I have to smirk. Having dropped out of college is making more and more sense. Unfortunately, shorting stocks like CECO when this crap all started in mid 2000s never made me money.
I refuse to believe they are behind the Nigerian scams. But I understand Harvard business school does offer a Nigerian scam survey class.
the media is really spinning this one, by talking about these institutions' policies, and the stories of people who couldn't find jobs. But this is really unfair to the people that paid for educations and are now working or job seeking. I wouldn't like it if the government questioned the validity of the college I graduated from, and that's exactly what's happening. I can't forsee the government pulling back on further education credits and lending though, it's too important to the people.
those institutions are a joke when people are competing for jobs with other people who have degrees from real schools. How those schools got approved for loan programs would be a question... but I suspect barney frank and chris dodd are the answers.
All taxpayer money funding should end, government guarantees should end and college debt should be dischargeable just like any other debt. That will end this whole mess real quick.
king- unemployment rates would probably go up about 4-5% just from the unwind of kids going to the workforce and the staff having to look for new jobs... But ya, its a great idea. I don't believe I'll see it for another 5-10 yrs though.
If you are working and paying back your student loans, great! You are probably less than 10% of students graduating from such schools who is paying back. Those who made it probably never need such over-priced for-profit scam schools to begin with! By the way, I don't think the non-profit schools are much better. Most are waste of tax money.
You make an interesting arguement. The student loan program is just as predatory as credit cards, but in stead of $3000, we're talkin about $60,000. These 18 year old kids don't have a clue- and all their friends go to college, so they say, why not?