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Look how hard it is to get a mortgage that isn't fannie/freddy.  Banks wouldn't lend on student loans.  The obvious solu... (more)

AbbaZabba (Apr. 08, 2017 @ 2:45p) |

they'd still lend, especially at schools with high graduation rates, since default for bachelor's degree holders is so l... (more)

gofup (Apr. 08, 2017 @ 9:36p) |

Cost of attendance at most colleges only allocate a thousand or so dollars for discretionary spending. You care how coll... (more)

avalon6 (Apr. 08, 2017 @ 10:19p) |

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....And so it begins... Something that should have began 10 years ago.

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How does it "pop" ? What underlying asset will drop in value? What do you predict will happen?

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I really don't get how there can be a bubble because:

(1) Student loans are not dischargable in bankruptcy in 99.99% of cases. And there is no sign the case law is changing on that.
(2) For government loans, the federal government has a large variety of ways (garnishing tax returns, social security, etc.) to get back all of that money.
(3) There are 44 million borrowers. 4.4 million defaulters (the total number) still isn't that bad, especially due to (2).


People do realize everything is not a bubble, right? I feel like everyone wants to proclaim bubbles since 2008.

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So, people were posting about RE Bubble on FWF starting in 2004. This means this "bubble" will pop in about 4 years.

Kidding aside, I don't see how it would "pop", it's not like people will walk away from the "asset" that their loan bought.

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You can't make it so a bachelor's degree costs nearly 6 figures(before interest) for everyone that doesn't get major scholarships at even regular state schools(especially when everyone entering the workforce in the last few decades has one as well). Maybe bubble isn't the right word but it cannot continue forever. What's left 15 years 5%? After that? 10 years and 2.5%? I mean seriously...

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rufflesinc said:   How does it "pop" ? What underlying asset will drop in value? What do you predict will happen?
  
A man from the gubernement will come around to their houses and take their diploma off the wall and rip it up.

 

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rufflesinc said:   How does it "pop" ? What underlying asset will drop in value? What do you predict will happen?
  If it could "pop" it would probably be schools, right? Lack of access to student loans means the schools will have to charge less or accept less students. I'd imagine the fixed costs of a school are pretty high.

Obviously with student loans being a creature of it's own, it may not be capable of popping, but that's for someone smarter than me.

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magika said:   I really don't get how there can be a bubble because:

(1) Student loans are not dischargable in bankruptcy in 99.99% of cases. And there is no sign the case law is changing on that.
(2) For government loans, the federal government has a large variety of ways (garnishing tax returns, social security, etc.) to get back all of that money.
(3) There are 44 million borrowers. 4.4 million defaulters (the total number) still isn't that bad, especially due to (2).


People do realize everything is not a bubble, right? I feel like everyone wants to proclaim bubbles since 2008.

  
As more students default, politicians look to buy their votes with student loan bailout programs. Example: Obama's Pay as you earn program.

"More Than 40% of Student Borrowers Aren’t Making Payments"  link 

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infogirlgeek said:   You can't make it so a bachelor's degree costs nearly 6 figures(before interest) for everyone that doesn't get major scholarships at even regular state schools(especially when everyone entering the workforce in the last few decades has one as well). Maybe bubble isn't the right word but it cannot continue forever. What's left 15 years 5%? After that? 10 years and 2.5%? I mean seriously...
  
If you do the math it SHOULD cost about that much if you are not working.  (its not always possible to stay employed in a small college town)  4 years of lodging/food/vehicle costs plus the addition of tuition and books and fees.  I did my associates degree in 2 years and also did one year of "regular" school.  I had GI Bill ($750/mo), worked full time, and ended up with about 30K in student debt.  Due to a schedule issue I lost part of my GI Bill and had to "pay it back" -- went to half time one quarter due to previous credits as my tech school was fixed curriculum.  Ate a lot of ramen noodles the two months it took for that to get paid back.  

The Feds don't care if you have to eat -- if you owe them money they take it all back.  I remember getting overpaid on a TDY trip once because they decided to NOT pay separate meals AFTER the fact by retroactively changing our orders.  No Pay Due for 2 months.  (technically they were not supposed to change orders like that but we were caught between two commands, one issued orders to get us there and then the other one issued their own with more restrictions -- and we only had the originals in our possession and used them to get advances for meals at Finance)

So I am not too worried, the Fed will get theirs back if it takes decades.  The only way to escape that debt is to charge it off to the Grim Reaper.

