Cadet57
Topic Author
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Credit Crunch Hits College Studens And Families

Tue Aug 19, 2008 11:21 pm

I just saw this article on msnbc and can definately attest to this, two years ago I got a student loan thru Bank of America, two weeks ago I tried again as I've transferred schools and due to the sub-prime mess they stopped writing them. So I spent about a month trying to find a loan and thus due to how long it took to find a loan- I finally got one last night thru Citizens Bank. I had to put my first semesters tuition on my credit card and had to get a credit line increase to do so. Thou, once my loan check gets here its getting paid off, thankfully. Anyone have any tips for student loans?

http://www.msnbc.msn.com/id/26207593/
Doors open, right hand side, next stop is Springfield.
 
VonRichtofen
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RE: Credit Crunch Hits College Studens And Families

Sun Aug 24, 2008 6:37 pm

Don't you have government student loans down there?

Those are the best ones.
 
Cadet57
Topic Author
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RE: Credit Crunch Hits College Studens And Families

Sun Aug 24, 2008 9:04 pm



Quoting VonRichtofen (Reply 1):
Don't you have government student loans down there?

We do, but our income is such we dont qualify for them. Middle class, cant completely afford college on our own, but make to much to get waivers...
Doors open, right hand side, next stop is Springfield.
 
Dougloid
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RE: Credit Crunch Hits College Studens And Families

Mon Aug 25, 2008 4:54 am



Quoting Cadet57 (Reply 2):
We do, but our income is such we dont qualify for them. Middle class, cant completely afford college on our own, but make to much to get waivers...

That's why you should move out on your own and get out from under that parental income test barrier.
If you believe in coincidence, you haven't looked close enough-Joe Leaphorn
 
N1120A
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RE: Credit Crunch Hits College Studens And Families

Mon Aug 25, 2008 4:56 am



Quoting VonRichtofen (Reply 1):
Don't you have government student loans down there?

We do, but they often don't cover everything, particularly for those who go to a private university.

Quoting Cadet57 (Reply 2):

We do, but our income is such we dont qualify for them. Middle class, cant completely afford college on our own, but make to much to get waivers...

You are probably thinking of grants, not loans.
Mangeons les French fries, mais surtout pratiquons avec fierte le French kiss
 
Boeing74741R
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RE: Credit Crunch Hits College Studens And Families

Mon Aug 25, 2008 10:36 am



Quoting Cadet57 (Reply 2):
We do, but our income is such we dont qualify for them. Middle class, cant completely afford college on our own, but make to much to get waivers...

In the UK all students apply to the Student Loans Company to apply for loans and grants. You get a choice of receiving a loan that is means tested or one that is non-means tested.

The means tested loans and grants comes into play when applying for a maintenance loan, because the parental income dictates how much you can apply to loan, and then this is also affected by how much you are entitled to in a maintenance grant as the more grant you get the less you get in loan, and vice versa. Currently all students whose income is below £60,000 is entitled to some sort of maintenance grant.

Not sure how US universities work Cadet57, but does your university offer grants, scholarships and bursaries? Just asking because over here you can get them for all sorts of stuff from parental income to getting top grades, and I know of one university that has offered students £5,000 if they accept their offer!

If so, perhaps you should look at what they can offer you providing it's not too late.
 
UH60FtRucker
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RE: Credit Crunch Hits College Studens And Families

Mon Aug 25, 2008 11:26 am

US Military.

Signed,

1% of American Youth
Your men have to follow your orders. They don't have to go to your funeral.
 
N1120A
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RE: Credit Crunch Hits College Studens And Families

Mon Aug 25, 2008 5:50 pm



Quoting UH60FtRucker (Reply 6):
US Military.

Signed,

1% of American Youth

The GI Bill often does not cover everything either.
Mangeons les French fries, mais surtout pratiquons avec fierte le French kiss
 
National757
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RE: Credit Crunch Hits College Studens And Families

Mon Aug 25, 2008 6:24 pm



Quoting Cadet57 (Thread starter):
had to put my first semesters tuition on my credit card and had to get a credit line increase to do so.

