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Post by mtdman on Jan 2, 2015 2:37:39 GMT -5
Billionaire Mark Cuban Warns Of Massive Crash That Will Wipe Out America’s Colleges: “You’re Going To See A Repeat Of What We Saw In The Housing Market”Not sure on the validity of the comments in this article, whether or not Cuban made them. But it's still an interesting bit about college tuition, the student loan bubble, and the shit storm that's coming. Frankly, at this point, I would not encourage someone to go to a major university because of the student loan debt and the tuition rates. They have skyrocketed. My first year at UofM my tuition was $1800 a term. The last class I took in 2000 the tuition was $1800 for the whole class. I understand tuition increasing over time, but the huge increase is ridiculous. I've been saying this for a while, the more $$ made available to students, the more tutition has gone up. It's noble to want to help kids out, but the feds have screwed the pooch on this one. The colleges have taken advantage of the extra $$, the higher per year caps, and jacked rates up. Instead of all that $$ being made available to more students, rates have just gone up. And, the students are then burdened with a pile of loans to pay back, when that money could be going into the economy. I got into a fb disagreement with my niece, who has $60+k in student loan debt because of college. She posted a salon.com article about how Ronald Reagan screwed this generation by promoting loans instead of grants, and that's why young adults have so much college debt. It's not Reagan's fault, it's the schools jacking up tuition rates, high school and college culture making it seem like college is the only way to go after high school, etc.
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Post by AK on Jan 2, 2015 7:15:51 GMT -5
Billionaire Mark Cuban Warns Of Massive Crash That Will Wipe Out America’s Colleges: “You’re Going To See A Repeat Of What We Saw In The Housing Market”Not sure on the validity of the comments in this article, whether or not Cuban made them. But it's still an interesting bit about college tuition, the student loan bubble, and the shit storm that's coming. Frankly, at this point, I would not encourage someone to go to a major university because of the student loan debt and the tuition rates. They have skyrocketed. My first year at UofM my tuition was $1800 a term. The last class I took in 2000 the tuition was $1800 for the whole class. I understand tuition increasing over time, but the huge increase is ridiculous. I've been saying this for a while, the more $$ made available to students, the more tutition has gone up. It's noble to want to help kids out, but the feds have screwed the pooch on this one. The colleges have taken advantage of the extra $$, the higher per year caps, and jacked rates up. Instead of all that $$ being made available to more students, rates have just gone up. And, the students are then burdened with a pile of loans to pay back, when that money could be going into the economy. I got into a fb disagreement with my niece, who has $60+k in student loan debt because of college. She posted a salon.com article about how Ronald Reagan screwed this generation by promoting loans instead of grants, and that's why young adults have so much college debt. It's not Reagan's fault, it's the schools jacking up tuition rates, high school and college culture making it seem like college is the only way to go after high school, etc. The public universities in Michigan have had their state funding slashed during the downturn as well. Has contributed to the ballooning rates.
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Post by Deuterium Oxide on Jan 2, 2015 8:42:54 GMT -5
College is a racket. Of course I value education but so many of these institutions gouge students. They take advantage of kids who have no idea what they want to do. Additionally, so many make it seem like you are dumb if you go to a CC. Especially for kids that don't have true path yet, CC is the way to go.
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Post by Deuterium Oxide on Jan 2, 2015 8:44:09 GMT -5
Unlike mortgage debt student loans are not forgiveable so I don't think we will see the same as the housing market.
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Deleted
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Post by Deleted on Jan 2, 2015 9:15:18 GMT -5
Sounds like the ultimate weeder class to me. Dick around in college just because, get a geology degree. Now what? You're fucked. Thanks.
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reggie
All-Pavel Datsyuk
Posts: 895
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Post by reggie on Jan 2, 2015 10:01:01 GMT -5
the number of kids i see every semester that have no business being in college is insane. the blind shove to higher education regardless of your goals, capabilities or interest is a huge factor.
the recent changes to financial aid policies (limiting the number of credits over your academic career, the number of withdrawn/failed classes) will help, but it's a bandaid on a bullet wound and much too late for anyone who's already wandering through with no direction.
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Post by joeking1978 on Jan 2, 2015 10:06:02 GMT -5
I would love to foreclose on my wife's student debt...