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infogirlgeek said:   You can't make it so a bachelor's degree costs nearly 6 figures(before interest) for everyone that doesn't get major scholarships at even regular state schools(especially when everyone entering the workforce in the last few decades has one as well). Maybe bubble isn't the right word but it cannot continue forever. What's left 15 years 5%? After that? 10 years and 2.5%? I mean seriously...
  State school where I'm at is 10K/year. Which state schools cost more than 25K/year?

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Rubl said:   infogirlgeek said:   You can't make it so a bachelor's degree costs nearly 6 figures(before interest) for everyone that doesn't get major scholarships at even regular state schools(especially when everyone entering the workforce in the last few decades has one as well). Maybe bubble isn't the right word but it cannot continue forever. What's left 15 years 5%? After that? 10 years and 2.5%? I mean seriously...
  State school where I'm at is 10K/year. Which state schools cost more than 25K/year?


About half of them.

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RedWolfe01 said:   
infogirlgeek said:   You can't make it so a bachelor's degree costs nearly 6 figures(before interest) for everyone that doesn't get major scholarships at even regular state schools(especially when everyone entering the workforce in the last few decades has one as well). Maybe bubble isn't the right word but it cannot continue forever. What's left 15 years 5%? After that? 10 years and 2.5%? I mean seriously...
  
If you do the math it SHOULD cost about that much if you are not working.  (its not always possible to stay employed in a small college town)  4 years of lodging/food/vehicle costs plus the addition of tuition and books and fees.  I did my associates degree in 2 years and also did one year of "regular" school.  I had GI Bill ($750/mo), worked full time, and ended up with about 30K in student debt.  Due to a schedule issue I lost part of my GI Bill and had to "pay it back" -- went to half time one quarter due to previous credits as my tech school was fixed curriculum.  Ate a lot of ramen noodles the two months it took for that to get paid back.  

The Feds don't care if you have to eat -- if you owe them money they take it all back.  I remember getting overpaid on a TDY trip once because they decided to NOT pay separate meals AFTER the fact by retroactively changing our orders.  No Pay Due for 2 months.  (technically they were not supposed to change orders like that but we were caught between two commands, one issued orders to get us there and then the other one issued their own with more restrictions -- and we only had the originals in our possession and used them to get advances for meals at Finance)

So I am not too worried, the Fed will get theirs back if it takes decades.  The only way to escape that debt is to charge it off to the Grim Reaper.

  Unless people refuse to work enough to not owe taxes ever or get refunds. Unless schools will be barred by the government from allowing enrollment for those who have federal student loan debt...Unless unending student deferments are no longer allowed (toppling it all instantly)....They may very well never get any of it back. If it should technically cost that much(I meant basic tuition/fees alone, not eating), it doesn't mean its actually going to be "worth" that much to the masses, so you have declining enrollment and interest rates that can't make up for the price and people have read enough articles saying it isn't the way anymore...The military is a different thing from the student loan situation, and its not just a few checks that are messed up or misplaced.

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Rubl said:   
infogirlgeek said:   You can't make it so a bachelor's degree costs nearly 6 figures(before interest) for everyone that doesn't get major scholarships at even regular state schools(especially when everyone entering the workforce in the last few decades has one as well). Maybe bubble isn't the right word but it cannot continue forever. What's left 15 years 5%? After that? 10 years and 2.5%? I mean seriously...
  State school where I'm at is 10K/year. Which state schools cost more than 25K/year?

Most of them.

University of Maryland is $25,742/year for an in-state incoming freshman.  Fairly typical, sadly.

link
  

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Rubl said:   
infogirlgeek said:   You can't make it so a bachelor's degree costs nearly 6 figures(before interest) for everyone that doesn't get major scholarships at even regular state schools(especially when everyone entering the workforce in the last few decades has one as well). Maybe bubble isn't the right word but it cannot continue forever. What's left 15 years 5%? After that? 10 years and 2.5%? I mean seriously...
  State school where I'm at is 10K/year. Which state schools cost more than 25K/year?

  I didn't say now, but at 3-10% increases, it won't be but a couple decades at most, and that's if you buy 100k as the number. Plenty of schools don't allow more than a certain number of credits to transfer, so  you're not getting it all done at the community college either, and I would expect 4-years to become more stringent on transfers as it drags on. 

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dcwilbur said:   
Rubl said:   
infogirlgeek said:   You can't make it so a bachelor's degree costs nearly 6 figures(before interest) for everyone that doesn't get major scholarships at even regular state schools(especially when everyone entering the workforce in the last few decades has one as well). Maybe bubble isn't the right word but it cannot continue forever. What's left 15 years 5%? After that? 10 years and 2.5%? I mean seriously...
  State school where I'm at is 10K/year. Which state schools cost more than 25K/year?

