producers have to pay their loans back. Work for the government and you get yours forgiven.
If state universities started turning out Republican voters like some private universities do you'd see their student loans yanked in a blink of an eye (excluding Nancy Pelosi's).
Did you hear that though they have both been excluded from it, both Biden and Pelosi had the gall to take communion at the Vatican today?
“College of the Ozarks...no longer cooperates with students or banks in covering costs of attending college with a loan, Davis said.”
What worries me here is that the debt industry will come up with another method to verify enrollment, such as having the kid show up at one of their offices, log-on to the school, and show the loan shark that he’s really enrolled.
They won’t go away quietly, when the see fresh meat for the taking.
I think Pensecola Christian does something similar. All the kids work in their publishing arm, ABEKA book.