I think the root cause is that the public is deluded into thinking that they "deserve" things that they do not work to obtain. In the past, schools were selected by what people could afford, not pipe dreams. Let me know when I can send in a request to get my money back that I used to pay off my student loans.
djpajnof NJ9:19AM March 14, 2012
student loans are holding people in bondage but i also believe the banking industry must be the people who should pay for this mess. they caused the mortgage crisis and their greed caused the student loan problem and not the tax payers should be the ones to pay. I have a old student loan and it was 25,000 dollars back in 1989 and because my daughter was born with autism i had to work less hours and kept it iin a deferment. I should of declared bankrupcy back then but i wanted to pay on it. well now i owe 100,000 plus and had to default on it to get nel net to sell it to the federal government so i could pay an affordable rate. I am 45 years old and to be honest it will never get paid off. I have learned to live off of programs from the government make only so much money and i will live better than working what i could. I am very frustrated but i do not believe the tax payers should flip the bill. The government paid nel net 100,000 so in a way the tax payers paid my bill. I do not buy new cars i buy old and fix as many problems as i can. I bought a house for 2,000 dollars it was foreclosed on and fixed it up and I watch what i buy. my son is in college now and i tell him to go to a cheaper school and tack math and absolutely do not take loans out they will cheat you. This may have created a new culture if others believe like me live cheap and watch what you do ALWAYS REMEMBER BANKING INSTITUTIONS LIE AND CHEAT PEOPLE THAT IS HOW THEY MAKE MONEY. so if there is million other people like me than maybe there is a true movement and the united states will have fairness and justice for all. Bankrupcy Laws may be needed a long time ago when i had to choose to feed my kids or pay a bill i choose to feed them and marriage i got divorced so my husband's income could not be used against us and plus i felt guilty having all these problems.
we are friends and he helps with the kids but every dime he gives me the government counts as income and tries to take it from me. I have been on WIC and food stamps and i graduated with a bachelors degree and could make money but if i do my payments go up so i choose to work jobs with no record of payment or struggle. It has been hard and i feel for all these young people but they will learn how to work the system for their benefit also, this does in the long run hurt the country but where is the justice of what i went through
ANNALISAof PA5:47PM March 13, 2012
I feel the root of the problem is how much these institutions get away with charging. We wanted our daughter to have the experience of going away to school. She is an average student so she couldn't get into any state schools (another gripe!) What floored me is how much these private universities charge for Room and Board when the students are expected to live in tiny 2x2 rooms with shared baths and eat the same boring low quality food menus each week...there's something wrong with this picture. We're talking over 12 grand here. What's even more upsetting is that you really have no choice...the freshmen student must take the more expensive meal plan and has hardly any choice of living environment. The only way the parents of freshman can send a message to these high charging universities is to boycott them. We have to send a message.
judithof NY4:20PM March 13, 2012
I think that I have a unique perspective as I have taken classes at both a prestigious Ivy League school and a local community college. To say that the education you get at a community college is always as good as a private school is false in my experience. However, I attended one of the best schools in the country and the tuition there was about $5-6K lower than local private universities which doesn't make sense to me. I guess my point is that not all private colleges are created equally nor are all state colleges equal. I think it takes a lot of researching on the student and family's part to find the best value. Also what you major in is as important if not more important then were you go. Taking art history at a private university may not be the wisest choice on the same hand I know people who earned degrees in business, etc. from community colleges that waitress for a living. Whereas classmates who did the same at the private universities are going on to get their MBA, are starting businesses or are making six figures on Wall Street.
Jenessa Fentonof NY8:38AM March 13, 2012
I am a parent who is stressing affordability to her Highschooler. Inspite of 9 APs and a very high SAT score she will be more than likely attending a junior college and then transferring.
The sticker on my car won't be reading 'my son and my money go to X college" Where's the humor in that exactly? I would prefer one to read," My son graduated, no debt AND got a job" This is true of our older child.
But, why do I feel guilty and a little cheap for acting logically and realistically??
Parental peer pressure and oneupmanship are factors I know. We do have the finances, but we do not believe that the average Bsc is WORTH over a $100.000. We are Parents digging their heels in, in Texas. Anyone else out there?
sallyof TX3:38PM March 12, 2012
It's hard to feel sorry for people who knowingly take on such large debt to finance their education. As a high school counselor I see family after family choose the perceived "prestige" school with debt, rather than a "lower ranked" school that offers substantial if not full scholarship. It's about time that families make colleges change their outrageous tuitions by choosing those schools that are affordable. Those "higher ranked" schools will notice when their applicant pool starts to shrink. The job market is not there for a graduate who needs to pay back over $100000 in loans. This is the next bubble to burst because such loans shouldn't even be made available for education. It is the reason colleges feel they can charge surreal tuition - because the loans are so easy for people to get. It's exactly like the housing bubble and we need a "correction" immediately!
Angelaof IL1:14PM March 12, 2012
University of California Berkeley, a public university, picks the pockets of students and their parents clean.
On an all in cost UC Berkeley now more expensive than Harvard, Yale.
Fire UC Berkeley Chancellor Birgeneau
Milan Moravecof CA6:55PM March 11, 2012
I have a good paying job and am able to pay back my student loans, so much so that I'm actually ahead of schedule.
BUT
I do not own a house, I do not own a car, I have NOTHING of my own besides owing $150,000 to the government and $100,000 to Sallie Mae (I pay about $400/month in interest alone). If I had the extra $1500/month I would be able to buy a house, a car AND have more money to spend on other things like clothes.
I have life insurance. Sadly I am worth more dead than alive.
I currently owe $100k in federal and private student loan debt for my postgraduate education in International Development- go figure. Every month, when I make my payments online, I see the balance increase. I no longer live in my homeland- a country that my ancestors built from the ground up- because there were far better opportunities for my family elsewhere. If I'd stayed in America, my loans would be underwater and I'd likely still be searching for employment. Instead, I own a successful small business. My husband's career has blossomed. I imagine- if we remain where we are- we might be able to buy a home before we're forty. America's leaders should be ashamed of themselves for allowing their own greed to destroy this country. If you follow the student loan money trail, the picture becomes all too clear. Forgive student loan debt and put bright minds to work or risk losing the future of the United States entirely. It's that simple.
debtslave10:39PM March 07, 2012
The real consequences here are far, far down the road. Truly, has no one considered what happens when a generation's retirement savings is diverted into student loans??
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djpajn of NJ 9:19AM March 14, 2012
ANNALISA of PA 5:47PM March 13, 2012
judith of NY 4:20PM March 13, 2012
Jenessa Fenton of NY 8:38AM March 13, 2012
sally of TX 3:38PM March 12, 2012
Angela of IL 1:14PM March 12, 2012
Milan Moravec of CA 6:55PM March 11, 2012
PoorDoctor of MO 6:55PM March 08, 2012
debtslave 10:39PM March 07, 2012
student loan serf of MN 10:18PM March 07, 2012