I do that every semester. Apply for a new credit card, put all my semester tuition expenses on the card ($2,500-$3,000), then pay it off before the 0% interest period ends. Only downside is now I have more zero balance credit cards than I know what to do with  Smile
 
StuckInCA
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RE: Credit Crunch Hits College Studens And Familie

Mon Aug 25, 2008 6:30 pm

Quoting Dougloid (Reply 3):
That's why you should move out on your own and get out from under that parental income test barrier

I don't remember the details, but that's not all that easy. I went back to school (graduate school) at 25 and had been out of my parents house and financially independent from age 18. I did not qualify as "independent" from my parents income in the eyes of the government/lendors. It made no sense to me.

[Edited 2008-08-25 11:48:01]
 
luckyone
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RE: Credit Crunch Hits College Studens And Families

Mon Aug 25, 2008 6:57 pm



Quoting Cadet57 (Thread starter):
Anyone have any tips for student loans?

Speaking as a recent college grad here who has watched dozens of friends get mired in debt from student loans....
1) attend an instate college for undergrad. You'll save multiple thousands of dollars.
2) Don't use student housing or meal plan. You can eat much better and live more comfortably for less money
3) Only take loans, if you have to, from the financial aid office, the interest rates tend to be better.

In the States students from middle class families tend to get the squeeze when it comes to the bet financial aid. They're parents don't make enough to effortless fund a $40k/year education, but they don't qualify for Federal grants, even though they work just as hard. This is compounded by the fact that students today feel entitled to living like their parents to. Why does a student need to live in an apartment that costs at least $150 more per month than a standard apartment (the numbers arerelavent only to my small town prices) when they're not going to take care of it anyway?
 
Boeing74741R
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RE: Credit Crunch Hits College Studens And Families

Mon Aug 25, 2008 9:18 pm



Quoting Luckyone (Reply 10):
This is compounded by the fact that students today feel entitled to living like their parents to. Why does a student need to live in an apartment that costs at least $150 more per month than a standard apartment (the numbers arerelavent only to my small town prices) when they're not going to take care of it anyway?

Or spend much time in it?

Apart from studying I think the room would only be used for sleeping and getting changed in, and nothing more...and a bit of studying every now and then.  mischievous 
 
N1120A
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RE: Credit Crunch Hits College Studens And Families

Mon Aug 25, 2008 9:32 pm



Quoting Luckyone (Reply 10):
Why does a student need to live in an apartment that costs at least $150 more per month than a standard apartment (the numbers arerelavent only to my small town prices) when they're not going to take care of it anyway?

The numbers can change depending on the location of the university.
Mangeons les French fries, mais surtout pratiquons avec fierte le French kiss
 
MCOflyer
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RE: Credit Crunch Hits College Studens And Families

Mon Aug 25, 2008 10:17 pm

Advice: Get a good GPA and apply for scholarships. The higher your GPA is, the more scholarships there are available to you. Whats left from the school expenses is yours to keep. Also, ask to see if your community college has a direct transfer program to a 4 year. If so, this can help save money.

Private colleges should be used as a last resort unless you get a full ride. Example, my friend attends ERAU in DAB and she is on a full ride. Had she not gotten it, she would be attending a public college.

Fortunately all my college is paid for thus there is no need for loans.

Hunter
Never be afraid to stand up for who you are.
 
UH60FtRucker
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RE: Credit Crunch Hits College Studens And Families

Mon Aug 25, 2008 10:40 pm



Quoting N1120A (Reply 7):
The GI Bill often does not cover everything either.

You obviously haven't gotten up to speed on the recently passed "Super GI Bill". It covers everything from tuition, to books, to monthly living stipends, to being able to pass it on to spouses or offspring.

You can go to a four year, $40,000 a year, university in a major city, and not need a part-time job. It is THAT good. Say what you will about the inept Democratic congress, but for once they actually did a fantastic job.

-UH60
Your men have to follow your orders. They don't have to go to your funeral.
 
Cadet57
Topic Author
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RE: Credit Crunch Hits College Studens And Families

Mon Aug 25, 2008 10:52 pm



Quoting MCOflyer (Reply 13):
lso, ask to see if your community college has a direct transfer program to a 4 year. If so, this can help save money.

Wont matter, im in a two year program. Technically, 19 months.

Quoting MCOflyer (Reply 13):
Private colleges should be used as a last resort unless you get a full ride

Private colleges are worth it if you can afford it or got the grades.

Quoting National757 (Reply 8):
I do that every semester. Apply for a new credit card, put all my semester tuition expenses on the card ($2,500-$3,000), then pay it off before the 0% interest period ends. Only downside is now I have more zero balance credit cards than I know what to do with

Because what I need is more credit cards....  Wink

Quoting N1120A (Reply 4):
You are probably thinking of grants, not loans.

