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Survey Indicates Students Clueless about Student Loan Debt

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JackBurton said:
I'll take a shot at this...

How about colleges lower the total overall cost of attending by pumping the money they take in from fucking football and capping the coaches' pay at $200K. When you have a coach making 10 times + what a physics professor with a PHD makes, there is a serious problem in the education system. If coaches want to go pro to make more money, have at it. But we shouldn't be cranking out millionaire coaches and have students foot the bill for their salaries. Next, how about not gouging students by changing out books every year. Are you telling me history and math books need to be changed out every year? Really? How about you pick ONE, and use it for the next 10 years minimum. Seriously, WTF?!

Those are just two off the top of my head.
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This x1million.

Considering the absolute truth that top tier, D1 sports programs (Ohio State, Michigan, UNC, FSU, PSU, etc, et al) contribute ~dick to their actual institution in terms of revenue (in contrast to the lies and BS perpetuated by recruiting, ESPN and fraudulent information spread by the shady sports journalism industry, and internal begging and massaged, concocted numbers from the AD), there is precisely zero reason to support the ammount of money pumped into these programs.

If they argument is that these programs support the school's goal of education, then why aren't they paying for the school's goal to provide education?
 
Another data point, or two. Here is a survey, by state and by university, that shows the average debt of the graduates as well as the proportion of graduates with debt.

http://projectonstudentdebt.org/state_by_state-data.php


They also have other publications that break out debt data by Public, Private, and For Profit sectors....

Costs have been rising faster than inflation. But the statistics concerning costs are more difficult to find, in part, because many states are withdrawing support from their university systems.

Uno
 
rh71 said:
has tuition risen from 10 years ago? Approx how much?
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a lot!!! look at what the tuition was in 2002 compared to now. fucking unreal.

CU rates

Cutuition.jpg



CSU rates.


csutuition.jpg
 
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alent1234 said:
books i agree, but is the football really paid by tuition? i hear you have to buy tickets for the games and schools get a lot of money from TV and other media for broadcast rights.
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false. Actual revenue goes to the AD to pay for the AD. on average, a major university AD contributes about 2% of their profit back to the university budget.

and frankly, they profit very little within the AD themselves, because they are so preposterously expensive to maintain--salaries and all that BS.

Any major University creates the bulk of their revenue from Research and education. As an example, PSU has some numbers recently published (one of only a handful of universities that has a completely autonomous AD--meaning, they don't actually suck cash from the University.) The AD at PSU profits ~ $18mil per year after expenses, and returned only $12mil to the University, whose budget sits at roughly $4.1 billion.

Oh, and that 12mil? Yeah...it was to pay the tuition of the AD's scholarship athletes. Granted--The AD encompasses far more than simply Football and basketball....but how many of those scholarship athletes are going to do anything useful, directly involved with that tuition money?

So, frankly, PSU losing their "vaunted" AD would really be nothing more than a fart in the wind to the University.

http://onwardstate.com/2011/04/12/cracking-the-budget-mystery/
 
JackBurton said:
How about colleges lower the total overall cost of attending by pumping the money they take in from fucking football and capping the coaches' pay at $200K. When you have a coach making 10 times + what a physics professor with a PHD makes, there is a serious problem in the education system. If coaches want to go pro to make more money, have at it. But we shouldn't be cranking out millionaire coaches and have students foot the bill for their salaries.
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What school makes the students foot the bill for coaching salaries? I know that my schools athletic dept is completely self-funded, actually makes money (one of the few that does) and still gives money back to the academic side. This is not the case with all but the major programs are not funded by students paying tuition or fees
 
alent1234 said:
since my wife and i know how loans work, both our kids are going to be signed up for sports year round. you don't have to be that good to play college sports and get a scholarship
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Nothing against sports - but my daughter's best friend got hurt in the first practice and lost his scholarship.

Daughter had a math scholarship. Older son had a scholarship from an engineering alumni group. Younger daughter got a lot of her school money from some Young Leaders of Tomorrow group - wrote a paper they liked.

