Posted on 05/29/2010 4:16:21 AM PDT by STONEWALLS
"Like many middle-class families, Cortney Munna and her mother began the college selection process with a grim determination. They would do whatever they could to get Cortney into the best possible college, and they maintained a blind faith that the investment would be worth it.
Today, however, Ms. Munna, a 26-year-old graduate of New York University, has nearly $100,000 in student loan debt from her four years in college, and affording the full monthly payments would be a struggle. For much of the time since her 2005 graduation, she’s been enrolled in night school, which allows her to defer loan payments.
This is not a long-term solution, because the interest on the loans continues to pile up. So in an eerie echo of the mortgage crisis, tens of thousands of people like Ms. Munna are facing a reckoning. They and their families made borrowing decisions based more on emotion than reason, much as subprime borrowers assumed the value of their houses would always go up."
(Excerpt) Read more at nytimes.com ...
kids we hired for engineering are all on average 50 k in debt
at least they have paying jobs
Zer0’s fault.
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>>...this young woman has an interdisciplinary degree in religious and women’s studies
I expect kids to be stupid. That’s their right. But any parent that would borrow money to get their child a useless degree like this deserves whatever they get.
“...interdisciplinary degree in religious and women’s studies.”
Did she work any of her way through?
Interesting article. My daughter was accepted at NYU but we did not let her attend due to the loans she would have had to rack up. She was extremely disappointed.
She attended our state university on a free ride and later received so many other scholarships that she actually made a profit. She now has a full year’s salary saved up from her job and is debt free. She is happy with the way things turned out.
Can you say..."predatory lending?"
Another myth dispelled, “college is the way to the best future for everyone”. College is for the most part just indoctrination 201, HS is 101. The country would be better off with fewer college grads and more people willing to work.
The interesting thing is that most people are employed in jobs that have nothing to do with what they studied in college. The most valuable employees seem to be those that have learned and earned in the real world.
funny how that little detail is not mentioned until near the end.
If nothing else, I think a university has an obligation to regularly counsel a student when choosing a major, showing a realistic view of that field, its employment and salary potential, etc.
Wonder what she is studying in her night classes.
Probably something equally ridiculous!
What makes a university “so much better” than a smaller school or community college? IS it worth the money? Why is school SO expensive?
These people handed over blank checks, and have the nerve to complain?
If one is going to be one of 1000 students of a particular professor, one should be charged 1/1000 of the cost. Adults buying things should demand the seller detail what is being provided at what cost.
They don't care to, so I don't care about their problems either.
If the point of the article is 18 is not old enough to make these decisions, then I'm OK with raising the voting age and other ages to 21.
But frankly, this women sounds like a stereotypical RAT. Dumb as a box of rocks. Women studies at $50k/yr tution? This woman is terminally mentally ill. And just what stupid male would ever consider marrying (I guess since she lives in low cost San Fran, maybe it is a woman she is interested in) her because 1) she is dumb as a box of rocks and 2) has debt that is a major burden that was created for zero benefit.
“If nothing else, I think a university has an obligation to regularly counsel a student when choosing a major, showing a realistic view of that field, its employment and salary potential, etc.”
...AMEN!!...but what happens is that the college says: “well if you can’t get a job with that worthless degree, come on back for a Masters”...then when that doesn’t work “come on back for a PhD and you can get a job teaching in the Women’s Studies Dept”
One of these days someone is going to wake up to the notion most colleges are set up as profit centers for a bunch of educators. Anyone who goes to college and takes one of these feel good courses is doing the equal of being serviced at a house of ill repute.
Now that the Ozero has control of all student loans, the situation will get worse. I can just see the loan application rejections now: Sorry, too many in that field already, you need to study AfroCentricity instead.
No, no!
It's only 1/3 indoctrination.
The other 2/3 is smoking weed and getting laid.
Anyone who spends six figures on ruining their child gets what they deserve.
....I could see a huge melt down coming on student loans...the kids can’t get a good enough job to service their debt...so they default en masse.
Agree completely. Our 20 year old son, who never exceled in school, but still wanted to go to college, is attending a local technical college, working nearly full-time in the restaurant business, paying his way as he goes. What's nice about this is that he's developing skills, learning multi-facets of the restaurant business, and is excited about his future prospects. Unlike a lot of knotheads his age, he's already a giant leap ahead of them in terms of his employability and ability to take care of himself, which his dad and I couldn't ask for more at this point.
Crazy stuff. The whole “higher-education” industry is crazy these days. My neighbor’s daughter is starting college this fall; she wants to be a physical therapist. She has to take a full four-year degree and then do a graduate program, according to her mom.
Only in liberal-land can they think that throwing more government money at an issue would lower the cost. News flash - more money chasing the same product RAISES prices.
Liberals hate markets, so that is the last thing they would explain to a young student.
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