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Forums - General - OT: Student loan default rate in USA higher than reported.

Homer_Simpson said:
richardhutnik said:
Homer_Simpson said:

university education should be funded via general taxation, same with all other levels of education.

Why?  University education is corporate welfare, used by corporation to sort and train their workers, so they don't need to pay for it (they offload one of their costs).  Why should tax dollars be used to pay for corporate welfare?  Not saying it shouldn't be done, but would want to have it explained why it should be done.

no, its part of the education that many young people want to have in order to do well in life, for that reason, like other forms of education its the job of the state to provide it as a service for the people.

university education should both beneficial and enriching to society as a whole, not just the individual, though obviously they gain a qualification and the experiences that come with University life and study.

what degrees people do should be up to them, if all is fully funded, they just need decide what course they like best, corporate or not, that should be the choice of the people.

maybe University works differently in the USA, but in the UK people study what they want to study and generally Uni is considered a great experience for people too, sadly because of the Capitalists students here now have to take on great debt as a big disincentive to those from less well off or less aspirational backgrounds.

there are some easy ways to fund this too, inheritance taxes should be at much higher rates for instance, people shouldnt get money for being lucky enough to be born to that family when there parents die, so technically you cant justify any money they do get, which makes this an easy to raise and very fair tax that also promotes equalities within society.

The president of my country was actually considering this. But that is flat out insensitive. Just because some people think they're entitled to more than what they deserve doesn't mean the inheritance rate should be increased. After all, it's the wish of the parents to give their money to their child, if they indeed choose to do so. Will you disrespect a dying person's wish?

See, the thing is not that they want to keep the money away from the poor people, the thing is that they want to see their children having no harsh needs, which is understandable for parents. And if they think like you do, then it's their choice to give the money to the government or some organization, but the point remains, it's their choice.



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mrstickball said:

Not surprising. There are a glut of college students with degrees, but no jobs to put them at.

I'll throw my hat in concerning the issue of paying for college education via taxation:

The issue with this is that not all jobs need college education. Yes, many of the good ones do, but not all do. Therefore, if you provide everyone with a free college education, many of them will not use it due to lower-skilled jobs that are filled via trade school or no college education at all. In such instances, it would be unfair to both the tax payer subsidizing useless education, and the person that doesn't need the college education.

College is optional, not mandatory. The best way to deal with it is to promote scholarships and philanthropy that can ensure that those with the desire to go to college will have apt funding for it. Unfortunately, in America, every youth has the notion that college is a must to succeed, which is absolutely false. Yes, many good careers need it, but I've met and know tons of kids that went t college and don't work in their initial field of study because they either stopped caring or simply couldn't find a job where they wanted to work.

 

Going further, the entire structure of college education is a sham, IMO. We need to go back to on the job training, and apprenticeships more than what we do now. We throw kids into education with no promise of a job, or inclination that they'll stay in that field. Rather, companies should work to hire bottom-level interns, see if they have merit (good work ethic, smart, willing to work, ect), then pay their way through school. There are companies that do this, and I applaud them for it.

The problem with your argument is that colleges, even if they are teaching "useless" material, are actually proving the people that attend them with the tools necessary to "get" the on-the-job training that will be provided for them when they switch to a new vocation.  A person can graduate with a history degree as an undergrad and excel at middle-level managment simply because the communication skills necessary to do the job were taught in college.

This is most important considering the fact that often businesses complain that college grads lack the communication skills necessary to do their jobs, let alone those who never go.  For the businesses that make the most money it's about how you collect information (research), how you analyze information, and how you relate that information to others (paper writing).  You know, the crap you do in college.  The crap that's woefully under-represented in high school because most kids don't want to do it if the subject doesn't interest them.

Yes, you can succeed without college.  Yes, you can even fail with it.  But the results speak for themselves - college grads are much more productive regardless of what they studied and in turn they earn far more money.  We can have any old idiot do the jobs that don't require college degrees, and year after year we send more of those jobs away to third world or emerging economies.  But to maximize the potential of our populace, as many people that can become educated should.  Education, throughout several centuries - nay, several millenia - has only served to make the whole populace more wealthy.

