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Old 03-11-2013, 10:38 AM   #41
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Old 03-11-2013, 11:17 AM   #42
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It is sad to read some of these stories today. One that stuck out to me was the Performing Arts post-graduate from NYU who finished her 6 years of schooling with $128,000 in private loan debt. Federal would not cover the full cost, so she was directed to the private loans from the school itself. At the time the article was written she was paying approximately $10,000 a year and had a job making $27,000 a year. Yes, the job happened to be in her field of study.

What was truly fascinating was all of the assistance she received from NYU in finding ways to get the money to pay for her school. They practically filled out the papers for her, just needed her signature. An investigative team found that the school devoted much funds to this, than they did to the job resource centers to help new graduates find work.

Clearly the student is to blame for the large majority of this... but I couldn't help but question the school here too. You have to wonder how many young adults would be saved from this had they been required to take a Freshmen level course showing estimated average salary rates they'd expect upon graduation. If you're on track to get a job making $25K a year, why on earth would you want to take on $100K+ in student loan debt?

I think too many parents blindly step in line with mantra of encouraging their children to "follow their dreams." This can be dangerous when ignoring the reality of the financial situation they are moving towards, if the dream is to become a Broadway star, social worker, or historian off of a quarter million dollar education.

Not the same story, but a more recent similar one I found:
http://journalism.nyu.edu/publishing...ebt/index.html

and another...
http://www.nytimes.com/2010/05/29/yo...anted=all&_r=0
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Old 03-11-2013, 12:42 PM   #43
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Rensselaer
Yep, RPI. Costs to go there when I attended were much more reasonable vs today's costs and were met with GI Bill + scholarship + a little out of pocket.
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Old 03-11-2013, 04:43 PM   #44
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My thought is both education and medical have something to do with them being funded by third party sources. The institutions keep raising prices because they know the students will just take on more and more loans to pay the cost, the students don't seem to be worried about paying back the loans and in the end another entity is responsible for it. Same sort of thing with medical and insurance.
++

If you think somebody else is paying (and "my future rich self" is somebody else if you're 19), you don't worry about price.
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Old 03-11-2013, 04:55 PM   #45
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I went to college in the early 80s. Today's schools pamper their kids a lot more than before. The facilities are much nicer. They have orientation day for parents. The dorms are bigger and many kids have private rooms. The food is better. Everything is wired for free internet. Free computer resources are everywhere. They have workers all over the place cleaning it up and keeping it running. Forget about the days of 6 guys renting a house and eating top ramen. Those days are over.
I think this is a piece of it. I went back to my alma mater (Washington State University) and it's a palace compared to the late nineties. Gorgeous glass and steel buildings, high technology everywhere, state of the art research labs. Interestingly, the business building was as crummy as ever.

Just as I was graduating, they were starting to tack on mandatory "recreation" fees for a fancy new gym they'd built. More perks, more money....

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Old 03-11-2013, 05:09 PM   #46
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Originally Posted by EvrClrx311 View Post
Clearly the student is to blame for the large majority of this... but I couldn't help but question the school here too. You have to wonder how many young adults would be saved from this had they been required to take a Freshmen level course showing estimated average salary rates they'd expect upon graduation. If you're on track to get a job making $25K a year, why on earth would you want to take on $100K+ in student loan debt?
Long before they require a course, they should at least make the information available to students who ask for it.

I expect that if a prospective student asked for salary statistics for all the the graduates with a ____ degree, the school would say "we don't know, but we'll be happy to give you a couple anecdotes about our most successful grads". That's the exact opposite of helping them be realistic.
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Old 03-11-2013, 08:22 PM   #47
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Originally Posted by EvrClrx311 View Post
...
What was truly fascinating was all of the assistance she received from NYU in finding ways to get the money to pay for her school. They practically filled out the papers for her, just needed her signature. An investigative team found that the school devoted much funds to this, than they did to the job resource centers to help new graduates find work.

Clearly the student is to blame for the large majority of this... but I couldn't help but question the school here too.
File this under "Tough Love" if you wish, but if a young adult, ready to invest many tens of thousands in an education hasn't learned the concept of "buyer beware", then when will they learn it?

If I expect the salesperson to be watching out for my interests, I'm going to be disappointed (or worse) more times than not. A young person might need parents to help get this across, and/or it should be taught in high school, but don't count on the college for the straight scoop, they have seats to fill.

Quote:
I think too many parents blindly step in line with mantra of encouraging their children to "follow their dreams." This can be dangerous when ignoring the reality of the financial situation they are moving towards, if the dream is to become a Broadway star, social worker, or historian off of a quarter million dollar education.
There was an 'interesting' thread on this recently. Ahh, I usually fail with searches, but here you go:

What do you desire?

A real contrast in views. (edit/add - I responded to the poster who started that thread - didn't realize until after I hit 'submit', but that's OK, he was open to input)

-ERD50
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