Disturbing Attitude ...

Discussion in 'General Distance Learning Discussions' started by rmm0484, Mar 7, 2013.

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  1. sanantone

    sanantone Well-Known Member

    If the school didn't shower the student with scholarships and grants to cover its high tuition rates, then it probably either isn't all that prestigious at the national level or it's ranked about as high as several cheaper, public universities.
     
    Last edited by a moderator: Mar 9, 2013
  2. SurfDoctor

    SurfDoctor Moderator Staff Member

    That's not as bad as I have seen, but it is sad for a young person to start out life with that much debt and low prospects of employment. However, a young friend of mine graduated from Cal State with a bachelors in communication and is now employed with a PR firm. His future could include a fat paycheck if he keeps on the track he appears to be on. So a degree in comm can be quite marketable.
     
  3. SurfDoctor

    SurfDoctor Moderator Staff Member

    Had they even invented money yet back when you graduated? (Sorry Ted, couldn't resist) :smile:
     
  4. Kizmet

    Kizmet Moderator Staff Member

    shiny beads and arrowheads:sgrin:

    we love you Ted
     
  5. cookderosa

    cookderosa Resident Chef

    What is confusing to me, is the "whatever it takes" attitude that everyone shifts into when they start talking about college. As if it's worthy of such significant unnecessary sacrifice. Seriously, it seems pitifully uneducated to be so ignorant about dropping SO MUCH MONEY in the blink of an eye.
     
  6. nongard1

    nongard1 New Member

    AA from University of the State of New York 1987 (Now Regents)
    B.Min. From Bethany Theological Seminary - Dothan (1988)
    M.A. From Liberty University - 1991

    I am currently in the doctoral program at Bakke Graduate University in Seattle
     
  7. AUTiger00

    AUTiger00 New Member

    This has to be GWU. Someone with $200k in student loan debt had to have had financial need (i.e. her parents couldn't pay) and Georgetown would have thrown at least 50% in need based aid at someone with the need to finance their entire education. Personally, I think GWU is the biggest ripoff in higher ed. The school is the most expensive in the country and not ranked highly enough to validate tuition rates like that.

    Also, I'm going to be the dissenting voice on student loan debt. I came out of undergrad with very little (a few thousand dollars) but currently have about $65k in debt from my MBA. I'm also pulling down a 6 figure salary at a firm that wouldn't have even considered me had I not come from a "name" school. There's got to be some limit, but given the option between attending a directional or lower-tier state school for free or taking on $50k in debt to graduate from a very prestigious university, I'd choose the prestigious school in an instant. The average starting salary difference between graduates of the two is $25k. That's significant enough to except some level of student loan debt.
     
    Last edited by a moderator: Mar 11, 2013
  8. rmm0484

    rmm0484 Member

    Yes, but you calculated the ROI prior to taking on your debt, which is considerably less than 200K with no prospects....
     
  9. SteveFoerster

    SteveFoerster Resident Gadfly Staff Member

    For undergrad, I'd agree. But my program was like fourteen grand from start to finish, and GWU's graduate school of education is very well regarded. Fort Hays State University had a cheaper alternative, but I have no regrets.

    Totally agree with you on ROI, by the way, and good for you for being among the few capable of really running the numbers. Most people, particularly unsophisticated people, get caught up in "it's an investment in your future!" rhetoric and don't do any further thinking.
     
  10. Ted Heiks

    Ted Heiks Moderator and Distinguished Senior Member Staff Member

    lol.......
     
  11. taylor

    taylor New Member

    I agree with you, sometimes that student debt is a necessary evil.

    As far as ROI, that's almost impossible to calculate prior to completing a "name" MBA because there are no guarantees that there is a 6 figure job waiting upon graduation for most. In AUTiger's case, financially he took a gamble and it worked out for him. But I've also seen others who knew very well of the financial risks prior to completing their "name" MBA and are still very happy and proud of their degrees, debt and all.
     
  12. Randell1234

    Randell1234 Moderator Staff Member

    But I pull down six-figures with my lowly MS from Touro University International (and a PhD from NCU which is not needed for my corporate job). Both cost me under $5K out of pocket. Last year I cleared an obsene amount of money so it works both ways.
     
  13. DanielC

    DanielC New Member

    I pull down six-figures with my lowly public high school diploma, which cost me $0 out of pocket.
     
  14. Randell1234

    Randell1234 Moderator Staff Member

    Even better - You win !!!!
    Let's add this - my friend has an electronic tech diploma from the Coast Guard and started a business. He now makes $15M a year!
     
  15. DanielC

    DanielC New Member

    My concern is less in the magnitude of the loan amount, but that fact coupled with

    (1) students have easy access to cheap credit with little regard to creditworthiness or ability to repay.
    (2) students are not given counseling on how long it would actually take to pay off their student loans.

    A simple TVM calculation shows that a 200k loan @4% over 360 months (30 years) would be a $954.83 a month. For a typical undergraduate liberal arts graduate, a payment of a grand a month for the next 30 years is a serious obligation indeed!
     
  16. taylor

    taylor New Member

    LOL!!! I threw my KFC drumstick on the ground when I read this. I'm sure people are ripping up their degrees now...kkk
     
  17. AUTiger00

    AUTiger00 New Member

    I didn't mean to imply that GWU isn't a fine school and for $14k for an advanced degree it is a good value. For $200k for a bachelors there are better options. That's all I was trying to say.
     
  18. AUTiger00

    AUTiger00 New Member

    That's fantastic. Good for you. Not many could accomplish that with only a hs diploma. You're the exception, not the rule.
     
  19. SteveFoerster

    SteveFoerster Resident Gadfly Staff Member

    Oh, I understood that, and I agree with you!
     
  20. FJD

    FJD Member

    Point (1): Undergrads who rack up big debt do so by borrowing from private lenders, who generally require a minimum credit score and/or co-signer w/ good credit. The feds will only loan a dependant undergrad $31K, according to a gradually-increasing schedule by year. Subsidized and Unsubsidized Loans | Federal Student Aid

    Point (2): Students who receive federal loans are required to undergo loan exit counseling, which discusses payment options, terms, etc.
     
    Last edited by a moderator: Mar 12, 2013

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