Comments on: Larger student loans a concern for U.S. economy? http://www.sequenceinc.com/fraudfiles/2007/10/01/larger-student-loans-a-concern-for-us-economy/ Sat, 20 Mar 2010 22:05:23 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: outback71 http://www.sequenceinc.com/fraudfiles/2007/10/01/larger-student-loans-a-concern-for-us-economy/comment-page-1/#comment-125126 outback71 Thu, 11 Oct 2007 11:12:11 +0000 http://www.sequence-inc.com/fraudfiles/2007/10/01/larger-student-loans-a-concern-for-us-economy/#comment-125126 The upside to an increasing debt load is that students and their families will start to look for cost-effective alternatives. That may put downward pressure on tuition. The upside to an increasing debt load is that students and their families will start to look for cost-effective alternatives. That may put downward pressure on tuition.

]]> By: Sarah http://www.sequenceinc.com/fraudfiles/2007/10/01/larger-student-loans-a-concern-for-us-economy/comment-page-1/#comment-124805 Sarah Wed, 10 Oct 2007 19:57:47 +0000 http://www.sequence-inc.com/fraudfiles/2007/10/01/larger-student-loans-a-concern-for-us-economy/#comment-124805 The entire system is still geared towards expecting kids to live on campus for a few years, to get the whole thing done in about four years, to do unpaid internships for two or three summers, to get good grades, to get some meaningful extracurriculars in (preferably with leadership experience) and to do the whole thing at the best possible college they can get into, and to get good grades while doing it. And most of the loans are still coming out with a projected 10 year repayment schedule, even though wages haven't kept up with tuition at all. Especially when you examine the relationship between government subsidies (including loans) and the spectacular rise in tuition and fees, the whole thing really does look more than a little unhealthy. Full disclosure: I have about $40k in debt, which is as low as it is because I worked during the school year and got several scholarships, including a co-op dorm scholarship that saved me about $6k in my first two years. I just love questions like "what do you want to be doing in five years" and "why do you want this job" during job interviews, because the honest answers would be "I'd love to go to grad school, which is what I'd been hoping to do until I realized what kind of repayment schedule I would be facing after four to six more years of tuition at even a state school" and "would you like to see my repayment schedule?," respectively. If I went to law school, for instance, fear would keep me at the lowest-ranked schools possible, because there's no guarantee that $70k in debts could ever be repaid, and the lower tier schools would let me go for free thanks to my GPA and LSAT score. The entire system is still geared towards expecting kids to live on campus for a few years, to get the whole thing done in about four years, to do unpaid internships for two or three summers, to get good grades, to get some meaningful extracurriculars in (preferably with leadership experience) and to do the whole thing at the best possible college they can get into, and to get good grades while doing it. And most of the loans are still coming out with a projected 10 year repayment schedule, even though wages haven’t kept up with tuition at all.

Especially when you examine the relationship between government subsidies (including loans) and the spectacular rise in tuition and fees, the whole thing really does look more than a little unhealthy.

Full disclosure: I have about $40k in debt, which is as low as it is because I worked during the school year and got several scholarships, including a co-op dorm scholarship that saved me about $6k in my first two years. I just love questions like “what do you want to be doing in five years” and “why do you want this job” during job interviews, because the honest answers would be “I’d love to go to grad school, which is what I’d been hoping to do until I realized what kind of repayment schedule I would be facing after four to six more years of tuition at even a state school” and “would you like to see my repayment schedule?,” respectively. If I went to law school, for instance, fear would keep me at the lowest-ranked schools possible, because there’s no guarantee that $70k in debts could ever be repaid, and the lower tier schools would let me go for free thanks to my GPA and LSAT score.

]]> By: Tracy http://www.sequenceinc.com/fraudfiles/2007/10/01/larger-student-loans-a-concern-for-us-economy/comment-page-1/#comment-121319 Tracy Tue, 02 Oct 2007 19:40:20 +0000 http://www.sequence-inc.com/fraudfiles/2007/10/01/larger-student-loans-a-concern-for-us-economy/#comment-121319 I disagree. There are very cost effective programs and lots of scholarships and financial aid programs. I do acknowledge that students may have to make sacrifices and may not be able to be full-time students. But I think for those who really want to get a college education, there is a way to do it. I did it. I disagree. There are very cost effective programs and lots of scholarships and financial aid programs. I do acknowledge that students may have to make sacrifices and may not be able to be full-time students. But I think for those who really want to get a college education, there is a way to do it. I did it.

]]> By: Rachel http://www.sequenceinc.com/fraudfiles/2007/10/01/larger-student-loans-a-concern-for-us-economy/comment-page-1/#comment-121296 Rachel Tue, 02 Oct 2007 18:49:59 +0000 http://www.sequence-inc.com/fraudfiles/2007/10/01/larger-student-loans-a-concern-for-us-economy/#comment-121296 Too bad the cost of going to college goes way beyond what a person can earn with unskilled labor. Too bad the cost of going to college goes way beyond what a person can earn with unskilled labor.

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