I have been paying them for 4 years now at $1300 a month. Took the total balance down from $160k to 155k. Yah. About 60% of it was at 9%. The rest is at 7% and they were non-consolidatable or refiable until this year. You could only take the Federal Direct option which consolidated them (8 loans total) into one and took an average APR based on what I'm already paying. So technically- it would save us nothing.
Now- private lenders are getting into the refi market and are purchasing out the Sallie Mae/Federal Direct loans. I'm waiting on approval right now to consolidate her loans to a 2% rate with a company out of Connecticut. I will literally be able to cut our term from 30 yrs to 15 and keep the same payment. It will be HUGE.
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Post by AK on Jan 2, 2015 10:26:40 GMT -5
I would love to foreclose on my wife's student debt... I have been paying them for 4 years now at $1300 a month. Took the total balance down from $160k to 155k. Yah. About 60% of it was at 9%. The rest is at 7% and they were non-consolidatable or refiable until this year. You could only take the Federal Direct option which consolidated them (8 loans total) into one and took an average APR based on what I'm already paying. So technically- it would save us nothing. Now- private lenders are getting into the refi market and are purchasing out the Sallie Mae/Federal Direct loans. I'm waiting on approval right now to consolidate her loans to a 2% rate with a company out of Connecticut. I will literally be able to cut our term from 30 yrs to 15 and keep the same payment. It will be HUGE. what company? my wife just got a big ole fat grant to pay off the majority of her's because she serves an underserved population...#thanksobama but mine are just sitting there being gerthy...
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Deleted
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Post by Deleted on Jan 2, 2015 10:32:30 GMT -5
I think this article is definitely speaking to joe kings situation. Lol
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Pollux
All-Kirk Gibson
Posts: 3,874
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Post by Pollux on Jan 2, 2015 12:00:59 GMT -5
Link to the article?
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Post by philly on Jan 2, 2015 12:09:14 GMT -5
You should be allowed to foreclose the day after you graduate. 'merica
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Post by The Hoff on Jan 2, 2015 12:56:45 GMT -5
Sounds like the ultimate weeder class to me. Dick around in college just because, get a geology degree. Now what? You're fucked. Thanks. Oil companies hire a ton of geologists. Oil exploration is a huge industry. It's driving a huge economic sector. They can't hire fast enough in the oil fields right now. Your intended point is valid. Useless degrees are useless. Too many people in colleges who don't belong in college, and too many people getting degrees that do not result in usable skills in the economy. Eduction is great, but if you have to use that education to put food on the table, better get one that gets you past the trivia games at the local pub.
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Post by joeking1978 on Jan 2, 2015 13:43:13 GMT -5
I would love to foreclose on my wife's student debt... I have been paying them for 4 years now at $1300 a month. Took the total balance down from $160k to 155k. Yah. About 60% of it was at 9%. The rest is at 7% and they were non-consolidatable or refiable until this year. You could only take the Federal Direct option which consolidated them (8 loans total) into one and took an average APR based on what I'm already paying. So technically- it would save us nothing. Now- private lenders are getting into the refi market and are purchasing out the Sallie Mae/Federal Direct loans. I'm waiting on approval right now to consolidate her loans to a 2% rate with a company out of Connecticut. I will literally be able to cut our term from 30 yrs to 15 and keep the same payment. It will be HUGE. what company? my wife just got a big ole fat grant to pay off the majority of her's because she serves an underserved population...#thanksobama but mine are just sitting there being gerthy... DRB: Darien Rowayton Bank. The process has been comparable to applying for a mortgage- understandably given the amount. We had to submit for a credit check, 2 years W2's, pay stubs, etc. hell, To save 6% on $160k, I would send them nudes of my wife (it would have to be pre-baby's of course... I wouldn't want to get declined).
