Students suffocate under tens of thousands in loans
By Sandra Block, USA TODAY
Tom Dillon, 19, a pre-pharmacy major at the University of Connecticut, is carrying $52,000 in student loans. And he's just getting started. When he gets his pharmacy doctorate in four years, he expects his debt to exceed $150,000. Dillon's been drawn to pharmacy since age 5, when he found out he had epilepsy.
"The first person who helped me was my pharmacist," he says. Dillon, who no longer has epilepsy, would like to go into pharmaceutical research. But he knows he'd earn more money as a pharmacist for one of the big drugstore chains.
"When I get out, I'm going to have that $150,000 weighing over me," he says. "What I decide is going to be dependent on that debt."
Continued here...
posted by Hans Riemer at 3:32 PM
9 Comments:
This is definitely an issue facing college students today. But will the RTV explore the causes of the explosion in student tuition? Or will they simply back more federal funding and grants from the government effectively taking money from taxpayers (Me) to subsidize John Doe getting his double degree in Philosophy and basket weaving?
What RTV has missed in the past is the correlation between supply and demand to college tuitions. And what causes said demand you may ask? The availability of funds for students that would normally not attend college. Government funding is a double edged sword: on one hand it helps students goto college which is a very admirable and noble thing, on the other hand in artificially inflates demand which causes the prices to rise. You cannot have your cake (Increased funding) and eat it too (Lower costs).
College loans hurt the poor and working class:
http://www.lewrockwell.com/orig6/nicholas2.html
"the relative ease of borrowing money to finance an education – and the low interest rates at which those funds are lent – may be contributing to a widening gap between affluent, middle class and poor students."
They also hurt the subject of this post apparently
Who are the idiots underwriting Tom's debt? (oh wait its the US) They should have cut him off long ago. Just like the credit card companies who lure people into borrowing beyond their means, Uncle Sam is doing the same thing.
At the same time it is driving up the cost of education. The more money available to these suckers the more the colleges charge.
And what the hell is Tom thinking. The average wage for a pharmacist is only $52,000. They really should teach economics better (and earlier). RTV (and Tom) has no concept of supply and demand.
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Mike (above) is "right on" about artificially increased demand raising tuition. I've gone to college beside factory workers who had absolutely no place in college. Classes had to be dumbed down to pass some of them. By the way, I'm not saying that because I have some bias against factory workers. Work in a factory is some of the best work I've done. It was mindless, but it payed good. There were excellent benefits. There was opportunity for advancement.
Also, I'd be a lot more concerned about rates on student loans if the students themselves seemed more concerned. It seems like I've seen alarming statistics about the amount of credit card debt that students are running up. And, the thing is, nobody is forcing these students to run up any of this debt. They don't have to go to college. If all the kids who couldn't afford to go to college dropped out, colleges would pay the kids who needed to be there to come and get their degrees.
It's nonsense to think that you can't have a life without a college degree. I've begun to trust college degrees very little. Everybody has them anymore. I've seen how they've had to lower college standards to make it so that everybody can get one. They don't mean anything anymore. Mark my words. Employers will catch on to that.
I apologize that this comment is not in regards to the post. I am trying to find the % of young generation voters who voted in the 2004 presidential elections. Can anyone tell me, or direct me, the demographic breakdown.
Thanks.
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Mississippi ($400, 18%)
Missouri ($500, 75%)
Montana ($300, 25%)
Nebraska ($500, 15%)
Nevada (no limit, no limit)
New Hampshire ($500, no limit)
New Mexico (no limit, no limit)
75%? 25%? aren't these too high? they are more of ripoffs!
i wonder why these states allow such high fees?
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