Most of them.

University of Maryland is $25,742/year for an in-state incoming freshman.  Fairly typical, sadly.

link 
  

  And if they don't work while going... add a minimum opportunity cost of minimum wage job.  Now you're over $40k*4 =160k.

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infogirlgeek said:   You can't make it so a bachelor's degree costs nearly 6 figures(before interest) for everyone that doesn't get major scholarships at even regular state schools(especially when everyone entering the workforce in the last few decades has one as well). Maybe bubble isn't the right word but it cannot continue forever. What's left 15 years 5%? After that? 10 years and 2.5%? I mean seriously...
  You're either living like a king/queen or doing it wrong if you are blowing 100k on a bachelor's degree. I have a family member (not immediate..) going into a state school soon and he's going to graduate debt free thanks to a local community college AND A JOB. I should make him set up a FW account and enlighten everyone.

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rufflesinc said:   How does it "pop" ? What underlying asset will drop in value? What do you predict will happen?
  
It "pops" in many bursts to the larger context of the economy because the loans themselves are already backstopped by the government, which is part of the problem. Colleges & Universities sell students on XYZ degree, etc. so they can continue to spend tens of millions, building cities within cities to create an artificial environment which in turn stunts their emotional development which then results in a significant number of them not being able to adjust for a life in the real world where rewards are earned. They have been raised in an atmosphere of entitlement where everyone gets a trophy for participation and the bar has been so lowered so as to not "offend" their self esteem but keeps them from maturing. They are taught the "virtues" of Socialism that keeps them from becoming self-sufficient and successful. Thus, these defaults are just further proof that they have learned nothing but an attitude of entitlement.

The end result will be a series of "pops" because they won't be buying houses, paying taxes, etc. They'll also continue costing employers by job hopping because they can't deal with the demands that a real job requires, etc. resulting in a vicious cycle if this is not stopped forthwith. Ultimately, the schools should take the losses for creating this mess...

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alamo11 said:   
infogirlgeek said:   You can't make it so a bachelor's degree costs nearly 6 figures(before interest) for everyone that doesn't get major scholarships at even regular state schools(especially when everyone entering the workforce in the last few decades has one as well). Maybe bubble isn't the right word but it cannot continue forever. What's left 15 years 5%? After that? 10 years and 2.5%? I mean seriously...
  You're either living like a king/queen or doing it wrong if you are blowing 100k on a bachelor's degree. I have a family member (not immediate..) going into a state school soon and he's going to graduate debt free thanks to a local community college AND A JOB. I should make him set up a FW account and enlighten everyone.

  As great as this is, it isn't what most are doing, and it won't be avoidable unless one goes to a community college for a 4-year degree.

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infogirlgeek said:   
alamo11 said:   
infogirlgeek said:   You can't make it so a bachelor's degree costs nearly 6 figures(before interest) for everyone that doesn't get major scholarships at even regular state schools(especially when everyone entering the workforce in the last few decades has one as well). Maybe bubble isn't the right word but it cannot continue forever. What's left 15 years 5%? After that? 10 years and 2.5%? I mean seriously...
 

  You're either living like a king/queen or doing it wrong if you are blowing 100k on a bachelor's degree. I have a family member (not immediate..) going into a state school soon and he's going to graduate debt free thanks to a local community college AND A JOB. I should make him set up a FW account and enlighten everyone.
 

  As great as this is, it isn't what most are doing, and it won't be avoidable unless one goes to a community college for a 4-year degree.
 

Then students and their families need to wake up and realize that there are more economical options out there. Those that have already borrowed, tough. It's was never a secret these loans are not borrower friendly.

I say implement a cap on the amount Sallie Mae insures: say 7.5k a year and make that nondischargable in BK. If private lenders want to loan more, fine. Let them bear the risk. Schools will be forced to drop tuition to stay alive, and regional universities/community colleges will become the new norm. 


 

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Just pay your debts!!!!!!!! Like myself and the majority of other student loan borrowers. I will bet you those not paying back their student loans ARE paying their car loans.

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There should be no bailouts of any kind unless those that did pay their student loans get reimbursed .That is the only fair way.