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Post by AK on Jan 2, 2015 13:50:47 GMT -5
what company? my wife just got a big ole fat grant to pay off the majority of her's because she serves an underserved population...#thanksobama but mine are just sitting there being gerthy... DRB: Darien Rowayton Bank. The process has been comparable to applying for a mortgage- understandably given the amount. We had to submit for a credit check, 2 years W2's, pay stubs, etc. hell, To save 6% on $160k, I would send them nudes of my wife (it would have to be pre-baby's of course... I wouldn't want to get declined). $200 for referring a friend...think i will look elsewhere
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Post by mtdman on Jan 2, 2015 13:57:24 GMT -5
At the top of my first post up there. I'm all for education. But everyone knows there are a lot of classes you take in college that are not necessary. I took an art history class, an anthropology class, lots of dumb english classes, a class about ancient civilizations. It's nice to have that knowledge, but I don't remember 95% of what we learned in those classes. Waste of $$. My former business partner got an english degree from emu. He now manages properties, shopping malls and apartment buildings, in arizona. He applies none of his degree to that and really wasn't necessary for what he does. My youngest daughter didn't go to college, she went for medical training and got certificates after completing her courses. She works at a vets office and is making a pretty good chunk of change. It took her 18 months, and what she paid was significantly less than a 2 year degree from a cc. My oldest daughter tried to go to a cc after graduation. She is an artist, just wanted to take art classes. They made her take an english class that she hated. She couldn't do it, just dropped out. Went and got a job at Whole Foods, worked her way into the graphic arts dept there and was doing all the graphics and signage at her store making a good chunk of $$ before she quit to be a mom. Her husband is the manager at one of the WF stores in AA and makes a lot of $$, has great benefits, and gets stocks and bonuses up the ass there. They love him and he's on track to move way up the company in his career. Not everyone has to go to college. And not everyone should. There's a lot of nonsense classes you take in college that are a waste of time and $$, and that discourages kids. THe idea of a liberal arts degree was great 50 years ago when a small percentage of the population was doing that. But these days, it's a waste of time to take all those classes, especially with this economy. The college plan needs to be rethought. AND we need to stop pushing kids to go to college when they don't know what they wanted to do. I started college as a biology major. That's what I liked in high school. When I got to college it was a whole different ball game. I changed my majors a couple times, had no idea what I wanted to do. Ended up back in biology. Worked in a cancer lab doing research, and hated it. When i found out that lab assistants with master degrees were making less than I could make working part time at the grocery store, that was it for me. I didn't want to be a doctor, didn't want to be a teacher, and didn't want to be continuing piling up debt to get a master's degree to make less than I could as a part time produce clerk. At that point I was stuck, being a senior and getting ready to graduate with no future. What I ended up doing is starting a business. I love being a small business owner. When I was 18 I had no interest in doing that. The experiences I had from 18 to 23 changed me dramatically.I wish I had studied more business classes and economics classes now. Kids in high school need to have more opportunities to explore what they really want to do. More vocational training, work experiences are needed. And they need to be told truthfully what life holds for them AFTER college. I had no idea that a lab worker was not paid well. That's what I wanted to do out of high school. Nobody told me that they don't make squat for $$. Nobody told me that teachers made jack squat coming out of college.All they ever told you is a college degree is necessary to make more $$, and that as long as you get one you'll get a good job making good $$. And nobody ever sat us down and explained what life really cost, what a good paying job actually was, etc. We need to be more truthful with these kids. What we have right now is a lot of young adults with college degree, a lot of debt, and no jobs. There's going to be a whole lost generation of adults, highly educated, and underemployed. The jobs aren't there for what they want to do, and what they think they should be making. And now we've got this nonsense idea that a bachelor's isn't enough and you have to get a master's to really get a good job. More bullshit college debt.
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Post by joeking1978 on Jan 2, 2015 13:58:34 GMT -5
I think this article is definitely speaking to joe kings situation. Lol For what it is worth- at least with her grad program- we could definitively evaluate the ROI of taking on the cost of her graduate tuition. We knew it would cost about $16k a semester (her program was 32 months- 3 semesters a year for Anesthesia) and that we would have to take out about $10-20k more to help cover ancillary costs- like books, travel for her clinical rotations and some living expenses since she couldn't work for 3 years and we were used to living off of 2 incomes. We then evaluated that against what her likely salary would be upon graduation- which depending on the state- ranges between $120k to $200k per year. The plan was to put 100% of her salary towards her loans the first 2 years- however, we didn't realize how strong my seed could swim and I managed to knock her up 4 months before she graduated. This naturally put a wrench in our plans. What throws me off- is seeing how some people are now paying a shit load for masters programs without specifically knowing what the return will be.
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Post by joeking1978 on Jan 2, 2015 14:04:00 GMT -5
DRB: Darien Rowayton Bank. The process has been comparable to applying for a mortgage- understandably given the amount. We had to submit for a credit check, 2 years W2's, pay stubs, etc. hell, To save 6% on $160k, I would send them nudes of my wife (it would have to be pre-baby's of course... I wouldn't want to get declined). $200 for referring a friend...think i will look elsewhere Really? I didn't even know there was a referral option. $200 is BS. It should be at least a grand...
