Comments about ‘Drowning in debt: More students in debt and at higher rates than ever before’

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Published: Sunday, Oct. 9 2011 10:16 p.m. MDT

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Yorkshire
City, Ut

Brahmabull-- you had me high-fiving you, til that last sentence.

Mark l
SALT LAKE CITY, UT

Tuition rises faster than inflation because of government backed grants and loans. It's simple supply and demand. We we ended all government aid, and students dropped out, prices would have to fall. Peter Schiff, who predicted the financial collapse, is also predicting the student loan collapse. Tuition is too expensive BECAUSE OF government aid.

christoph
Brigham City, UT

The whole idea of the PEF (church education fund) is to borrow money (go into debt) and then pay back the debt----prophets know it is better to go into debt to get ahead, than to remain in grinding poverty, and never move anywhere. Some people can not lift themselves up by their own boot straps. Most can never start a business without going into debt. Companies need to have debt---if a CEO is not taking on more debt, he is a lousy leader. The PEF is radical, especially if it disagrees with quotes in the 1980's that say, "The world works from the outside in and tries to change man's environment.." Well, so does the PEF.

Mendel
Iowa City, IA

An average of $24,000 in debt for a college degree is a bargain. Consider the other options: (1) Go to work without an education for someone else. (2) Go to work for yourself by starting a business without an education. In the latter case you will likely have to borrow money and lots of it (if you are able to). Sure, some people succeed financially without an education, but they are the exceptions, not the rule. There is nothing more important than obtaining an education. Of course, one needs to go to college for the right reason, to get an education, not primarily to have a good time or to root for a football team. Universities should stick to their mission of education, not the running of athletic programs. Also the idea of giving high school graduates some service experience (mission, peace corp, military) early in their education is brilliant. Such experience gives them a much better appreciation for the importance of education and the opportunity they have of getting one.

TheProudDuck
Newport Beach, CA

And yet the Occupy Wall Street crowd is mad at the bankers who lent them the money, not the fat complacent college administrators who took it from them.

My guess is that this is a function of them consisting of way too many people with useless majors in things ending in "-studies," and too few math and engineering majors. Who have jobs.

TheProudDuck
Newport Beach, CA

That said, there's no good reason for student debt to be nondischargeable in bankruptcy. There was a real problem with people gaming the system -- getting a degree, then declaring bankruptcy immediately -- but that could have been solved without the ham-fisted, across-the-board nondischargeability rule. It would've been better just to *delay* the dischargeability of student debt -- say, for four to seven years.

Brahmabull
sandy, ut

Yorkshire - yes I know that you and I have had our disagreements over religion. But wouldn't it be really boring if everybody agreed over everything all of the time?? It is merely my opinion!

Ry Guy
SALT LAKE CITY, UT

The problem is you can get more loans than you need. And we do a terrible job of financial education in this country. i paid for college myself, no loans whatsoever. I had to work 40 hours a week and go to school full time, but it was well worth it.

Petra
Sanpete County, UT

Student debt is a scam, from the banks making money, to the fact that with all the technology we have today, there are very few college classes that could not be taken online, greatly reducing cost and vastly increasing the numbers of potential students who would benefit.

The physical campus would only be needed for such things as hands-on classes, such as most medical school courses.

It's time our higher education system caught up with available technology.

Sasha Pachev
Provo, UT

The cost of college education is bloated. We need to make better use of independent study. Professors teach essentially the same thing semester after semester. Any reason they could not publish the study materials online? The student pays a small access fee, then per-hour for one-one one tutoring time if he needs it, and a small fee to take the test to prove that he learned. Many independent study courses exist, but their cost is not reasonable.

I came to BYU from Russia in 1993 and realized that I already knew much of the curriculum from high school, some college, and my own studies, and what I did not know I could learn fast. Money was tight, so I started challenging classes at $20 each. I got through a good chunk of the Computer Science major before the CS department put a stop to that. But the question still remained in my mind. If an angel from heaven revealed to you the knowledge can you prove you have it without breaking the bank? No, you still have to jump through hoops! We need to fix that.

CheeseFries
SALT LAKE CITY, UT

I graduated from an accredited four-year university in 2004, and made all of my student loan payments on time for five years. In 2009, my credit score was 824, the top 2% of the nation.

Then the recession hit, and my salary cut in half, and then I was let go, and could not find work for ten months. I found that my skills were not transferrable to other fields...at least not when unemployment was over 9%.

