Comments on: Sharks in a Dunktank: My rant on the student debt Business http://texasvox.org/2009/06/24/sharks-in-a-dunktank-my-rant-on-the-student-debt-business/ The Voice of Public Citizen in Texas Mon, 13 Feb 2012 14:19:15 +0000 hourly 1 http://wordpress.com/ By: Public Citizen Texas http://texasvox.org/2009/06/24/sharks-in-a-dunktank-my-rant-on-the-student-debt-business/#comment-888 Thu, 25 Jun 2009 14:55:31 +0000 http://texasvox.org/?p=3966#comment-888 Thanks for that reply, and sharing your story with us. As I said I really think this is a big problem for our country. The high price of education is causing us to fall behind other countries in the developed world, whose governments invest more heavily in secondary education. Having a well educated population that is free to pursue the the career goals of its choosing should be seen as an asset. I am afraid that lenders have way to big an influence on our government, and our priorities on this issue are grossly out of whack. Hopefully Obama and company will be able to reverse this trend. I would really like to see some willingness on his part to step up to the plate on some of these issues.

The Disappointed Environmentalist

]]> By: Xanthippas http://texasvox.org/2009/06/24/sharks-in-a-dunktank-my-rant-on-the-student-debt-business/#comment-887 Thu, 25 Jun 2009 13:54:14 +0000 http://texasvox.org/?p=3966#comment-887 I can relate to this topic, as can anyone who’s borrowed to attend college or a professional school. This is a topic of intense interest to law students in particular, many of whom have borrowed in excess of $100,000 to attend expensive law schools. Many of them did so on the assumption that even a “reasonable” salary as an attorney would permit them repay back their loans and live comfortably (of course law students who want to go into public interest work suffered, but they have always been a distinct minority.) This assumption was coming into question even before the recession, but it’s especially pressing now because of the dramatic impact the recession has had on the legal market. Now many recent law school grad find themselves not in a position of having to take certain kinds of jobs they might not want, but rather, being unable to find any legal jobs at all. You can imagine how being in that position with $100,000 in debt can make you feel.

In college I read Milton Friedman’s book of essays “Free to Choose”, where he extols the benefits of a system where students borrow to attend school, then use the earnings they’ve acquired from their education to pay those loans back. I found that argument persuasive, and I’ve always believed that people should beg, borrow or steal to get into school, for the professional and monetary benefits it can have for them. But as you say the cost of a college education has risen dramatically, while the value of a college education has remained flat, or even declined. And the system has been stacked against students; however you may struggle to find a job with your college or professional degree, you’ll still likely go to grave owing that money (if the loan companies haven’t taken it out of your hide first.)

Fortunately the Obama administration looks to be shifting the scale a little bit, in favor of the students. Also, a program that will help lighten the load for students is going into effect next month. Unfortunately none of that addresses the staggering cost of higher education, the decreased value of a college degree, or the amount of money students must borrow privately to attend highly valued schools.
OH! You’re my new favorite blogger fyi

]]> By: Xanthippas http://texasvox.org/2009/06/24/sharks-in-a-dunktank-my-rant-on-the-student-debt-business/#comment-884 Thu, 25 Jun 2009 01:40:28 +0000 http://texasvox.org/?p=3966#comment-884 I can relate to this topic, as can anyone who’s borrowed to attend college or a professional school. This is a topic of intense interest to law students in particular, many of whom have borrowed in excess of $100,000 to attend expensive law schools. Many of them did so on the assumption that even a “reasonable” salary as an attorney would permit them repay back their loans and live comfortably (of course law students who want to go into public interest work suffered, but they have always been a distinct minority.) This assumption was coming into question even before the recession, but it’s especially pressing now because of the dramatic impact the recession has had on the legal market. Now many recent law school grad find themselves not in a position of having to take certain kinds of jobs they might not want, but rather, being unable to find any legal jobs at all. You can imagine how being in that position with $100,000 in debt can make you feel.

In college I read Milton Friedman’s book of essays “Free to Choose”, where he extols the benefits of a system where students borrow to attend school, then use the earnings they’ve acquired from their education to pay those loans back. I found that argument persuasive, and I’ve always believed that people should beg, borrow or steal to get into school, for the professional and monetary benefits it can have for them. But as you say the cost of a college education has risen dramatically, while the value of a college education has remained flat, or even declined. And the system has been stacked against students; however you may struggle to find a job with your college or professional degree, you’ll still likely go to grave owing that money (if the loan companies haven’t taken it out of your hide first.)

Fortunately the Obama administration looks to be shifting the scale a little bit, in favor of the students. Also, a program that will help lighten the load for students is going into effect next month. Unfortunately none of that addresses the staggering cost of higher education, the decreased value of a college degree, or the amount of money students must borrow privately to attend highly valued schools.

]]>