Whatever they are. I cant get them, but the single teen mom taking her ged course can. Why is that?

Quoting Luckyone (Reply 10):
They're parents don't make enough to effortless fund a $40k/year education, but they don't qualify for Federal grants, even though they work just as hard.

Exactly.
Doors open, right hand side, next stop is Springfield.
 
N1120A
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RE: Credit Crunch Hits College Studens And Families

Mon Aug 25, 2008 11:16 pm



Quoting Cadet57 (Reply 15):

Whatever they are. I cant get them, but the single teen mom taking her ged course can. Why is that?

Well, a GED course is much cheaper than a university and high school diplomas are generally considered a higher priority than higher education for starters. Beyond that, the whole point of NEED based aid is that those who can't afford to go to school are able to.

Quoting UH60FtRucker (Reply 14):
Say what you will about the inept Democratic congress, but for once they actually did a fantastic job.

Nothing inept about this Congress. They just get blamed for the problems created by The Moron's veto pen.

Quoting UH60FtRucker (Reply 14):

You obviously haven't gotten up to speed on the recently passed "Super GI Bill". It covers everything from tuition, to books, to monthly living stipends, to being able to pass it on to spouses or offspring.

You can go to a four year, $40,000 a year, university in a major city, and not need a part-time job. It is THAT good.

No I hadn't, but it sounds good if it is true. Unfortunately, a lot of people I know got duped into joining the military on the GI Bill and didn't even get enough for a public school.
Mangeons les French fries, mais surtout pratiquons avec fierte le French kiss
 
MaidensGator
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RE: Credit Crunch Hits College Studens And Families

Tue Aug 26, 2008 12:03 am



Quoting N1120A (Reply 16):
Nothing inept about this Congress. They just get blamed for the problems created by The Moron's veto pen.

 redflag  In almost eight years, Bush has only vetoed 12 bills. Of those, 4 were overridden, meaning he averages one sustained veto per year in office.

In contrast, Bill Clinton vetoed 37 bills in eight years, of which only 2 were overridden. His average is over 4 sustained vetoes per year...

As for the OP:

Pay cash, you'll be glad you did...
The first thing we do, let's kill all the lawyers.
 
N1120A
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RE: Credit Crunch Hits College Studens And Families

Tue Aug 26, 2008 12:08 am



Quoting MaidensGator (Reply 17):
In almost eight years, Bush has only vetoed 12 bills. Of those, 4 were overridden, meaning he averages one sustained veto per year in office.

Of course you fail to mention that for 6 of those years, the Congress was controlled by Republicans.

Quoting MaidensGator (Reply 17):

In contrast, Bill Clinton vetoed 37 bills in eight years, of which only 2 were overridden. His average is over 4 sustained vetoes per year...

Meanwhile, for 6 of those years, the House was controlled by the Republicans while the Senate was in Republican hands for 4 years and had the narrowest of Democratic majorities for 2.
Mangeons les French fries, mais surtout pratiquons avec fierte le French kiss
 
ltbewr
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RE: Credit Crunch Hits College Studens And Families

Tue Aug 26, 2008 12:13 am

Another problem is that the parents are limited in borrowing against the equity in the house due to falling house values. Jobs, especially summer jobs, while in college are getting scarce or the pay is low, as out of job adults take them.
Another alternative could be go to a nearby college and commute from home.
I do fear that more college students may turn to criminal or do questionable or risky things to make money to be able to pay tution, fees, books and living costs. That could include gambling (a big and growing problem on most campuses), stealing and selling stuff, selling illegal drugs, women in particular become 'adult entertainers'. Some women may turn to selling their eggs to infertile women, a rather risky decision. I went to college in the 1970's and i had to hustle at legal jobs to pay for my school expenses, while my parents paid for my food, clothing and shelter costs living at home and commuted to a college 10 and later 21 miles away each way.
 
luckyone
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RE: Credit Crunch Hits College Studens And Families

Tue Aug 26, 2008 12:29 am



Quoting Cadet57 (Reply 15):
They're parents don't make enough to effortless fund a $40k/year education, but they don't qualify for Federal grants, even though they work just as hard.

Ok, massive grammatical errors there. That should read "THEIR parents don't make enough to effortlessLY fund. Yeeesh. That's what I get for typing while on the phone!
 