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bopc1996 said:   There should be no bailouts of any kind unless those that did pay their student loans get reimbursed .That is the only fair way.
  Just like all of us who pay our mortgage on time got bailed out in the mortgage crisis. lol

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BostonOne said:   
bopc1996 said:   There should be no bailouts of any kind unless those that did pay their student loans get reimbursed .That is the only fair way.
 

  Just like all of us who pay our mortgage on time got bailed out in the mortgage crisis. lol

  No one was truly "bailed out". Some got jokingly crappy modifications that ultimately made the lenders more money than originally, some refinanced just like you could, and a bunch like myself ended up throwing in the towel and getting foreclosed on. There were consequences to my actions, and my credit is still really, really, really!! bad.

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dcwilbur said:   Rubl said:   
infogirlgeek said:   You can't make it so a bachelor's degree costs nearly 6 figures(before interest) for everyone that doesn't get major scholarships at even regular state schools(especially when everyone entering the workforce in the last few decades has one as well). Maybe bubble isn't the right word but it cannot continue forever. What's left 15 years 5%? After that? 10 years and 2.5%? I mean seriously...
  State school where I'm at is 10K/year. Which state schools cost more than 25K/year?

Most of them.

University of Maryland is $25,742/year for an in-state incoming freshman.  Fairly typical, sadly.

link
  



I think Rubl is probably looking at just in state tuition cost while you are looking at total cost of attendance.

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alamo11 said:   
BostonOne said:   
bopc1996 said:   There should be no bailouts of any kind unless those that did pay their student loans get reimbursed .That is the only fair way.
  Just like all of us who pay our mortgage on time got bailed out in the mortgage crisis. lol

  No one was truly "bailed out". Some got jokingly crappy modifications that ultimately made the lenders more money than originally, some refinanced just like you could, and a bunch like myself ended up throwing in the towel and getting foreclosed on. There were consequences to my actions, and my credit is still really, really, really!! bad.

  
Lots of my neigbors walked away from their houses, right after they bought another home.  Banks stuck taxpayers with the bill.  Lowered the cost of my house comps. So I got screwed as a taxpayer and a responsible homeowner

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bopc1996 said:   Just pay your debts!!!!!!!! Like myself and the majority of other student loan borrowers. I will bet you those not paying back their student loans ARE paying their car loans.
  Yup, plus they always have the latest iPhone/Macbook/vido game system, go out to eat all the time, go on vacations, blow $50+ at the bar on weekends, etc. And they like to start petitions for free college for all.

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needhelpplease said:   
alamo11 said:   
BostonOne said:   
bopc1996 said:   There should be no bailouts of any kind unless those that did pay their student loans get reimbursed .That is the only fair way.
  Just like all of us who pay our mortgage on time got bailed out in the mortgage crisis. lol

  No one was truly "bailed out". Some got jokingly crappy modifications that ultimately made the lenders more money than originally, some refinanced just like you could, and a bunch like myself ended up throwing in the towel and getting foreclosed on. There were consequences to my actions, and my credit is still really, really, really!! bad.

  
Lots of my neigbors walked away from their houses, right after they bought another home.  Banks stuck taxpayers with the bill. So I got screwed as a taxpayer and a responsible homeowner

  Politicians (elected by taxpayers) stuck taxpayers with the bill.

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Life isn't fair. There will always be winners and losers. 

The idea that there should be no bailouts to students is ludicrous. Corporations get bailouts all the time. Mortgage owners get bailed out. The financial institutions that lend money get bailed out. The rich are regularly bailed out with tax relief of all sorts. And, bailouts isn't the issue here. 

We need affordable education because many careers require an educated workforce. I am talking about white collar professionals and blue collar trades people. If too many Americans are saddled on average with large student debt, their investment in the economy - the ability to buy homes, raise families, retire, etc. will be stifled. This isn't good for a capitalist economy like others that thrives on commerce. 

What should also change immediately is the disconnection between education and commerce. We live in a capitalist society, the two are intimately intertwined. The requirement of teaching entrepreneurship and small business practice should start in elementary school and continue through college. Society should not raise domesticated dogs; society should raise wolves. Wolves at twelve weeks old become self-directed and learn to hunt for themselves and in packs. Domestic dogs are reliant on human owners their entire lives. They are permanently in a state of neoteny which means they retain juvenile characteristics. Domesticated dogs need someone else to feed, house and defend them. Until we start raising people with an entrepreneurial spirit, we will constantly be handing out seafood and not enough people will ever learn how to fish. 

The cost of a four-year education is about $25,000 a year in about half the states. And in California, a four-year state school education takes on average about 5.7 years. That is ridiculous. We need to start raising a society that is responsible. This must begin in the womb and end in the tomb.

