<p>Honestly, the fact that this is "news" saddens me greatly. This is obvious as sunlight and if you get caught in the trap you deserve it.</p>
<p>Which is why a degree from an elite university might make all the more difference</p>
<p>this is exactly why government assisted loans are a terrible idea. these colleges know they can charge rates obscenely high because a) it is the "in" thing to goto college, you have to goto college to be successful, and b) government assisted loans and all of these student loans drive the price of tuition up because they know people will take out obscene loans so they can get into these schools....</p>
<p>
[quote]
Which is why a degree from an elite university might make all the more difference
[/quote]
Or an engineering degree from damn near any college in the nation.</p>
<p>"this is exactly why government assisted loans are a terrible idea. these colleges know they can charge rates obscenely high because a) it is the "in" thing to goto college, you have to goto college to be successful, and b) government assisted loans and all of these student loans drive the price of tuition up because they know people will take out obscene loans so they can get into these schools...' </p>
<p>Astute observation. And one of the intended (or unintended depending on who is being adversely affected) is that the shift to the loan model essentially removed any lingering tendencies for financial restraint on the part of colleges. Prior to the takeover by the loan companies, colleges were compelled to work within grant guidelines, and within the general amount of funds allotted by Pell grants and other like programs. </p>
<p>But with the loan model (government assisted or otherwise) the burden of financing higher education was largely dumped onto students and families. Who ironically by their tax dollars had already been funding state higher education for generations. And since the perception was the students could always borrow more, no matter how unfavorable or even outright predatory the terms, there was no need to keep tuition or hidden collegiate expenses in line. </p>
<p>And that's still very much the condition in academe, especially at the state schools. And so the trophy buildings go up, the adjuncts become more exploited and less qualified, and students are increasingly mired in debt for degrees which are less credible than preceding generations. There was a point where a bachelors degree did have substantial credibility, but that seems to have been closely linked to collegiate financial restraint. Then it was much harder to hide poor courses or profs behind a glittering trophy building, as these were fewer in number. </p>
<p>The problem with implying those who've been caught in this mess deserve to be exploited is that systemically the US economy is trapping many who thought they too were immune.
To extend that idea, did all the people who have seen their 401k's wiped out also deserve their tragedies? </p>
<p>But academe chose to dance with this financial devil and no doubt will continue to do so whilst the drapes of the ballroom catch fire and burn...</p>
<p>There are articles on the similarities between subprime mortgages and student loans. Taxpayers also subsidized homeowners with the mortgage interest deduction - something that further distorts the price of housing.</p>
<p>Ratings are possible on professors with RMP - it would be interesting to see a study with average scores across departments from that website. The web is making a lot of information available but students and parents have to do some work to find it. I think that it's possible to get an excellent education at state schools but one has to actively go out and seek the education - that is you have to work hard to learn the material, sometimes in spite of the professors and TAs.</p>
<p>"Looking at the college is missing the target by a mile; the real problems are in our K-12 system that clings to a one-for-all system of public education that believes in pedagogy over academic contents."</p>
<p>And parents too. Schools cannot do parenting and teaching at current funding rates.</p>
<p>
[quote]
There are articles on the similarities between subprime mortgages and student loans.
[/quote]
</p>
<p>And there will be more. Wall St. benefited from and therefor enabled the predatory lending practices of mortgage brokers. Colleges have benefited from and therefor enabled the predatory lending practices of student loan providers. </p>
<p>Every year for the past twenty years this finance scam has allowed college administrators to increase their prices far above the rate of inflation. As a result, hundreds of thousands of parents and hundreds of thousands of former students are now saddled with crushing financial obligations, and with precious little to show for it. </p>
<p>Most folks may not realize it yet; But the jig IS up on this one.</p>
<p>Sorry for the rant. But I get very angry when I see people being abused but those who are supposed to be in a position of trust.</p>
<p>"Or an engineering degree from damn near any college in the nation."</p>
<p>This made my day! Thank you Mr Payne :-)</p>
<p>Altho, I don't think that being in the bottom 40% of the class disqualifies a student from belonging and thriving in a college environment.</p>
<p>Engineering degrees are the best degrees in terms of investment return. But, the problem is not everyone can get an engineering degree, I graduated from top 2% of my high school, and I'll dare say that probably 3% of the students in that school have the preparation and ability by end of high school, to take on an engineering curriculum and graduate with an engineering degree.</p>
<p>ya, which is why Payne said ANY college. Whether at MIT or at City College, an engineering degree is going to be some hard work.</p>
<p>Moderator's note:</p>
<p>This thread has become a target for spam so we are locking it. If you would like the discussion to continue feel free to start a new thread and reference this one.</p>