VonRichtofen
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RE: Credit Crunch Hits College Studens And Families

Tue Aug 26, 2008 12:37 am

Quoting Cadet57 (Reply 2):
We do, but our income is such we dont qualify for them. Middle class, cant completely afford college on our own, but make to much to get waivers...

It used to be like that up here too. Ex convicts and Immigrants getting money thrown at them for school, while middle class, hard working families who actually paid their bills, obeyed the law and paid taxes their entire lives were denied. Talk about bullshit.

Recently the government made it easier to get student loans by eliminating many of the common disqualifiers that were screwing the middle class.

[Edited 2008-08-25 17:54:25]
 
luckyone
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Joined: Thu Aug 21, 2008 1:50 pm

RE: Credit Crunch Hits College Studens And Families

Tue Aug 26, 2008 12:51 am



Quoting N1120A (Reply 12):
The numbers can change depending on the location of the university.

Absolutely they change. However, and I think I could have stated this better, the trend remains the same, especially for students of middle class families. They tend to want to live like their parents have/had without any realization of the cost of living. Case in point, I'll use a friend who attends the University of Georgia. His share of the rent is $300, and his complex is perfectly comfortable for undergraduates with a pool and all that fun stuff, this includes power to boot. Another friend lives in an apartment complex that is exactly the same size, just a mile down the road -- monthly rent is $495 per person. The only discernible difference between the two complexes is one has a fancier pool area, a clubhouse, and more-appealing-to-the-eye wrought iron railings. Worth an extra 200 bucks a month.... not for anyone who stops to think.

Quoting Boeing74741R (Reply 11):
Or spend much time in it?

Apart from studying I think the room would only be used for sleeping and getting changed in, and nothing more...and a bit of studying every now and then.

Exactly. I, on average, spent an average of five waking hours in my apartment a day during the week, obviously a few more during the weekend.

Quoting N1120A (Reply 16):
No I hadn't, but it sounds good if it is true. Unfortunately, a lot of people I know got duped into joining the military on the GI Bill and didn't even get enough for a public school.

Not only does the money run out but you owe a certain number years for each incremental amount of cash you take, at least that's how it works in programs like the Army's Health Service. Again, the money often runs out, and one has to wonder (as with everything Big Brother promises) where the hell this money is coming from?!?!?. Even more so, what good is that money if you keep getting called back to service???? I was offered several oportunites to mortage my future with the armed forces and resolutely turned them ALL down. VERY glad I did. I support those who have chosen to serve their country but I was not going to be cajoled and swindled into it, and I feel for the first bunch who had to be hoodwinked. God bless.
 
Cadet57
Topic Author
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RE: Credit Crunch Hits College Studens And Families

Tue Aug 26, 2008 1:49 am



Quoting N1120A (Reply 16):
Well, a GED course is much cheaper than a university and high school diplomas are generally considered a higher priority than higher education for starters.

They charged the same tuition rate for reg and ged credit classes at my old college.

Quoting N1120A (Reply 16):
Beyond that, the whole point of NEED based aid is that those who can't afford to go to school are able to.

And what makes her different from me? I cant afford it either. Why cant my tax dollars be used to help ME go to school?
Doors open, right hand side, next stop is Springfield.
 
N1120A
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RE: Credit Crunch Hits College Studens And Families

Tue Aug 26, 2008 11:57 pm



Quoting Cadet57 (Reply 23):
And what makes her different from me? I cant afford it either. Why cant my tax dollars be used to help ME go to school?

What can't you afford? The 4 year school or the 2 year one? Further, what do you mean by "can't afford?" Will you not be able to go without aid or what?

Quoting Cadet57 (Reply 23):

They charged the same tuition rate for reg and ged credit classes at my old college.

At a community college? Those amounts don't compare to a full university.
Mangeons les French fries, mais surtout pratiquons avec fierte le French kiss
 
Cadet57
Topic Author
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RE: Credit Crunch Hits College Studens And Families

Wed Aug 27, 2008 12:12 am



Quoting N1120A (Reply 24):
What can't you afford?

The tuition, the books, the gas to get to said school, shall I continue.

Quoting N1120A (Reply 24):
he 4 year school or the 2 year one?

I go to a TWO year school, and plan to be done after about 19 months.

Quoting N1120A (Reply 24):
At a community college? Those amounts don't compare to a full university.