 

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Just playing devil's advocate against those who wonder how this could be a "bubble". Is it possible that even if students can't get away from the loan, it ends up impacting other parts of their lives? Like, say they bought a car or home. Because of the student loan, they end up declaring bankruptcy and assets that would be used to pay off car loans would instead go towards student loans.

Or let's say the government starts to garnish their wages to pay for the loan, that means there is less money going into the consumer market to buy things like iPhones and angry birds. So the market crashes since the consumers can no longer afford to buy luxury items and corporate profits fall.

In the housing bubble, I figured people would lose their homes and go bankrupt, but I didn't expect it to crash the World Market. Most people agree the college costs are a bubble, but who knows what will happen when it all comes crashing down.

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jerosen said:   
dcwilbur said:   
Rubl said:   
infogirlgeek said:   You can't make it so a bachelor's degree costs nearly 6 figures(before interest) for everyone that doesn't get major scholarships at even regular state schools(especially when everyone entering the workforce in the last few decades has one as well). Maybe bubble isn't the right word but it cannot continue forever. What's left 15 years 5%? After that? 10 years and 2.5%? I mean seriously...
  State school where I'm at is 10K/year. Which state schools cost more than 25K/year?

Most of them.

University of Maryland is $25,742/year for an in-state incoming freshman.  Fairly typical, sadly.

link 
  



I think Rubl is probably looking at just in state tuition cost while you are looking at total cost of attendance.

  
Yeah, I counted the cost of 4 years of housing and food -- which I mostly paid with GI Bill and a full time job.  Only thing I financed was the school costs.

However I had a year at a small town college and had a lot of issues finding work.  It gets tricky if you schedule school around work, and then work changes or you lose that job and the only new one you can find is nights when you have mid-day classes.  Once I moved to a big city I didn't have any issues.  I would say that if I wasn't on GI Bill that even full time would be cutting it close.  That is why so many students just live in the dorm, eat at the caf, and bill it to Stafford.  Especially if they are on "hard" STEM type programs and want to concentrate.  At MOST they have a part time job.  

Ironically I made too much money from being deployed (tax exempt and HFP add up) my last year in the military and it hurt my FAFSA scores, plus they account for GI Bill -- so I had issues getting subsidized Stafford.  Single, and made too much.  At least I didn't have to depend on my dads income to qualify, although he was retired so maybe it would have actually HELPED.  I was too old though.  

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The bubble is in college tuition prices.  Looks at all the schools with bloated administration departments, fancy gyms, fancy housing and new campus buildings, etc.  As long as the taxpayer can be shaken down by complicit, vote-pandering politicians, the colleges will tax the public and keep living high on our dime.  Stopping the student loan bailout programs would force a measure of economic reality to the market.  If you want to pop the bubble, mandate a week long class for high school junior students on what college costs, what jobs pay (and how much you get to keep), and how long it'll take before you break even from that college degree vs getting a job and real experience right after graduating.  Going to college is a choice, and for many, it's a bad economic one if they actually had to pay for it.

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xerty said:   The bubble is in college tuition prices.  Looks at all the schools with bloated administration departments, fancy gyms, fancy housing and new campus buildings, etc.  As long as the taxpayer can be shaken down by complicit, vote-pandering politicians, the colleges will tax the public and keep living high on our dime.  Stopping the student loan bailout programs would force a measure of economic reality to the market.  If you want to pop the bubble, mandate a week long class for high school junior students on what college costs, what jobs pay (and how much you get to keep), and how long it'll take before you break even from that college degree vs getting a job and real experience right after graduating.  Going to college is a choice, and for many, it's a bad economic one if they actually had to pay for it.
  
Those facilities are paid for from the endowments and donations and not from tuition.  Tuition tends to directly pay teaching staff/admin and that is it.

 

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RedWolfe01 said:   xerty said:   The bubble is in college tuition prices.  Looks at all the schools with bloated administration departments, fancy gyms, fancy housing and new campus buildings, etc.  As long as the taxpayer can be shaken down by complicit, vote-pandering politicians, the colleges will tax the public and keep living high on our dime.  Stopping the student loan bailout programs would force a measure of economic reality to the market.  If you want to pop the bubble, mandate a week long class for high school junior students on what college costs, what jobs pay (and how much you get to keep), and how long it'll take before you break even from that college degree vs getting a job and real experience right after graduating.  Going to college is a choice, and for many, it's a bad economic one if they actually had to pay for it.
  
