Student Loans

[Colleen27]

If there's no housing, what are you paying $12k for room and board for? You stated there is no housing. I'm confused.

Your community college costs $3888 because you said there is no housing, transportation costs are personal, and the miscellaneous and personal expenses are also personal. Why would costs labeled as such be the cost of the college?

They're including in the cost of attendance because if they aren't, students can't get aid to cover them. And since presumably students do have to live somewhere and get to campus some how, not being able to cover those costs is a dealbreaker when it comes to actually attending.

 

[Mackenzie Click-Mickelson]

If there's no housing, what are you paying $12k for room and board for? You stated there is no housing. I'm confused.

Your community college costs $3888 because you said there is no housing, transportation costs are personal, and the miscellaneous and personal expenses are also personal. Why would costs labeled as such be the cost of the college?

The room and board is to keep in line with terminology used for colleges but it's for rent in the area around the community college. It's their estimate, hence why I said I think they are low as finding an apartment that is just over $1,000 a month is not easy these days.

Transportation costs would be commuting to the community college although there is a public bus service available as well (usually students will commute via their own vehicles).

Just think of them trying to give an example for comparisons to people who are looking at colleges whilst using the same terminology for ease.

 

[mrodgers]

So if you don’t make enough money won’t your kids be eligible for FA?

"I don't make enough money." And "I don't have the money to send my own kids to school." Those are not the same thing. I don't know what FAFSA would be between cheap community college and very very expensive college as I have no experience with between those. My oldest went to cheap community college with no FAFSA funds. She got a federal loan instead. My youngest figured it out on her own and she has FAFSA along with an academic scholarship to which she will have the same amount of loan the youngest has, but from a $200k college.

I had no idea how to begin to figure out how to pay for college since neither of them can kick or catch a ball or run like everyone I knew who got scholarships or either the oldest would have gone to do better or the youngest would have followed her sister with just community college.

 

[sam_gordon]

I don't understand about the parents forcing their kids into specific careers. Society does that in the forum of "everyone needs to go to college" and such raising the price because they feel entitled to it no matter the cost. Now they are all complaining after the fact about the cost. It's like me buying an iPhone, then expecting to get a refund on it because I'm complaining it costs too much.

Colleges have been able to raise their prices because the demand is there (no different than Disney). Now, does everyone "need" a college degree? No. But do more people need a college degree now than needed one 20, 30, 40, 50 years ago? I think so. While blue collar work is still needed, because of automation and more efficiencies, you don't need as many workers.

Now, you've mentioned a number of times about people EXPECTING a refund. Please find one person who EXPECTED someone else (other than their parents) to pay for their schooling. Do people WANT their debt written off? I'm sure. I'd love for my debt to be written off. That doesn't mean I expect it to happen.

 

[mrodgers]

I get the impression that most people throwing out the term "liberal arts degree" really have no idea what that means. Because liberal arts includes science, social science, languages, the arts, history, philosophy, literature, and math. Which one of those areas of study are "useless"? All of them?

Ok, I don't need a $200k loan for education. Remove the first and last and I think that is what folks take as liberal arts. Or more specifically, they are meaning degree in basket weaving and gender studies, but they get attacked for that so it moves to mentioning liberal arts. So thank you for the free education.

 

[mjkacmom]

"I don't make enough money." And "I don't have the money to send my own kids to school." Those are not the same thing. I don't know what FAFSA would be between cheap community college and very very expensive college as I have no experience with between those. My oldest went to cheap community college with no FAFSA funds. She got a federal loan instead. My youngest figured it out on her own and she has FAFSA along with an academic scholarship to which she will have the same amount of loan the youngest has, but from a $200k college.

I had no idea how to begin to figure out how to pay for college since neither of them can kick or catch a ball or run like everyone I knew who got scholarships or either the oldest would have gone to do better or the youngest would have followed her sister with just community college.

So did she get $200k in merit, or was she awarded financial aid as well?

