Posted on 06/01/2014 2:32:22 PM PDT by Libloather
But they are legally allowed to enter into contracts.
These places SHOULD emphasize what borrowing money entails and clearly spell out what they will be required to pay back, but it isnt their fault when a legal adult signs up for it.
I did that back in the 90s, I was appalled at what I did (I never saw that much money in my life), and cut off any more loans after my first year. I was one of the lucky ones. Thankfully it wasn’t much.
No grants and loans for College. Just scholarships.
Scouts Out! Cavalry Ho!
This problem has been created by the Federal Government flooding the market with non-dischargeable student loans and encouraging students to take on debt regardless of how feasible or practical the course of study is.
The free market could solve this mess within a few months, but this would take a lot of gravy away from the Democrat’s allies in the worthless Women’s and Minority Studies programs throughout the nation.
Besides, the only way to address distortions created by government intervention is through more government intervention.
Sir, the statement has to do with the percentage of students who default (i.e., don’t pay back) on paying back their loans, not the interest rate charged.
Ah, busy promoting the public SEIU sector, I see. There can be some fine public universities...well, at least, there once were, until “open admissions” and affirmative action destroyed them...and many of the high-end private universities are a waste of time because they’re so PC.
But that’s if you really want an education. If you don’t, you get a lot more bang for your buck by going to a private institution, because the whole thing with college really isn’t where you go or how you do, but who you meet.
If you really want an education, however, I’m not sure where you’d go now.
The big “not for profit” colleges and state colleges & universities provide as many graduates who do not get a job needing their college degree as do the for-profit schools. Obama is not going after the big “not for profit” schools or the states’ university and college systems because that branch of academia considers itself Obama’s friend, and he theirs.
“but it isnt their fault when a legal adult signs up for it.”
Actually, someone who issues you a loan you have no reasonable hope of repaying IS at fault in many loan agreements. For example, if they give you a loan for a home and you don’t qualify for that loan due to credit history, low income, etc, then there are federal regulations to punish the folks who issued the loans.
When someone struggled to get Cs in high school and a private college arranges private loans to ‘allow’ him to study medicine...yeah, they KNEW he would not pass. But he still was on tap to pay them back, and he did...by spending a year in Iraq with the CA Army Guard. Good recovery by him and a good life lesson, but the private college and private loan company were engaged in legal fraud!
But my point is that we regulate the loan business in most areas to prevent loan sharks and the issuing of loans designed to harm the folks who get them. Why not do the same with student loans?
For example, tie permissible loan amounts to expected employment rates and pay scales for a given field. Want a loan for petroleum engineering, and have the test scores to show you can probably make it? Fine. Want to get an MA in hairstyles of black women - an actually Master’s Degree I saw in the news the other day? Well, then you can borrow 25 cents because you have no hope of repaying the loan.
OTOH, want to defer your loan payment by staying in school? That ought to be illegal. Pay up when you should be able to graduate.
“No grants and loans for College. Just scholarships.”
That is what I’m telling my youngest daughter. Since she watched her older brother get taken, I think she understands that stupidity has bad consequences for the stupid person.
Yet another example of Government attempting to fix something Government royally effed up.
Not long ago, tuitions were affordable and great colleges were modest affairs. Then the government loans to students and grants to schools and professors started. It’s been all downhill since.
Side effect: The colleges are no longer responsive to parental desires at all - instead, they have become havens for PC madness in every evil form.
Think of the power, the control you can have...
"I'm sorry, Mary, but we just don't have a place for you in our student body. Our records show your parents gave to the wrong political groups..."
"The IRS tells me your parents are loaded. That's why your tuition is so high, you're paying for others not so fortunate..."
"Sorry, Dean, but we can't support a school that's teaching the wrong things. That Professor you have in the Math dept. will have to go..."
"Can't teach that subject in a gov't-supported entity - separation of church and state, you know..."
"Bible Club? No way..."
Ok thanks! It says “rate” in the context of a discussion on loans. That tells me “interest rate”. But I am delighted that is not what the crappy journalist meant. Appreciate the info.
And the flip side, of course...
"What? You don't have an LGBT Club? You don't have a quota for LGBT representatives in the Student Assembly? Dean, you have the right to remain silent..."
Scouts Out! Cavalry Ho!
You’re right.
Students should understand that college and uni are what they make of it. Faculty isn’t there to guide and coddle them. It’s not high school.
Our biggest problem is how so many students try to take their high school experiences and attitudes and try to replicate them in college and university life.
So instead of studying and networking, they in fact extend the partying years and basically mess up there because they don’t get it that teachers are no there to motivate them.
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