Those facilities are paid for from the endowments and donations and not from tuition.  Tuition tends to directly pay teaching staff/admin and that is it.

 

Haha. New dorms are usually paid for by board fees, and fancy gyms by mandatory student activity fees.

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They need to get a handle on school spending. Due to the near unlimited amount of funds kids can borrow now, schools are spending ridiculous amounts of money on luxury amenities to compete for more students, which in turn gets them more federal loan dollars. It would be nice if they limited schools to spending X% of there budget on non-necessities if they still want to qualify for student loans.

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People are realizing that graduating with $100k of college debt and medicore job prospects doesn't make sense. In the coming years online stream-lined education programs are going to displace the B&M college like online retail is doing to the B&M store. They will be forced to lower costs or close down.

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RedWolfe01 said:   
xerty said:   The bubble is in college tuition prices.  Looks at all the schools with bloated administration departments, fancy gyms, fancy housing and new campus buildings, etc.  As long as the taxpayer can be shaken down by complicit, vote-pandering politicians, the colleges will tax the public and keep living high on our dime.  Stopping the student loan bailout programs would force a measure of economic reality to the market.  If you want to pop the bubble, mandate a week long class for high school junior students on what college costs, what jobs pay (and how much you get to keep), and how long it'll take before you break even from that college degree vs getting a job and real experience right after graduating.  Going to college is a choice, and for many, it's a bad economic one if they actually had to pay for it.
  
Those facilities are paid for from the endowments and donations and not from tuition.  Tuition tends to directly pay teaching staff/admin and that is it.

 

  
Just because the construction of a facility might not be paid by tuition and fees, doesn't mean that tuition and fees won't need to go up to afford those new facilities. There are operating costs for that facility that have to be paid each year. Everything from the heat bill to the student ID checker sitting at the front door getting minimum wage (and all the other stuff in between). These facilities are not revenue neutral (maybe some dining halls are, but not all). Those operating expenses are coming out of tuition and fees. Add 10-20 new facilities in 3 years and it really adds up.

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jerosen said:   
dcwilbur said:   
Rubl said:   
infogirlgeek said:   You can't make it so a bachelor's degree costs nearly 6 figures(before interest) for everyone that doesn't get major scholarships at even regular state schools(especially when everyone entering the workforce in the last few decades has one as well). Maybe bubble isn't the right word but it cannot continue forever. What's left 15 years 5%? After that? 10 years and 2.5%? I mean seriously...
  State school where I'm at is 10K/year. Which state schools cost more than 25K/year?

Most of them.

University of Maryland is $25,742/year for an in-state incoming freshman.  Fairly typical, sadly.

link 
  



I think Rubl is probably looking at just in state tuition cost while you are looking at total cost of attendance.

  It always amazes me when people add the cost of simple existence into the cost of college.  Unless you plan to hibernate, room and board is going to cost you money whether you are in school or not.

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alamo11 said:   
infogirlgeek said:   You can't make it so a bachelor's degree costs nearly 6 figures(before interest) for everyone that doesn't get major scholarships at even regular state schools(especially when everyone entering the workforce in the last few decades has one as well). Maybe bubble isn't the right word but it cannot continue forever. What's left 15 years 5%? After that? 10 years and 2.5%? I mean seriously...
  You're either living like a king/queen or doing it wrong if you are blowing 100k on a bachelor's degree. I have a family member (not immediate..) going into a state school soon and he's going to graduate debt free thanks to a local community college AND A JOB. I should make him set up a FW account and enlighten everyone.

  I want to know how to live like a king on $25K/year!

Skipping 100 Messages...
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LOOPHOLE said:   According to the LendEDU poll, 30.60% of college students with student debt claim that they are using money they received from student loans to help pay for their Spring break trip this year. Although not as severe, many students are using their student loan money to pay for things other than Spring break.Nearly a quarter (23.80%) of respondents stated that they have used money received from student loans to pay for drinking some type of alcohol. This answer also included spending money at bars.A third (33.40%) of students answered that they have used money received from student loans to pay for clothing and other accessories.Similarly, the same amount (33.40%) of students said that they have used money received from student loans to pay for restaurants and take-out.6.60% of respondents responded saying that they have used money received from student loans to pay for drugs.Finally, 5.60% of students that participated in our survey stated that they used money received from student loans on gambling or sports betting.
  
Cost of attendance at most colleges only allocate a thousand or so dollars for discretionary spending. You care how college students are spending their measly $1000/year of discretionary funds? 

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