What are you talking about?

Quoting N1120A (Reply 24):
Further, what do you mean by "can't afford?

Cant afford as in. I dont have the 3k a semester just sitting somewhere so I can go to school without taking out loans or getting grants. Cant afford as in, Dont have the money.

Quoting N1120A (Reply 24):
Will you not be able to go without aid or what?

That about sums it up. If it were not for private loans. Id be in CC debt to the tune of atleast 25k by the time im done with school.
Doors open, right hand side, next stop is Springfield.
 
N1120A
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RE: Credit Crunch Hits College Studens And Families

Wed Aug 27, 2008 12:30 am



Quoting Cadet57 (Reply 25):

The tuition, the books, the gas to get to said school, shall I continue.

And who is less able to afford it?

Quoting Cadet57 (Reply 25):

I go to a TWO year school, and plan to be done after about 19 months.

And like I said, HS diplomas are considered more of a priority than higher education.

Quoting Cadet57 (Reply 25):

Cant afford as in. I dont have the 3k a semester just sitting somewhere so I can go to school without taking out loans or getting grants. Cant afford as in, Dont have the money.

Very few people actually have the cash money to do such things, particularly in today's society. That said, you are more able to afford to pay back said money than the example you gave.

Quoting Cadet57 (Reply 25):

That about sums it up. If it were not for private loans. Id be in CC debt to the tune of atleast 25k by the time im done with school.

That is minuscule compared to what most students incur, not to mention likely a mere fraction of the example person you gave.
Mangeons les French fries, mais surtout pratiquons avec fierte le French kiss
 
Cadet57
Topic Author
Posts: 7170
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RE: Credit Crunch Hits College Studens And Families

Wed Aug 27, 2008 12:46 am



Quoting N1120A (Reply 26):
And who is less able to afford it?

If you're broke, you're broke. Dont split hairs.

Quoting N1120A (Reply 26):
And like I said, HS diplomas are considered more of a priority than higher education.

Why should I have to pay for someone else to get one? Perhaps some better choices on their part and they would not be another statistic on a government report...

Quoting N1120A (Reply 26):
That said, you are more able to afford to pay back said money than the example you gave.

Well, if one is getting a free education, sure they are!

Quoting N1120A (Reply 26):
That is minuscule compared to what most students incur

Idk about where you come from. but $25,000 is alot of money, even in the range of half a years salary around here. So again, why should I be forced to pay for someone elses education when I cant afford to pay for my own? Even you must agree that this is pretty stupid.

Quoting N1120A (Reply 26):
not to mention likely a mere fraction of the example person you gave.

Im going to go out on a whim and say that you and I dont have the same view of how we are envisioning this person.
Doors open, right hand side, next stop is Springfield.
 
N1120A
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RE: Credit Crunch Hits College Studens And Families

Wed Aug 27, 2008 12:58 am



Quoting Cadet57 (Reply 27):

If you're broke, you're broke. Dont split hairs.

It isn't splitting hairs. It is a lot harder to get aid/grant money in law school than if you are getting a Ph.D in Classics. That is because they consider your ability to pay it back later on.

Quoting Cadet57 (Reply 27):

Why should I have to pay for someone else to get one?



Quoting Cadet57 (Reply 27):

Idk about where you come from. but $25,000 is alot of money, even in the range of half a years salary around here. So again, why should I be forced to pay for someone elses education when I cant afford to pay for my own? Even you must agree that this is pretty stupid.

Why should they be forced to pay for yours? That said, I disagree with your reasoning, which is incredibly elitist (to use that word properly for once), but I don't disagree with your result. The costs of higher education are sky high in this country and something needs to be done about it.
Mangeons les French fries, mais surtout pratiquons avec fierte le French kiss
 
DfwRevolution
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RE: Credit Crunch Hits College Studens And Families

Wed Aug 27, 2008 1:17 am



Quoting Cadet57 (Reply 15):
Private colleges are worth it if you can afford it or got the grades.

That is a j-o-k-e. The return-on-investment of top-tier public universities slaughter all but maybe a dozen of the elite private colleges in the United States. The rest (i.e. the vast majority of them) are money pits for suckers.
I have a three post per topic limit. You're welcome to have the last word.
 
Cadet57
Topic Author
Posts: 7170
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RE: Credit Crunch Hits College Studens And Families

Wed Aug 27, 2008 1:56 am



Quoting N1120A (Reply 28):
It is a lot harder to get aid/grant money in law school than if you are getting a Ph.D in Classics.