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Post by joeking1978 on Jan 2, 2015 14:12:19 GMT -5
At the top of my first post up there. I'm all for education. But everyone knows there are a lot of classes you take in college that are not necessary.... Redacted to save Internet space ..... And now we've got this nonsense idea that a bachelor's isn't enough and you have to get a master's to really get a good job. More bullshit college debt. Agreed. My "liberal arts degree" at Albion college was horse shit. Being forced to take classes in anthropology, women in art, or similar BS was a waste of energy, money and time. I looked at it as weeder classes though. Those who could manage the workload while still focusing on their major separate themselves from the heard. I had a 3.8 in my major (pre-Med) and 2.7 in those BS classes. It forced me to change from premed to sports med and look at the PT route as I knew I wouldn't get into Med school based on this. It's probably a good thing... None of you would want me as your doctor. Especially Bud and AK. Prostrate exams would be mandatory on every visit...
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Post by mtdman on Jan 2, 2015 14:25:34 GMT -5
Taking bio courses at UofM weeded me out of any consideration for being a doctor. Organic Chem 1 and 2 are the wrecking classes to many a potential med school student, including me.
I just think we need to get more intensive with training and classes. Yes all those peripheral classes are nice for a well rounded student. No they aren't necessary for everyone. IMO 4 year colleges should be for those people who KNOW what they want to do. There should be a grade 13 like in Canada where students explore adulthood, and experiment with what they could potentially do. And we need to do more vocational stuff. Sometimes it takes a few years before people know what they really want to do in life.
Whatever the answer, it shouldn't cost students $60k or more to dick around in college for 4 or 5 years before they figure it out.
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Deleted
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Post by Deleted on Jan 2, 2015 14:26:35 GMT -5
Sounds like the ultimate weeder class to me. Dick around in college just because, get a geology degree. Now what? You're fucked. Thanks. Oil companies hire a ton of geologists. Oil exploration is a huge industry. It's driving a huge economic sector. They can't hire fast enough in the oil fields right now. Your intended point is valid. Useless degrees are useless. Too many people in colleges who don't belong in college, and too many people getting degrees that do not result in usable skills in the economy. Eduction is great, but if you have to use that education to put food on the table, better get one that gets you past the trivia games at the local pub. Yea that was a bad example. Everyone goes to college in some capacity, and it's not the best thing for many. Get one of those programming semester degrees...Or one of those healthcare degrees. Just don't fuck around at college just because and leave with no marketable skill set. It's silly.
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Post by The Hoff on Jan 2, 2015 14:58:37 GMT -5
Oil companies hire a ton of geologists. Oil exploration is a huge industry. It's driving a huge economic sector. They can't hire fast enough in the oil fields right now. Your intended point is valid. Useless degrees are useless. Too many people in colleges who don't belong in college, and too many people getting degrees that do not result in usable skills in the economy. Eduction is great, but if you have to use that education to put food on the table, better get one that gets you past the trivia games at the local pub. Yea that was a bad example. Everyone goes to college in some capacity, and it's not the best thing for many. Get one of those programming semester degrees...Or one of those healthcare degrees. Just don't fuck around at college just because and leave with no marketable skill set. It's silly. I concur. Going to college just to get the degree is a waste, unless you are a trust fund baby and want an education for the sake of being educated. Not everyone is college material, and not every job requires a college degree. We've lost track. Mike Rowe writes about this a great deal.
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robdiddy
All-Matt Stafford
All Peter Pan. Never gonna grow up
Posts: 355
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Post by robdiddy on Jan 2, 2015 22:12:49 GMT -5
I never really paid attention to the rate terms and what not. The way the economy tanked my 15 an hour at Meijer is better than what some people who did a bachelors make.
Then i realized today I was 15 credits short of graduating and just had never really taken the time to look. I already paid off one loan. I'm 30... I honestly feel that my best bet is to look into scholarships and grants to finish.
However my DTI ratio is ghey as fawk from the loan debt . I may have to take 1 class at a time now.
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Deleted
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Post by Deleted on Jan 3, 2015 1:54:43 GMT -5
This thread should be sponsored by Diddy.
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robdiddy
All-Matt Stafford
All Peter Pan. Never gonna grow up
Posts: 355
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Post by robdiddy on Jan 4, 2015 13:54:53 GMT -5
This thread should be sponsored by Diddy. I should just become a writer
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