Reply to s/o Sending your child to a small liberal arts college for $50k a year is a rip-off

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Reply to "s/o Sending your child to a small liberal arts college for $50k a year is a rip-off"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]if you can afford it then sure throw your money away but [b]if you're saddling your kid with loans (i.e. saddling the American taxpayer with loans) [/b]it's really a shitty purchase. Send them to a larger state school, spend 20k a year less and have them get a real degree or a artsy-fartsy degree at a fraction of the cost. Go Tarheels![/quote]

How are taxpayers being saddled with loans?[/quote]

Because most student loans are made/guaranteed by the federal government.  [b]The default rate is hovers around 25-40%,[/b] so taxpayers are on the hook.  Plus the new "loan forgiveness" programs will also seek to have taxpayers absorb some of the debt.  (However, those "loan forgiveness" programs aren't nearly as generous to student borrowers as they appear at first glance; very few will qualify and those who do will be extremely hard up financially, probably for life.)[/quote]

What's your source for that stat? According to the New York Times:

"The default rate for all federal student loans was 8.8 percent in the 2009  fiscal year, the latest year for which data was available; it was 4.6 percent in 2005, mirroring the rest of the economy. "

http://www.nytimes.com/2012/04/27/us/politics/student-loan-debate-becomes-election-year-fight.html[/quote]

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