My federal student loans were lowered to $32 a month, while my private loans went into default, since they were unwilling to offer any adjustments other than a one-time, six-month unemployment deferment.

Now my credit score is below 600, and I am still making only half of what I used to.

If it's true that only 37% of people make their student loan payments on time, as this article says, then maybe I shouldn't feel so bad. I managed to be one of those 37% for five years. Hopefully things will pick up in 2012.

Mendel
Iowa City, IA

@Petra:
Yes, but we would still need physical campuses for the football team.

Scooter
Plymouth, UT

Here is part of the reason for the increase in tuition:
Utah Higher Education Presidential Salaries (Proposed Pay) {% of Increase}:
W.S. - $191,722 ($210,000) {9.5}
U of U - $348,403 ($360,000) {3.3}
U.S. - $283,605 ($295,000) {4.0}
So. U. - $186,559 ($200,000) {7.2}
Snow - $150,800 ($155,000) {2.8}
Dixie - $159,988 ($180,000 {12.5}
UVU - $193,000 ($205,000) {6.2}
S.L.C.C. - $192,138 ($200,000) {4.0}
[Source: Stand. Exam. 9/22/2011]

If the Presidents make this much, could you imagine what the Professors are making.
Education is NOT a right, but it is up to the individual obtain all they can.

Say No to BO
Mapleton, UT

The time to consider your risk/debt tolerance is BEFORE you sign the loan papers.
Perhaps they aren't as bright as their diploma would indicate.

awsomeron1
Oahu, HI

You do what you want and need to do.

President Hinckls Bio: I went to tell Marge that we would have to wait to get married. Mostly because I only had $125 dollars.

Marge said that she was only looking for a Husband and now she was getting a husband and $125, lucky her.

Now the pres who had met marge almost in Sandbox had followed Church Standards fo 27 years. If you wait for every thing to be perfact it never will be.

I see a lot of Self inposed stuff here. I can understand being in Debt, what I can't understand is the Not going out part. Usually the Males pays at least at first.

You can do it if you want to. Lots of RM's out there with more then enough funds to cover the bills.

I am sure that there are Married Students at BYU who have Debt and live on String Deans. They have adjected their dreams to reality. Lonelyness is a Harsh, Harch Mistress.

You get 1 shot to go through the prime of life and have a life.

Goldfever: Proud of you. No age requirement on when you Graduate.

libertarian
Cedar City, UT

One thing not mentioned is that student loans are the ONLY loans that cannot be deferred by bankruptcy. They can even take the money from your SS. Loan companies WANT you to default so they can hike your interest to insane levels. All our kids are DRIVEN toward college, whether they need it or not, to get them into debt. Higher Ed has become just another American scam. See StudentLoanJustice.org for the complete story. High unemployment is being maintained to force as many defaults as possible. NEVER take out a school loan.

awsomeron1
Oahu, HI

At 28, she must now face the fact that every year there is a new crop of 18 year olds. Who also have hopes dreams, have debt and live in holes.

Difference is they go out and have a life not use their poor ness as an excuse.

I had a Brother and Sister In Law who went in the Peace Core in part to avoid the Draft. College Grads in Debt both of them.

Several years later they did a 2nd tour. They had kids 2 boys, who are now College Grads, helped others and had good lives, while remaining more or less good Catholic.

You can have you life run, or you can run it. Running it is way better.

I stuied the GI Bill in the 80's. I also got a Rehab Ride to Heald College in 03 and became a grad in 06 at age 58.

I would bet Money or whatever that this lady never sees Africa, because things will never be just right for her to do. The same may also be in Relationships. This is a cover or excuse such as a Pen Pal, Face Book Boy Friend who lives accross country.

Engineering Econ
Loudon, TN

It seems like a lot of money goes to new university buildings & new books. How much has Calculus changed over the past 50 years? Do we really need a new edition book each year to teach the subject effectively? In fact do we need multiple professors at each school teaching the same topic over and over each semester? Would it be possible & effective to get one awesome Calculus lecturer and stream it to thousands of students across the country? You wouldn't need nearly as many classrooms, teachers, or books. Students could watch the lecture from their PC/laptop/tablet/phone, etc. There are some drawbacks and it wouldn't be for everyone but give some discounts and I bet we'd see it become effective for a lot of students. Just one idea.

EveryDave
Provo, UT

This situation is the reason I will never recommend anyone to get an MBA. The debt is simply not worth it. The majority of the most successful people become successful without it, and there is no business school with the gumption to tell students so.

Schwa
South Jordan, UT

Pretty disgusting to see people bash education.

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