As an example, look to Spain 1000 years ago, when the land was divided between Mulsims and Christians.  Which group favored education more?  The Muslims.  Which were more prosperous?  The Muslims.  By learning of Greek, Persian, and Indian traditions and incorporating the ideas of all the muslims were able to grow crops on a plot of land four times as often as the Christians did.  Even long after Islamic rule began to fall apart, the Muslims did much better than the Christians.  Yes, farmers were taught only what was necessary to fulfill their role the best they could rather than knowledge in general, but without the desire to gain knowledge (a key component of early Islamic society) they would never have had that moment at all.  By gathering, analyzing, testing, and then spreading what they learned, they were able to spend centuries as the dominant power while their foes barely held on to what they had.  And the worst part is that once the Muslims were defeated, the Christians subsequently ruined their land.  Almeria, as an example, was once a rather fertile (though arid) region.  When the Cristians retook it they gradually turned it into a desert.  Lands that could produce food if used properly were destroyed by soil errosion from the massive deforestation that later occured.  Something that happened out of ignorance, despite the knowledge of preserving those lands existing for centuries.



You do not have the right to never be offended.

FreeTalkLive said:
Homer_Simpson said:
 


not what I said at all, are you incapable of reading posts correctly or something?

poorer people should pay less tax because they can afford to pay less, rich people should pay more because they can afford to pay more

"from each according to his ability, to each according to his need" Karl Marx

Are you seriously suggesting communism as a good thing?

There are what, two communist nations left (it's hard to tell depending on how you define it).  In North Korea, well, that's like the poorest nation on earth.  And then there is Cuba.  Where around 1 million government workers are losing their jobs and the government removes more and more communist regulations every month or so, http://www.allvoices.com/contributed-news/6758503-cuba-to-lay-off-1-million-government-workers

I am not a Communist, I am a Socialist, and also, neither of those nations are what I consider to be properly socialist or communist, but whatever.



ChichiriMuyo said:
mrstickball said:

Not surprising. There are a glut of college students with degrees, but no jobs to put them at.

I'll throw my hat in concerning the issue of paying for college education via taxation:

The issue with this is that not all jobs need college education. Yes, many of the good ones do, but not all do. Therefore, if you provide everyone with a free college education, many of them will not use it due to lower-skilled jobs that are filled via trade school or no college education at all. In such instances, it would be unfair to both the tax payer subsidizing useless education, and the person that doesn't need the college education.

College is optional, not mandatory. The best way to deal with it is to promote scholarships and philanthropy that can ensure that those with the desire to go to college will have apt funding for it. Unfortunately, in America, every youth has the notion that college is a must to succeed, which is absolutely false. Yes, many good careers need it, but I've met and know tons of kids that went t college and don't work in their initial field of study because they either stopped caring or simply couldn't find a job where they wanted to work.

 

Going further, the entire structure of college education is a sham, IMO. We need to go back to on the job training, and apprenticeships more than what we do now. We throw kids into education with no promise of a job, or inclination that they'll stay in that field. Rather, companies should work to hire bottom-level interns, see if they have merit (good work ethic, smart, willing to work, ect), then pay their way through school. There are companies that do this, and I applaud them for it.

The problem with your argument is that colleges, even if they are teaching "useless" material, are actually proving the people that attend them with the tools necessary to "get" the on-the-job training that will be provided for them when they switch to a new vocation.  A person can graduate with a history degree as an undergrad and excel at middle-level managment simply because the communication skills necessary to do the job were taught in college.

And you assume these skills are only available at college. They are not. You give an example of a person spending tens of thousands of dollars on a major he doesn't use. If he excels at middle level management, why not simply get the skills needed for management without pursuing a BA in history?

