Re: Student debt = housing crisis?
Dex
5/2/2012 3:49:21 PM
And I hope that anyone in a position to hire these autodidact doesn't toss them out on their ears because they dared apply for a job without the requisite sheepskin.
Re: Student debt = housing crisis?
Fred Goodman
5/2/2012 2:25:42 PM
That's great Scott, and it doesn't stop there. When they get older they can get an advanced education for nothing at MIT.
Here's a link to a Forbe's article on the subject.
That's a little harsh @Big Jim. What if someone had plenty of income when a child was born 18 years ago, but finds themselves struggling now that the economy has nosedived?
Re: For now...
BigJim
5/2/2012 1:52:50 PM
Maybe people shouldn't have kids if they don't have the resources to put money aside each month to pay for those kids education. Should we all chip in to buy the kids shoes, too? Oh wait. We do. It's called public assistance.
Realistically, there isn't much 2012 high school grads can do but bite the bullet. Yes, some will go to community colleges. But if someone has plans to go to med school or law school. he has to be careful with his undergrad options. So its off to debt he goes.
Maybe we'll get to the point where the only kids attending college will either be ones who have to do so because they want to become doctors or something -- and ones too lacking in ambition or self-direction to teach themselves via Kahn or other independent learning options.
I support Khanacademy.org. A free educational institution online, run by a genius. Trying to start my children now, they are young. maybe by the time they are 18 they will know more than the average college graduate -- for free.
www.khanacademy.org
this is the future of education...
Re: Student debt = housing crisis?
Fred Goodman
5/2/2012 12:48:38 PM
@tenacious
If you can show me that having government sponsored loans for education has no effect on private loans for education then I will be happy to confine my comments to private loans.
While you are thinking it over, please consider the fact that government loans for education had their interest rate cut in half three years ago by a Congress that deliberately made the rate cut expire 6 months before the election, because they felt it would help them get reelected.
I do not see how one can separate government loans from private loans even if the conclusions that must be drawn after considering the subject in its entirety make you uncomfortable.
Re: Student debt = housing crisis?
Fred Goodman
5/2/2012 12:42:14 PM
No @Scott, I'm in favor of buying any car one can a Ford :>}
Seriously though, my point was that it doesn't matter whether one pays for an education from savings and buys a car on borrowed money or borrows for an education and buys a car for cash. The net result is the same.
The differences come in when there is government interference in the process which favors the education debtor and penalizes the buyer of a foreign vehicle while subsidizing the Volt.
That interference affects the markets and the taxpayer even when the amount of money for the car is the same as the amount spent for the education and both are spent by the same family.
What is important is not where money is spent, it is important whether it is earned or borrowed.
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