Should that not be the other way around. Wont a lawyer (presumably) make more then someone who studied literature?

Quoting N1120A (Reply 28):
That is because they consider your ability to pay it back later on.

Duh?

Quoting N1120A (Reply 28):
Why should they be forced to pay for yours?

Because Im paying for theirs? Why should it be a one way street?

Quoting N1120A (Reply 28):
which is incredibly elitist

How? Because I work two jobs while taking 7 classes and try to not be a slave to banks the rest of my life?

Quoting N1120A (Reply 28):
The costs of higher education are sky high in this country and something needs to be done about it.

Well, at least we agree on something.

Quoting DfwRevolution (Reply 29):
That is a j-o-k-e. The return-on-investment of top-tier public universities slaughter all but maybe a dozen of the elite private colleges in the United States. The rest (i.e. the vast majority of them) are money pits for suckers.

Like I said, unless you have the grades or the cash to blow, dont bother. Im receiving the same education for less money then if I went to a private school here. 40k a year compared to 4k a semester, you do the math  Wink
Doors open, right hand side, next stop is Springfield.
 
jcs17
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RE: Credit Crunch Hits College Studens And Families

Wed Aug 27, 2008 2:07 am



Quoting DfwRevolution (Reply 29):

That is a j-o-k-e. The return-on-investment of top-tier public universities slaughter all but maybe a dozen of the elite private colleges in the United States. The rest (i.e. the vast majority of them) are money pits for suckers.

That's exactly right. I've been in both, I've extensively visited both all over the US while seeing friends from HS -- and there really is no difference aside from the Ivies (where it's worth the extra money for the name on the diploma). I have no idea why anyone would pay $30,000+ a year to attend a non-Ivy League private school aside from some made-up prestige factor.
America's chickens are coming home to rooooost!
 
N1120A
Posts: 26542
Joined: Sun Dec 14, 2003 5:40 pm

RE: Credit Crunch Hits College Studens And Families

Thu Aug 28, 2008 2:06 am



Quoting Cadet57 (Reply 30):

Should that not be the other way around. Wont a lawyer (presumably) make more then someone who studied literature?

That is the point I made. It is harder to get free money, not loan money, to go to law school because they know you are more likely to be able to pay it back.

Quoting Cadet57 (Reply 30):

Because Im paying for theirs? Why should it be a one way street?

Well, if you receive subsidized federal Stafford loans, they, and the rest of us, are paying for part of your education as well.

Quoting Cadet57 (Reply 30):

How? Because I work two jobs while taking 7 classes and try to not be a slave to banks the rest of my life?

Hey, that is admirable, but the system is set up in a way that, unfortunately, encourages massive debt.

Quoting Cadet57 (Reply 30):

Like I said, unless you have the grades or the cash to blow, dont bother. Im receiving the same education for less money then if I went to a private school here. 40k a year compared to 4k a semester, you do the math

Well no, you aren't, since you are not doing a full bachelor's degree.
Mangeons les French fries, mais surtout pratiquons avec fierte le French kiss
 
sv7887
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RE: Credit Crunch Hits College Studens And Families

Thu Aug 28, 2008 3:04 am



Quoting DfwRevolution (Reply 29):

Quoting Cadet57 (Reply 15):
Private colleges are worth it if you can afford it or got the grades.

That is a j-o-k-e. The return-on-investment of top-tier public universities slaughter all but maybe a dozen of the elite private colleges in the United States. The rest (i.e. the vast majority of them) are money pits for suckers.

This is so true...I see so many people go to "Private" schools that aren't even ranked highly. Take the local Boston schools, Boston University and Boston College. What can you get there that you can't at Umass Amherst's Honors program? After graduation, they don't seem to fare any better than those who went to UMass.

The Ivies are worth it because of the name brand reputation and the connections you make there. My company won't accept anyone without either a top tier public university like University of Chicago or Ivy league level.

Even my alma mater, Brandeis was reputable in certain subjects such as the Sciences and a decent Economics/Business program. I often wondered if some of my fellow classmates were smoking crack to pay $35K a year to study subjects that Brandeis had no recognition in.
 
PPVRA
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RE: Credit Crunch Hits College Studens And Familie

Thu Aug 28, 2008 3:23 am

Quoting DfwRevolution (Reply 29):
That is a j-o-k-e. The return-on-investment of top-tier public universities slaughter all but maybe a dozen of the elite private colleges in the United States.