Younger son has music scholarship - it's okay to major in music if you're not borrowing $$ to do it. He has the best scholarship of all 4 kids.

None of the 4 borrowed $ for school. All 4 worked during school.
 
waggy said:
lol YES> it goes up pretty much every year.
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UCLA was $4k a year when I graduated in 03. Went up to 6k the next year. Its around 12 now and that's for in state. I'm sure out of state is over 30 now.

This is what happens when cheap credit in student loans allows kids to allow staff / university employees to demand 200k a year for art professors with super rich pensions. At least in the uc system this and other schools bidding up salaries / benefits is why its so expensive and students are so indebted. Hell 12k is cheap for UCLA though compared to for profit scam colleges and private liberal arts places.

That said its basically housing bubble part 2 except with college loans being sub prime. Everyone "needs" a College degree even if its from a bullshit school in basket weaving
 
zinfamous said:
Sports are leeches, et cetera and so on.
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I understand your criticisms, and in many cases, you are correct: athletic departments are parasites on universities by direct numbers.

However, you should consider three points:
1. At many universities, one or two high-profile sports typically keep the entire athletic department afloat. I've had many, many young women in my courses who are earning a "free" degree because of Title IX; they wouldn't have been able to go to school otherwise. I've also had many young men in less popular sports get degrees because the football team rakes in serious cash.
2. There are a lot of intangible benefits to a high-profile sports team. I kid you not, I am able to do my anatomical research on cadavers that are donated to the school because the decedent liked our football/basketball/hockey team. I have instant rapport/credibility with some people when conducting research on the living because I'm attached to a school with a good football program.
3. Indirect contributions to the local economies are often huge. There are three bars in Madison where the owner has explicitly stated that the football season puts them in the black for the year.

IMHO the two primary problems with the cost of higher ed are administration bloat and the erroneous idea that an undergraduate education is a direct means to a specific vocation. The latter point requires a dramatic remodeling of our higher education system that will likely never happen as long as the Fed continues handing out loans to teenagers.
 
i can attest to admin bloat, these days schools offer a ridiculous amount of services. few years ago my wife was a prime candidate for a job at a major US University. a few kids killed themselves and so they created a new position to help others deal with pressure.

multiply this by a lot of other jobs created in the last 20 some years to placate parents and the media.

and the people paying are also paying for the free students. if you're a janitor at NYU and your kids get in then tuition is free. someone else has to pay for it. a lot of good schools are also letting other good students go to school for free while the average students pay for it
 
my main lender switched servicers recently. the new servicer refuses to send me a statement because i don't owe anything for the next immediate month. i don't owe anything next month because i'm ahead on the loan. so, unless i want to take 20 years to pay the thing off, they won't send me a statement. bastards tried to tell me it was because they were paperless. so, wtf does that have to do with anything? you can't generate a statement detailing how much i owe and how payments were applied without me needing to make a payment next month to remain current? what kind of bullshit is that? that just sounds illegal.
 
Graduating from college in june with no debt. Combination of work, investments, bitcoin, and help from grandma. I thank my mom for instilling in me that debt for anything besides a house is 99% of the time foolish.
 
Gigantopithecus said:
What's truly sad is that this type of basic financial competence is not taught at the K-12 level. ...It's almost as if the powers that be don't want a financially savvy populace.
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My old school district actually makes high school students take a personal finance class now, which is great. I'm just worried that all of them will ignore it.

I looked for such a class at my college, some kind of personal finance class for non-business majors. But nothing like that exists. At least I have the internet.
 
slsmnaz said:
What school makes the students foot the bill for coaching salaries? I know that my schools athletic dept is completely self-funded, actually makes money (one of the few that does) and still gives money back to the academic side. This is not the case with all but the major programs are not funded by students paying tuition or fees
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If a coach is being paid $1M+ per year, the students are footing the bill for his salary, directly or indirectly. If they cap his salary at $200K, you can then take the remaining money and put it back into teachers' salaries OR books for the students. However, since that money ISN'T going back into the school's education department, they have to come up with it somehow, and guess who is paying for it? That's right, the students. A university's MAIN goal is education, not some fucking sport. If a sport brings in more money for the school, fantastic. But it should be to improve the education and lower the overall cost of attendance, NOT to churn out better athletes or make millionaire coaches.
 
