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Federal Student Aid Requirements At For-Profit Colleges Overhauled
An anonymous reader writes "The U.S. Department of Education has released a proposal for new regulations that would hold colleges that receive federal student aid accountable for the employment success of their graduates. The overhaul is prompted by the fact that students from for-profit colleges account for nearly 50% of all loan defaults yet only account for about 13% of the total higher education population. '[O]f the for-profit gainful employment programs the Department could analyze and which could be affected by [the proposed regulations], the majority--72%--produced graduates who on average earned less than high school dropouts.'"
Continue to hold the student accountable. They're the ones that were too stupid to go to a college and get a degree for a job good enough to pay it off. And too stupid to figure out debt v/s income ratios. And maybe their parents if they were involved in the stupid decision to send their kids to college without a means to pay for it.
That's the problem with so many people today .. it's always someone else who is the problem.
But, to be fair, the government *IS* the problem. What accounts for free money with no responsibility has resulted in sky rocketing college costs. The tuition cost of Arizona State University, in a span of 7 years, has more than doubled. Yet inflation has been almost nil. Why does it rise?? Because they are still filling the classrooms with students and can. It's amazing how motivating it is to cut costs when you don't have an endless supply of people with the ability to pay whatever you charge.
And yet, there are people like my daughter who graduates this year at the age of 28 with a 4 year degree in biology, and heavy into genetic engineering. She is interning at the Mayo clinic and involved in cancer research and genetic engineering and will graduate with zero debt, except for a house payment. No car loan, no credit cards, no student loans. She got a job in high school, saved money, then got another job when she got out of high school that paid a lot better (yes .. they do exist.) Then she went to work part time, and later full time as she was able to increase her income. I only paid for one semester, and I think her grandmother paid for a couple more. To be fair, I offered to pay for one semester a year, but she wouldn't ask for it after the first one. She was determined to pay for it herself.
When she started going, tuition was only a couple grand a semester. And she lived at home. She got married a couple of years ago, and she and her husband (who also has no college debt and is due to graduate this year with his doctorate) were able to buy a house and pay less than most would for rent.
If the college experience means going tens of thousands into debt, maybe we are sending the wrong message. Just living at home could cut 50% off of student loans.
It is possible to go to college without getting loans. Maybe we should only let people smart enough to figure it out go to college.
I rarely read replies, it's my opinion and if you thought about your opinion a little more, I'm OK with that.