More indications higher ed scam is going mainstream:
Posted: Fri Feb 03, 2012 6:46 pm
Law School Discussion Forums
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https://www.top-law-schools.com/forums/viewtopic.php?f=2&t=177570
Yeah, thousands of unemployed youth 200k in debt and no career prospect is HILARIOUS!STLMizzou wrote:Tag, it's an MTAL thread. Should get some lolz
When you talk about it? kinda...MTal wrote:Yeah, thousands of unemployed youth 200k in debt and no career prospect is HILARIOUS!STLMizzou wrote:Tag, it's an MTAL thread. Should get some lolz
Amen. The issues facing undergrads are bad, but they pale in comparison to what law students face.Paul Campos wrote:Dylan Ratigan points out it's a problem that current graduates of American colleges and universities have an average of $24K in educational debt and bad job prospects. He's right of course, but compare that situation to law school. The current 1L class is going to graduate with about $150K of educational debt, on average. A year later maybe 15% of those people will be making a salary that comes anywhere close to justifying that kind of debt load. Five years farther down the road that number will be cut in half.
Yeah, but you can get your freedom back much easier from private lenders via bankruptcy.TIKITEMBO wrote:Woah dude. As a Public Interest person, government loans are my daddy. I know that schools charge more because they feel they can as government loan limits go on forever. However, I am not for getting rid of the only competition to private loans. I'd rather take out insanely large loans from the government with much better interest rates, easier ability to defer and forebare, and IBR/10 year forgiveness (or 20 year forgiveness if you're not PI) than only be able to get the "we hate you give us our money" loans from private lenders.Huh? Get the government out of student lending. Problem solved.
That being said, I haven't figured out a solution. So much money being available certainly makes schools greedy about it. Perhaps you could tie tuition hikes to inflation? I don't know. I'm making crap up, but please don't suggest taking my government loans. I'd rather be a slave to a slightly nicer master where I might conceivably be able to secure freedom one day. Private lenders are not that one.
Edited because I tried to reply half asleep. Current law makes them undischarged, but that could change.TIKITEMBO wrote:Right now they are, but that law could change, as many of TLS posters would advocate.Tom Joad wrote:Yeah, but you can get your freedom back much easier from private lenders via bankruptcy.TIKITEMBO wrote:Woah dude. As a Public Interest person, government loans are my daddy. I know that schools charge more because they feel they can as government loan limits go on forever. However, I am not for getting rid of the only competition to private loans. I'd rather take out insanely large loans from the government with much better interest rates, easier ability to defer and forebare, and IBR/10 year forgiveness (or 20 year forgiveness if you're not PI) than only be able to get the "we hate you give us our money" loans from private lenders.Huh? Get the government out of student lending. Problem solved.
That being said, I haven't figured out a solution. So much money being available certainly makes schools greedy about it. Perhaps you could tie tuition hikes to inflation? I don't know. I'm making crap up, but please don't suggest taking my government loans. I'd rather be a slave to a slightly nicer master where I might conceivably be able to secure freedom one day. Private lenders are not that one.
I thought student loans were pretty much impossible to get rid of (even in bankruptcy) regardless of the letter. Not true?
I don't disagree that there is a problem, but where do you get the 150k figure from? It seems pretty inaccurate, either as a mean or a median.Paul Campos wrote:Dylan Ratigan points out it's a problem that current graduates of American colleges and universities have an average of $24K in educational debt and bad job prospects. He's right of course, but compare that situation to law school. The current 1L class is going to graduate with about $150K of educational debt, on average. A year later maybe 15% of those people will be making a salary that comes anywhere close to justifying that kind of debt load. Five years farther down the road that number will be cut in half.
STLMizzou wrote:Tag, it's an MTAL thread. Should get some lolz
It does seem a little high. It is probably around six-figures though when you add up undergrad loans (some of which are accruing interest) and law school loans.hung jury wrote:I don't disagree that there is a problem, but where do you get the 150k figure from? It seems pretty inaccurate, either as a mean or a median.Paul Campos wrote:Dylan Ratigan points out it's a problem that current graduates of American colleges and universities have an average of $24K in educational debt and bad job prospects. He's right of course, but compare that situation to law school. The current 1L class is going to graduate with about $150K of educational debt, on average. A year later maybe 15% of those people will be making a salary that comes anywhere close to justifying that kind of debt load. Five years farther down the road that number will be cut in half.
I seriously doubt the law will ever change to make student loans dischargeable. People were abusing that privilege before the current economic woes.Tom Joad wrote:Edited because I tried to reply half asleep. Current law makes them undischarged, but that could change.
+1, so long as that is coupled with the government quitting pushing businesses towards credentialism.Tiago Splitter wrote:
Get the government out of student lending. Problem solved.
What is this, I don't even...apollo2015 wrote:+1, so long as that is coupled with the government quitting pushing businesses towards credentialism.Tiago Splitter wrote:
Get the government out of student lending. Problem solved.
I think the government needs to stop pushing people to complete college/high school. Requiring people to go to high school has hurt the value of the High School Degree. It would be one thing if high school taught skills that improve people's productivity, but it doesn't really.Tom Joad wrote:What is this, I don't even...apollo2015 wrote:+1, so long as that is coupled with the government quitting pushing businesses towards credentialism.Tiago Splitter wrote:
Get the government out of student lending. Problem solved.