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OVerLoRDI said:
Graduating from college in june with no debt. Combination of work, investments, bitcoin, and help from grandma. I thank my mom for instilling in me that debt for anything besides a house is 99% of the time foolish.
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you also have to look at the school you graduated from and your grades and compare to potential salary

i'd rather my kid go to harvard and law/medical school and rack up $200,000 in debt than your average state/city/community college and come out debt free.

my wife knew someone in HS who went to stanford. i think she had a 100% scholarship but even then she had job offers in the top 1% salary range before she graduated. taking out a lot of loans for that kind of education is more than worth it
 
alent1234 said:
you also have to look at the school you graduated from and your grades and compare to potential salary

i'd rather my kid go to harvard and law/medical school and rack up $200,000 in debt than your average state/city/community college and come out debt free.

my wife knew someone in HS who went to stanford. i think she had a 100% scholarship but even then she had job offers in the top 1% salary range before she graduated. taking out a lot of loans for that kind of education is more than worth it
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Ya but then you are talking about less than 1% of the population. And if you are that much of an academic all star, you have scholarships up the wazoo anyways. Doubt there are many people at Harvard actually paying the majority of thier costs.
 
JackBurton said:
If a coach is being paid $1M+ per year, the students are footing the bill for his salary, directly or indirectly. If they cap his salary at $200K, you can then take the remaining money and put it back into teachers' salaries OR books for the students. However, since that money ISN'T going back into the school's education department, they have to come up with it somehow, and guess who is paying for it? That's right, the students. A university's MAIN goal is education, not some fucking sport. If a sport brings in more money for the school, fantastic. But it should be to improve the education and lower the overall cost of attendance, NOT to churn out better athletes or make millionaire coaches.
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Not sure you really understand how big AD's are funded. The money is not coming from the students (except maybe from the minimal cost of student tickets and merchandise they buy) and it's not coming from the university. The money the AD has to work with is mainly coming from donations. What you're saying is to force those donors to give to the academic side instead of the AD and that has nothing to do with the students. There are quite a few donors that give only to the academic side and their money is not mixed
 
Clueless about student loan, clueless about college major choice, clueless about basic finance = fail in life sooner than later. <sad>
 
CPA said:
Well, my oldest graduates in two weeks and has absolutely 0 aspirations of going to college. In fact, he "knows some guys" that are going to get him a job in construction. Construction! of all things, in today's environment! LMAO!
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Good for your kid. I think more people should do some work just out of high school. Seeing how the real world works instead of going straight to college and blowing a shitload of mommy and daddy's money while partying and failing classes would probably make them appreciate and value their education more.
 
BoberFett said:
Good for your kid. I think more people should do some work just out of high school. Seeing how the real world works instead of going straight to college and blowing a shitload of mommy and daddy's money while partying and failing classes would probably make them appreciate and value their education more.
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Agreed, I did 3 years of partying, err I mean college, before I joined the Marines. In retrospect if I had joined the Marines first, I probably would have done better in college. I have taken a total of 4 night classes since, and have aced all of them.
 
I am confused. How can you not know you had debt? I can understand being a little fuzzy on the fine print, but do they seriously think money just magically appears in their account?
 
Svnla said:
Clueless about student loan, clueless about college major choice, clueless about basic finance = fail in life sooner than later. <sad>
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But the blame should be with the parents. Why more parents DON'T teach the importance of financials is beyond me. My parents do it, but I'm as sure as hell going to make sure my children know how to manage money responsibly by the time they are 16.
 
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