Reply to Anyone else not exactly thrilled to pay for a 'pleb tier' college?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Without naming college names, the prospect of writing a $30,000 check for each of the next four or five years for a place that is pretty much open door for UMC students troubles me. Feels like parents are boxed in a corner even if our children haven't earned it. We're socially pressured to buy our underachieving kids the equivalent of a new sports car. Hey, nice work getting all those inflated B-pluses, here's a new Porsche 911 ($120,000), pal. There's no chance my son is equipped to handle a STEM, so whatever lightweight degree he ekes out from an already subpar university makes for pretty dim prospects, yes? What a crock.[/quote]

Thanks for putting into words what many of us think. Bravo.[/quote]

what is worse is the loans available for an education that little chance of a job.  These parasites will loan money at huge rates, they take advantage of families.

Catherine Reynolds and EduCap are good example of a loan shark taking advantage of students.   EduCap offers private loans with variable effective rates as high as 18 percent. Pappas said most students, though, pay interest of 10 to 11 percent.

They bought school officials by sending them to florida conferences.

A financial aid official from the 2005 conference, Tony Sutphin of Virginia Tech, added EduCap to the school's list of recommended private lenders after the company paid for him to attend. (Sutphin declined to comment, and Pappas said EduCap has no formal business relationship with the school.)

Among those who have been sued are Cohen's clients Brett and Jennifer Rinehart, of Manchester, Connecticut. EduCap Inc., a major lender and loan administrator, took them to court in August on behalf of HSBC Bank, saying they owe nearly $59,000 on a student loan taken out by Jennifer, a teacher who earned a master's in education.

[/quote]

The preferred lender scam was axed as part of the financial aid reform in 2007 or thereabouts. The College Board, for example, was forced to divest itself of their private loan group. (The rest of the issues with the CEEB are another topic for another time.) The net price calculators are required by the Feds. Cuomo did a fair amount of work trying to clean up the industry but it's still a dumpster fire -- just a smaller one.

Unfortunately a lot of students are still saddled with those pre-reform loans. So while higher ed costs are out of control, the entire tuition model is part of the problem and there are far too many tuition driven institutions literally teetering on the edge of financial solvency on a regular basis. If your kid is applying to a Randolph College or Sweet Briar, absolutely think twice before moving forward because those situations are where the students get screwed the absolute hardest.

I mean, after the unaccredited for profits anyhow.[/quote]

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