Higher education's bubble is about to burst

[one...two...tree 2,762]

My son has just finished his freshman year of college. I'm glad that he's going (at my urging) to a junior/community college. The tuition is 30% of a standard state university and he can fully transfer the credits to the state university when he finishes his next year of college. I mean, why pay big bucks for basic English/Science/History/Band Class/etc when you can take them at the local junior/community college for much less and then transfer? At the end of the 4 years, he'll still have a diploma that says 'State College'. I really don't understand why more students don't follow this path...but...maybe its because other parents aren't a big of a cheapskate as I am

I think that Federal Financial Aid should be restructured so students who do need to rely heavily on it are going to be more pressed to go to a community college, at least to get their transferable credits out of the way. The biggest ripoff are these for-profit private colleges like Phoenix College. Frontline did an expose on them. They've turn college into a money-making mill by exploiting the current Federal Financial Aid requirements. It's a shame.

[one...two...tree 2,762]

I would love to know how many people are out there with 100k+ student loans outstanding...

I told my brother to have her go local for two years... His response was that she needed that time in college as a life experience... #######? Life experience is every day... teach her to be thrifty and stay home for a couple of years and save a boatload...

My wife looked into a 2 year program for foreign dentists where they would then be able to practice here in the states. The program's total cost is $120,000. Not too many can afford that or are willing to go into debt that much just to be able to do what they were doing back in their home country.

[ScottThuy 140]

You gave the right advice Scott.

So, my sister's daughter just graduated from high school and is looking for a college. She's been telling me some of her experiences...what a rip. I think that 'advisors' are now really 'marketers', working on commission, and are more interested in making the university $$ than they are in helping the students.

I have been a college proffor over a decade and it sickens me when I think about the admissions dept or advisors.. they are the sales team..nothing but... Sell sell sell... puke! I get students in an intro tocomputers class that dont have computers and have no money to buy one...

#######?

[ScottThuy 140]

How many of you know about the student loan waivers that exist? Public sector employees can have the entire nut forgiven... and Mr O's new program can allow one to repay at a rate basedon the persons pay and after a specific term the remainder is forgiven.. We the US taxpayers are paying it...

[BishopM 114]

I think that Federal Financial Aid should be restructured so students who do need to rely heavily on it are going to be more pressed to go to a community college, at least to get their transferable credits out of the way. The biggest ripoff are these for-profit private colleges like Phoenix College. Frontline did an expose on them. They've turn college into a money-making mill by exploiting the current Federal Financial Aid requirements. It's a shame.

This is definitely true...my sister's daughter is looking at Globe University...which is inline with Phoenix. But, they don't seem to recognize that this type of university is dangerous...

[one...two...tree 2,762]

How many of you know about the student loan waivers that exist? Public sector employees can have the entire nut forgiven... and Mr O's new program can allow one to repay at a rate basedon the persons pay and after a specific term the remainder is forgiven.. We the US taxpayers are paying it...

That's been around for years and it is limited to certain professions, like teaching and medicine.

[HannahP 119]

I would love to know how many people are out there with 100k+ student loans outstanding...

Um....pretty much every medical student that I know, plus many law students as well.

That's been around for years and it is limited to certain professions, like teaching and medicine.

I know! Imagine the need for rural teachers and doctors. Who else would want to work for minimal pay in a #######-tastic environment.

[justashooter 430]

My wife looked into a 2 year program for foreign dentists where they would then be able to practice here in the states. The program's total cost is $120,000. Not too many can afford that or are willing to go into debt that much just to be able to do what they were doing back in their home country.

from what i've seen most foreign doctors and dentists need training to function in USA.

Imagine the need for rural teachers and doctors. Who else would want to work for minimal pay in a #######-tastic environment.

most of the loan forgiveness is for teachers who work in inner cities, or really far out there, like on an indian reservation.

[Heracles 417]

I read an interesting article the other day which discusses private colleges pushing loans as lenders did with sub-prime. They basically ignore whether the student will be able to pay or not and just focus on getting the money for the schools.

[one...two...tree 2,762]

I read an interesting article the other day which discusses private colleges pushing loans as lenders did with sub-prime. They basically ignore whether the student will be able to pay or not and just focus on getting the money for the schools.

According to an article by Melissa Korn in the Wall Street Journal:

The [Education Department] inspector general's office found that the Higher Learning Commission of the North Central Association of Colleges and Schools granted accreditation to a for-profit university despite what investigators considered the school's questionable practices in awarding credit hours to students.

The trouble is that there's something of a conflict of interest involved in accrediting agencies. Not just at HCL but everywhere agencies get their funding from the schools they evaluate. According to the article colleges pay the agencies to "evaluate educational activities, financial stability, governance and administrative structure." They tend not to be terribly critical and it takes a lot of problems before any accreditor will actually remove its seal of approval.

http://www.washingto...he_watchmen.php

[SuperDuper! 230]

Gatling guns can't touch the master with his one shot blaster. Sorry Charlie!

[BelleSade 3]

I hate this subject, as it's ridiculous to have tens of thousands (or in some cases more than 100thousand) in debt just to get an undergrad, but my main concern is... will the number of students in the US ever decrease to a point where having a degree is rare again?

It seems that education will be limited to those who: 1) are going to study something profitable 2) are willing to go neck-high in debt or 3)whose parents have enough money to pay for it all 4) the nerds and athletes who get the scholarships.

I got lucky, I'll have at most 2k in debt by the time I graduate (but after that, law school... so that'll give me enough debt for a life time) for my undergrad, but most of my friends back home are looking into at least 30k in debt, and graduating in a time where it seems that only a very small few can get decent jobs.

[SuperDuper! 230]

I hate this subject, as it's ridiculous to have tens of thousands (or in some cases more than 100thousand) in debt just to get an undergrad, but my main concern is... will the number of students in the US ever decrease to a point where having a degree is rare again?

It seems that education will be limited to those who: 1) are going to study something profitable 2) are willing to go neck-high in debt or 3)whose parents have enough money to pay for it all 4) the nerds and athletes who get the scholarships.

I got lucky, I'll have at most 2k in debt by the time I graduate (but after that, law school... so that'll give me enough debt for a life time) for my undergrad, but most of my friends back home are looking into at least 30k in debt, and graduating in a time where it seems that only a very small few can get decent jobs.

The undergrad degree is the new High School degree. Happy debt payments!

[Teacher Mark 53]

This is definitely true...my sister's daughter is looking at Globe University...which is inline with Phoenix. But, they don't seem to recognize that this type of university is dangerous...

$415 per credit?? The University of London has an external/distance program that runs about 6K total.

http://www.londonexternal.ac.uk/prospective_students/undergraduate/index.php

[littlecrazyangel 1]

Education is like Business, they need more and more money.