 

[jrmasm]

we have a statewide program where high school students can get tuition free their first 2 years of college during their jr and sr year in high school. dual enrollment so the credits count for both high school and college. the are essentialy taking all their general ed requirements. HUGE savings that gets even bigger if they opt for the well thought of local public university at $8200 tuition per academic year vs. the local 2 well thought of privates that run $47,500-$49,800 in tuition per academic year-FOR THE IDENTICAL TEACHER'S PROGRAM.


i always had to wonder about the newbie math and 'financial literacy' teachers who thought paying $145,000 was a better deal vs. paying $24,600 for their teaching certifications.

That is your state

 

[Mackenzie Click-Mickelson]

They're including in the cost of attendance because if they aren't, students can't get aid to cover them. And since presumably students do have to live somewhere and get to campus some how, not being able to cover those costs is a dealbreaker when it comes to actually attending.

Yeah that's exactly what they mean and I brought it up because while the tuition is lower than what the PP I quoted had it's not as if there aren't other factors involved. Since community college was mentioned in that quote from the PP I mentioned what ours is but with the added information the college themselves wants students to keep in mind.

 

[mom2rtk]

Easily? After how many years? As someone who constantly (seems to) complain about your job and working conditions, I find it interesting you want parents to FORCE their kids into specific careers. The hell with what they're interested in, damnit, go make money!

When you start paying with other people’s money? Absolutely.

My daughter probably would have preferred to be an English major. She’s entering her senior year as a mechanical engineering major because she’s good at math (talking about salaries versus pay).

If you as a parent want your child to pursue something that doesn’t pay well, I 100% support them doing so. As long as you or your child are paying for it.

 

[gmi3804]

Going to a community college for two or three years and then graduating from a Good School will earn you a diploma which many potential employers probably won’t even look at. The so-called “college experience” isn’t worth going into a lifetime of debt over.

 

[Mackenzie Click-Mickelson]

Going to a community college for two or three years and then graduating from a Good School will earn you a diploma which many potential employers probably won’t even look at. The so-called “college experience” isn’t worth going into a lifetime of debt over.

How many students are attending schools just for the college experience? I feel like that's just like some click-bait headline sorta like "Millennials are killing...." sounds catchy but is it really what is going on?

 

[Kennywood]

(Due to the length of the article, I'm only posting, what I feel are, relevant paragraphs. If you want to read the entire article, please click the link at the bottom.)

Department of Education makes $300 billion accounting mistake on student loans

A new report from the Government Accountability Office details a breathtaking discrepancy between what the federal government claimed the student loan program would generate, and what it actually costs taxpayers. As GAO explains: “Although the Department of Education originally estimated federal Direct Loans made in the last 25 years would generate billions in income for the federal government, its current estimates show these loans will cost the government billions.”

That’s right, instead of “making” $114 billion for taxpayers as the Department of Education originally claimed, the federal student loan program actually costs taxpayers $10 billion annually, costing $197 billion since 1997 — a $311 billion discrepancy.

To put a finer point on it, GAO found that federal student loans were “originally estimated to generate $6 in income per every $100 disbursed.” Instead, they’re “expected to cost the government almost $9 for every $100 disbursed.”

To make matters worse, none of this bad accounting includes any of the (current) administration’s recent or forthcoming actions on student loans.

It’s no secret the (current) administration is contemplating blanket student loan forgiveness of at least $10,000 per borrower. Such a push is likely to heat-up as the pause on student loan repayments nears an end on Aug. 31. The New York Federal Reserve Bank estimates that forgiveness of $10,000 per borrower could cost taxpayers at least $321 billion.

Source: https://www.msn.com/en-us/money/personalfinance/whoops-department-of-education-makes-300-billion-accounting-mistake-on-student-loans/ar-AA10h9GE?ocid=BingHp01&cvid=ae590c7c7abf479298787ded159e8c90

 

[The Mayor]

I’ll be for student loan forgiveness if there are reparations for the parents that worked two jobs to help pay for college and the students that paid off those loans on their own.

You take outa loan you know the consequences and responsibilities of signing those documents. No different than buying a car or house you can’t afford. You take it out. You pay it off. The rest of us us should not be responsible for you decisions.

If I say anymore I’m going to end up with points or banned!!!

