HomeVideoWho Is Getting Rich Off the $1.3 Trillion Student Debt Crisis?
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TomP

Banks?

Raggedy Ann

University administrators?

Star Strider

You’re probably close. Universities have no real incentive to constrain their costs if they can (albeit indirectly) put students into debt for tuition and fees. Of course, in order to stay competitive and attract the best faculty, the universities not only have to compete with each other, but with the private sector to attract the best and brightest for their engineering. law, medical and business schools. That continues to drive up costs, and with it tuition and fees. Students want degrees from the ‘best’ universities so they can compete for essentially low-wage jobs in their fields, as opposed from flipping hamburgers, actually or metaphorically, with a degree from a less-prestigious university.

Fleur de Lisa

Public universities are between a rock and a hard place. State legislatures cut our funding and tie what we do get to our enrollments. We’re competing with other schools for students, and they want amenities – rock climbing walls, high speed wifi, sushi in the dining hall, private bathrooms in the dorms. So it’s a high wire act trying to give students enough goodies to lure them, while trying not to pass too much of the cost on to them.

Meanwhile we’re criticized by the legislature that cut our funding in the first place, and the parents who are mad that it’s expensive to basically send their kids to a resort for four years. If they could be satisfied with the cafeteria food and hall bathroom we had in the old days (ha!), we could provide that for less!

Star Strider

I understand, having graduated from a regionally prestigious private university in 1970 and a prestigious public university in 1974 and 1982 (M.D., and M.S. in Biomedical Engineering).

I honestly don’t understand the lure and importance of the ‘amenities’ when the purpose of going to a university is to get an education! The only non-academic ‘amenity’ any of us ever had was the privilege of living in Jefferson’s ‘Academical Village’ (the East Range for me for 1½ years in Med school), and it was in a sense primitive if prestigious. (The bathroom and shower facilities were actually outside, so we literally risked freezing our ___s off in the Virginia winters.) We gladly endured any perceived inconveniences for the privilege of a diploma from each school. To put things into perspective, college was about $2000/year, Med school $1000/year (in-state), and engineering school was for me free and with a stipend, since I got a NIH grant that was intended to entice life scientists to understand and incorporate engineering into their careers. In that sense, it paid off well for the government, since that’s exactly what I did.

I haven’t lived in Virginia for decades, but my impression is that for all its myriad other faults (most notably a corrupt Repug former governor), the state government supports its public universities. I don’t doubt that the Repugs want to reduce funding for all of them, but there are likely so many proud graduates of the state’s public universities who defend them that even the Repugs would be loathe to do so. Still, the tuition at both universities is unbelievably high these days. None of us — and our then comfortably middle-class families — could have afforded either now without our going prohibitively into debt.

chasingorion

And high priced celebrity educators…case in point my school CUNY:

The trouble started this semester when the school enlisted Petraeus, the disgraced ex-commander of U.S. operations in Iraq and Afghanistan and former CIA chief, to teach a class, “The Coming North American Decades,” at its Macaulay Honors College. Course materials included literature espousing the virtues of hydraulic fracturing, aka fracking, but no mention of the general’s ties to Kohlberg Kravis & Roberts, a private equity firm with millions invested in the controversial oil and gas extraction method. Yet demonstrations against Petraeus’s presence mainly focused on his role as an architect of U.S. wars abroad—part of an ongoing challenge to what critics describe as the increasing militarization of the university.

The sh!t was

According to documents Gawker obtained from CUNY via a Freedom of Information Law request, the fallen war architect will net a whopping $200,000 a year for the course, which will total about three hours of work, aided by a group of graduate students to take care of “course research, administration, and grading.” (He will also throw in two lectures.) That works out to approximately $2,250 per hour. CUNY adjuncts usually earn less than $3,000 per course.

Ultimately: After coming under a barrage of public criticism, disgraced former CIA Director David Petraeus turned down the six-figure salary he was offered for teaching one class at CUNY’s Macaulay Honors College. Instead, his attorney announced, Petraeus will accept a payment of $1 per year.

If it was not for the insistent protests and FOIA request/exposure of this waste of public dollars, he would be sucking from this teat till this day.

Raggedy Ann

This is what disgusts me about universities. I work at one, I see the crap they pull.

NVPainter

That is disgusting.

And in the meantime adjuncts have a hard time, working part time at multiple places in order to bring in not all that much for the work they do….

Dro
Star Strider

Thank your for the transcript. The lender deliberately lied to that servicemember. For anyone who needs guidance, one source of information about the Soldiers and Sailors Civil Relief Act / Servicemembers Civil Relief Act (SCRA) is: A GUIDE TO THE SOLDIERS’ AND SAILORS’ CIVIL RELIEF ACT OR “CERTAINLY SUING SOLDIERS IS NOT SIMPLE”

That person needs to see a lawyer to see what relief he is entitled to.

KayCeSF

I just got a knot in my stomach and a lump in my throat. IMO That soldier trying to pay off his school debt while serving in Afghanistan is indefensibly unfair. I’m behind with my military info, so I didn’t realize that the GI Bill does not cover existing college debt. I assume had this soldier died, his family would have to pay off his school loan? 🙁

Getting rich off students needs to end NOW, Hillary!

Bern_So_Good

She wont go for the free tuition because her bankster friends will not allow it.

KayCeSF

Agreed.

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