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- Published: Sep 26th, 2009
- Category: Money
Student loans by the numbers
9 Responses to “Student loans by the numbers”
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Diane
on Sep 26th, 2009
@ 3:49 PM:
For years, I have been warning my students about the dangers of big student loans. As someone who works with “at-risk” students who are frequently lured into specialized programs at private schools, I have seen many students take on debt that they can’t possibly repay (and that is IF they actually complete the program on time). It’s time to admit that not everyone will benefit from college. Yes, most will earn more income. But consider that they will not only pay more taxes, but that they will delay their working careers by at least four years. An ambitious, independent person could start and develop their own business in that time. My plumber never finished high school but went to work, then began his own plumbing business and is now very successful with a fleet of trucks and numerous employees. College does not offer any guarantees. This “one size fits all” educational philosophy needs to change.
Foxie
on Sep 26th, 2009
@ 7:43 PM:
That’s a lot of food for thought… But if it says ~$62k from a public school for a degree, then I’m not feeling *so* bad that I’ve got so many loans… I’m estimating that I’ll end right around that mark. (And just over four years to get it, I hope.)
Foxie´s last blog ..How do you see other people’s cars?
Valley Girl
on Sep 27th, 2009
@ 1:53 AM:
Sad that students sometimes have to incur mind-boggling debt to achieve a higher education in this country. =(
FB @ FabulouslyBroke.com
on Sep 27th, 2009
@ 9:45 AM:
@Diane I agree wholeheartedly. I think trade skills are highly undervalued and that’s a shame.
Emily
on Sep 27th, 2009
@ 3:43 PM:
I’m still cranky that someone didn’t explain that to me seven years ago when I started taking out loans…
Yep…delaying kids and a house until they get paid off…which could be an awfully long time since I’m not working (wasn’t that the point of college?)
Nice graphic though!
Emily´s last blog ..Happy Birthday to Me!
Diane
on Sep 27th, 2009
@ 6:05 PM:
Personally, I think we should scrap education as we know it and start over. Few parents are equipped to teach their students basic survival skills for today’s world.
If one does not have an adequate financial education, then most of one’s other decisions are not going to be sound. My students really do think that cell phones, cable tv, etc are necessities. They do not understand credit or any of its ramifications. Some are interested in learning but most seem destined to follow in their parents’ footsteps of spending in excess of what they earn and thinking they are victims when the consequences of their choices are negative.
Students should be allowed to spend more time in areas where they have some interest. Perhaps that would lower the number of dropouts. More time should be spent teaching students skills that are directly related to life. Literature titles need to be updated. And how about some accurate information about making healthy food choices. Fast food is expensive in terms of health and money compared to cooking from scratch. Next to avoidance of financial armageddon, information on obesity and its related diseases could replace some standard science classes. Perhaps some accurate information about religions and various nationalities might come in useful……
FB @ FabulouslyBroke.com
on Sep 28th, 2009
@ 10:45 AM:
@Diane: You make some really valid points. I heard in schools in Toronto, some teachers are trying to teach them how to make a budget in Home Studies.
I feel like it should be an intensive 6 week sort of education when they’re in Grade 8 and again in high school. Maybe if they related the courses to something they understand, like buying iPods and figuring out interest rates or savings, it’d be a lot more hard hitting.
FB @ FabulouslyBroke.com
on Sep 28th, 2009
@ 10:46 AM:
@Emily I do feel a bit cranky myself, that no one tried to teach me anything PF-related in elementary or high school. I think it’s such an important lesson to learn, and people don’t give it as much attention as they should.
Especially to children, who are right in their prime learning/formative years.
Revanche
on Sep 29th, 2009
@ 4:56 PM:
So I like the graphic but the thing that makes me most sad? That the organization’s name is misspelled at the bottom.
Revanche´s last blog ..Idle curiousity about Google Adsense