Well, you have to account for subsidies if you want to make a fair comparison.

The very top tier private universities are usually attended by those who can afford it anyways, get plenty of scholarships, or the school gives heavy discounts or even free rides for those who don't have the means but have the smarts. Some of them have such huge endowments they probably don't have to charge any tuition.

[Edited 2008-08-27 20:48:27]
"If goods do not cross borders, soldiers will" - Frederic Bastiat
 
Pyrex
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RE: Credit Crunch Hits College Studens And Families

Thu Aug 28, 2008 5:18 am

Well, for all those who laughed and gloated when all the "big, bad banks" lost their shirts on account of some people who thought that paying their bills was just something optional this is what you get when the banking system goes down the drain. Be prepared for more companies becoming bankrupt due to not being able to renew their revolvers, etc.

Quoting PPVRA (Reply 34):
Some of them have such huge endowments they probably don't have to charge any tuition.

Yes, but they still do anyway... Princeton has about $2 million in endowment PER STUDENT, any half-decent money manager could get enough income out of it to guarantee no student had to pay tuition, and yet they still charge you an arm and a leg.
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Cory6188
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RE: Credit Crunch Hits College Studens And Families

Thu Aug 28, 2008 5:37 am



Quoting Sv7887 (Reply 33):
The Ivies are worth it because of the name brand reputation and the connections you make there. My company won't accept anyone without either a top tier public university like University of Chicago or Ivy league level.

I have found this to be so true on a variety of occasions. If you look at the campus recruiting websites of top-tier financial/consulting firms, they basically target the Ivies and a few other top-tier schools (UChicago, Duke, etc.) and that's it. If you're a student in that upper-eschelon category of schools, you don't even have a shot at getting a job with them (at least not right out of college).
 
sv7887
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RE: Credit Crunch Hits College Studens And Families

Thu Aug 28, 2008 6:04 am



Quoting Cory6188 (Reply 36):

I have found this to be so true on a variety of occasions. If you look at the campus recruiting websites of top-tier financial/consulting firms, they basically target the Ivies and a few other top-tier schools (UChicago, Duke, etc.) and that's it. If you're a student in that upper-eschelon category of schools, you don't even have a shot at getting a job with them (at least not right out of college).

It was exactly my experience. I graduated from Brandeis University with a degree in Econ, a good but not great school by any means. I was in top 2% of my class but I got only two interviews out of school, one surprisingly was Goldman Sachs.

Fast forward Jan of this year... I had just finished up my MSc at the London School of Economics and was getting back into the job market. My phone was literally ringing off the hook, even had recruiters calling me on Saturdays. That was the difference a top school made.

I couldn't believe it, especially in this job market. The company that I ended up working for exclusively hires Ivy League, MIT, Oxford and LSE graduates. All the partners here are either MIT Sloan, Harvard, Columbia or LSE.

All the Associates are usually Ivy undergrads some hard science MIT folks too.

I guess I interviewed ok, so they hired me. But I notice every time they introduce me to a client the first thing they say to the client is that I got my MSc from LSE. It's almost like a marketing campaign to their clients "We invest in high quality talent." I find it quite uncomfortable.

I am not sure the education at the undergrad level is particularly special at a Ivy or top rated school, but it's a brand and in such a brand/image conscious society it matters to a degree. And of course the networking possibilities are enormous.

My experience with the senior level folks at the various companies I've worked for seem to operate in cliques. Having one of these so called name brand degrees gets your foot in the door. Personality, work ethic, and how well you play the politics game determines the rest.
 
threeifbyair
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Joined: Tue Aug 21, 2007 1:44 pm

RE: Credit Crunch Hits College Studens And Families

Fri Aug 29, 2008 3:43 am



Quoting Sv7887 (Reply 33):
The Ivies are worth it because of the name brand reputation and the connections you make there. My company won't accept anyone without either a top tier public university like University of Chicago or Ivy league level.

Chicago is not a public university.
 
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asuflyer05
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RE: Credit Crunch Hits College Studens And Families

Fri Aug 29, 2008 6:43 am

I could see spending the cash for a masters program. But as others have said, to spend $35k on an undergrad degree at a midlevel private school for it to become largely irrelevant once a master's has been obtained seems like a big waste.

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