This is most important considering the fact that often businesses complain that college grads lack the communication skills necessary to do their jobs, let alone those who never go.  For the businesses that make the most money it's about how you collect information (research), how you analyze information, and how you relate that information to others (paper writing).  You know, the crap you do in college.  The crap that's woefully under-represented in high school because most kids don't want to do it if the subject doesn't interest them.

And yet....You could easily learn those things outside of college. I know I did.

Yes, you can succeed without college.  Yes, you can even fail with it.  But the results speak for themselves - college grads are much more productive regardless of what they studied and in turn they earn far more money.  We can have any old idiot do the jobs that don't require college degrees, and year after year we send more of those jobs away to third world or emerging economies.  But to maximize the potential of our populace, as many people that can become educated should.  Education, throughout several centuries - nay, several millenia - has only served to make the whole populace more wealthy.

There are a lot of jobs that don't require college that cannot be outsourced. Construction, police, real estate, pilots, air traffic controllers, HVAC/Eletrical/Plumbing, and so on. I also find it interesting you argue that we lose a lot of jobs overseas, yet we have more college grads than ever.

As an example, look to Spain 1000 years ago, when the land was divided between Mulsims and Christians.  Which group favored education more?  The Muslims.  Which were more prosperous?  The Muslims.  By learning of Greek, Persian, and Indian traditions and incorporating the ideas of all the muslims were able to grow crops on a plot of land four times as often as the Christians did.  Even long after Islamic rule began to fall apart, the Muslims did much better than the Christians.  Yes, farmers were taught only what was necessary to fulfill their role the best they could rather than knowledge in general, but without the desire to gain knowledge (a key component of early Islamic society) they would never have had that moment at all.  By gathering, analyzing, testing, and then spreading what they learned, they were able to spend centuries as the dominant power while their foes barely held on to what they had.  And the worst part is that once the Muslims were defeated, the Christians subsequently ruined their land.  Almeria, as an example, was once a rather fertile (though arid) region.  When the Cristians retook it they gradually turned it into a desert.  Lands that could produce food if used properly were destroyed by soil errosion from the massive deforestation that later occured.  Something that happened out of ignorance, despite the knowledge of preserving those lands existing for centuries.

I have nothing against education. My problem is that the current system doesn't work properly. It takes ~4 years to learn things that may realilistically require half that.





Back from the dead, I'm afraid.

College education is a waste of time and money. Most college degrees are Socialist/Communist claptrap. The banks and international financiers make the money out of it. Most college degrees are not even worth the paper they are printed on. Do a trade or a manual labour job or any job that requires no college education and avoid the big bad debt trap of a college degree unless you can pay in cash. 

Huge personal debts and increasing rates of defaults on student loans. Do not waste your time on college unless you can pay for it up front in cash. Pay in cash only and try to avoid taking on personal loans to fund college degrees. College degree student loans result in big huge debt and accruing interest- increasing big bad debt. In some countries there is no way of defaulting on student loans because the student loans are linked to tax returns and loan payments are garnished from workers salaries/wages.

BTW: I have completed a couple degrees and they were a total waste of time, money and effort.90% of the stuff you learn at college can not be applied to the real world and the course work is a pointless waste of time.  



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Metallicube said:

Thanks to this grad degree in digital cinema I'm going to have upwards of $35,000 in student loans, plus the loans from the university where I got my bachelors. I'm probably going to be paying these loans off for a good 10 years. All I can say is this grad degree better land me a decent career..


Sorry if I misunderstand, but I agree with you.

One of my problems with paying for a higher education is the thought that $36,000 in debt for the place I wanted to go to for 1 1/2 years would guarantee me a job in a field that would make me enough to quickly pay off that loan and improve my quality of life.

Sadly, that $36,000 doesn't guarantee much, but nowadays not paying that $36,000 doesn't guarantee much either.

 

It's a shitty situation, especially when financial aid only leaves me in a less shitty spot if it doesn't pan out.



iPhone = Great gaming device. Don't agree? Who cares, because you're wrong.