 

[mom2rtk]

How many students are attending schools just for the college experience? I feel like that's just like some click-bait headline sorta like "Millennials are killing...." sounds catchy but is it really what is going on?

Plenty are choosing a 4 year school over commuting or starting in community college out of a desire for "the college experience".

Although there was a college cost thread a number of years ago where someone argued with me about whether it was worth going into debt to have "the college experience".

 

[Mackenzie Click-Mickelson]

(Due to the length of the article, I'm only posting, what I feel are, relevant paragraphs. If you want to read the entire article, please click the link at the bottom.)

Department of Education makes $300 billion accounting mistake on student loans

A new report from the Government Accountability Office details a breathtaking discrepancy between what the federal government claimed the student loan program would generate, and what it actually costs taxpayers. As GAO explains: “Although the Department of Education originally estimated federal Direct Loans made in the last 25 years would generate billions in income for the federal government, its current estimates show these loans will cost the government billions.”

That’s right, instead of “making” $114 billion for taxpayers as the Department of Education originally claimed, the federal student loan program actually costs taxpayers $10 billion annually, costing $197 billion since 1997 — a $311 billion discrepancy.

To put a finer point on it, GAO found that federal student loans were “originally estimated to generate $6 in income per every $100 disbursed.” Instead, they’re “expected to cost the government almost $9 for every $100 disbursed.”

To make matters worse, none of this bad accounting includes any of the (current) administration’s recent or forthcoming actions on student loans.

It’s no secret the (current) administration is contemplating blanket student loan forgiveness of at least $10,000 per borrower. Such a push is likely to heat-up as the pause on student loan repayments nears an end on Aug. 31. The New York Federal Reserve Bank estimates that forgiveness of $10,000 per borrower could cost taxpayers at least $321 billion.

Source: https://www.msn.com/en-us/money/personalfinance/whoops-department-of-education-makes-300-billion-accounting-mistake-on-student-loans/ar-AA10h9GE?ocid=BingHp01&cvid=ae590c7c7abf479298787ded159e8c90

When I follow the source on that one it goes back to a strong conservative bias just about on the extreme end according to media bias fact check. It's pretty evident. So while you are just regurgitating an MSN article follow the source.

 

[jrmasm]

"I don't make enough money." And "I don't have the money to send my own kids to school." Those are not the same thing. I don't know what FAFSA would be between cheap community college and very very expensive college as I have no experience with between those. My oldest went to cheap community college with no FAFSA funds. She got a federal loan instead. My youngest figured it out on her own and she has FAFSA along with an academic scholarship to which she will have the same amount of loan the youngest has, but from a $200k college.

I had no idea how to begin to figure out how to pay for college since neither of them can kick or catch a ball or run like everyone I knew who got scholarships or either the oldest would have gone to do better or the youngest would have followed her sister with just community college.

So you have no idea how to pay for college yet judge others because you know they have made bad decisions regarding paying for college? Um kay

 

[BK2014]

No different than buying a car or house you can’t afford. You take it out. You pay it off.

Again, the number of recent high school graduates who would qualify for either of those types of loans is very few. Student loans are given out freely to people with no income or assets, and no guarantee of income in the future. If I recall correctly, when lenders started giving out mortgages to people who couldn't afford them things went poorly for a lot of people.

 

[mom2rtk]

When I follow the source on that one it goes back to a strong conservative bias just about on the extreme end according to media bias fact check. It's pretty evident. So while you are just regurgitating an MSN article follow the source.

Are the numbers wrong?

 

[mrodgers]

Everything you write here if you're not on board with the narrative of one side of opinion is judged on what people state you say rather than what you say. I just can't any more.

Go ahead and pay for the college for everyone and leave me out of it. I have my own stuff to pay for. How you all comment on things that aren't said is beyond me. Please spend your own money and stop trying to force everyone else how theirs is spent.

 

[Kennywood]

When I follow the source on that one it goes back to a strong conservative bias just about on the extreme end according to media bias fact check. It's pretty evident. So while you are just regurgitating an MSN article follow the source.

The numbers come from the GAO. While the narrative might be slanted, the numbers are the numbers.