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richardhutnik said:
tarheel91 said:

Based on unpublished data with no information about how the study was performed?  I'm calling BS on this.  This is not how statistics work.  You can't just (poorly) report your findings and nothing else.  They fail to use ranges, instead using point values which are very misleading.  They don't give you any idea about standard deviation or anything.


I mean, I could claim 98% of gamers are gay based on my unpublished data.  That doesn't make it true.

If you disagree with the data of the original post, find data you consider more accurate.  The problem with the U.S government data, is that it only looks at default rates within the first few years.  Nothing is found for longer out.

Here is another article:

http://www.nytimes.com/2010/09/14/education/14colleges.html

The default rates represent a snapshot in time, examining only borrowers whose first loan repayments came due from Oct. 1, 2007, to Sept. 30, 2008, and who defaulted before Sept. 30, 2009. Those who defaulted later were not included in the data; over time, default rates increase substantially.


Data I consider more accurate?  Hell I could sample myself and THAT would be more accurate.  For all we know this "data" could be pulled out of the guy's ass.  You can't cite "unpublished data" without an explanation of how the sampling was performed, what kind of ranges (based on standard deviation) we're dealing with, etc.  The first thing you learn in any statistics class is how easy it is to get the numbers to say whatever you want.  I'm amazed by how easily people accept reports just because they come from some "news site," especially when problems with the top tier sites are constantly exposed.  The government data might have faults, but I'm pretty sure you can go look at the study in-depth and examine exactly how they did it.  This is probably something they're doing after the fact, too, so it'd be easy to adjust.  With this study you cite, you're just blindly putting trust in the author.

Edit: I'd like to point out that the cost of school for me would be $20,000 over four years before scholarships.  Afterwards, it's half that.  College is costing less than it did to put me in daycare.  I'm very well aware that there are ways to put yourself in massive amounts of debt in college, but choosing to do so knowing full well that either a) you're choosing a path that is not a very reliable source of a good amount of money or b) your parents can't afford to cover however much is necessary to prevent you from going into debt is just stupid in my opinion.



I had student loan debt I paid down to around $32K shoot up over $50K (this is more than I originally borrowed) when I ended up losing my job with IBM in 2004.  Work has been sporatic then, with the last full-time job I had was in 2007.  This is with a Masters in Information Systems.  I suggest anyone here who doubts the info I posted to go and see if you can find better numbers.

The field I got into on Masters level was said to have large demand prior to 2000.  I followed every convention, and went with what was supposed to be a "sure thing".  Well, it isn't.



If only you did a trade or construction work or police force and you would have a job more or less for life. A career which can not be outsourced to cheaper overseas labour markets. Outsourcing is the biggest threat to workers career/job prospects. People in developed nations can do IT, manufacturing, engineering, etc jobs for the fraction of the cost of employing a worker living in a developed nation. Firms/companies constantly outsource jobs from expensive developed nations to cheaper developing nations which saves companies/firms money  on labour costs and boosts their profit margins.  

An over supply of College graduates for limited graduate jobs market aimed at pushing down wages and conditions in developed nations. Sooner or later the workers in developed nations will be forced to work for lower wages and conditions on par with that of competitive developing nation labour markets. Internationalism/globalisation will one day result in Universal wages and conditions. 

Internationalism/globalisation is aimed at pushing down wages and conditions in the labour markets. Economic crisis and labour downturns are more than likely the work of governments, derivative traders and international financiers/bankers, etc: wealthy elite people in the highest positions of power and control. The average people play no role in the economic crisis or labour market downturn. 



Loving parents who are capable and willing to pay for my college education as well as pay for my apartment rent and give me an extra 800 a month allowance to spend on living and leisure =    <3

(I do live in California, so $800 really doesn't get you too far, but it nicely gives me all the essentials I need. And I don't really go out to eat or spend money frequently.)

On top of that I just celebrated my one-year anniversary with my girlfriend who is the most loving, wonderful, and beautiful girl in my eyes (she's been modelling in the UK since she was 8), and I just landed an internship with EEDAR, a rapidly growing video game research firm.

I'm happy. ^_^