Article

2010-07-30 Economy

Book says many U.S. universities are waste of money

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Posted by tu3031 2010-07-30 12:59|| || Front Page|| [3 views ] Top

#1 Oh but in the great state of Kalifornia the raised tuition prices 15%, cut sports, cut classes, had rallies, and then the administrators/Professors voted themselves a pay increase. If that isn't a good lesson on economics then I don't know what is.

Posted by Cyber Sarge 2010-07-30 13:26|| 2010-07-30 13:26|| Front Page Top

#2 "Prices got to where they are because both universities and administrators spent like drunken sailors," Hacker said, noting Ivy League graduates often have average careers.

Lawyers, community organizers, and the like.

Posted by Besoeker 2010-07-30 13:29|| 2010-07-30 13:29|| Front Page Top

#3 Guaranteed Student Loans = Freddie Mae/Mac

Another one to burst.

Posted by Procopius2k 2010-07-30 15:29|| 2010-07-30 15:29|| Front Page Top

#4 "spent like drunken sailors"

No. As someone pointed out, drunken sailors are spending their own money. And they stop spending when they run out of their own money.

Posted by Barbara Skolaut 2010-07-30 15:32|| 2010-07-30 15:32|| Front Page Top

#5 How about 'spent like a congressional Democrat'?

Posted by CrazyFool 2010-07-30 16:08|| 2010-07-30 16:08|| Front Page Top

#6 Makes me think of the Starbucks barista with her recent degree in independent film making, and a ton of debt to pay off for it.

Posted by Anguper Hupomosing9418 2010-07-30 16:10|| 2010-07-30 16:10|| Front Page Top

#7 I can see most people going back to a style of apprentice type of education. Pick a field, get some training, get some certs and you are on your way. Much better than a 4 year degree, IMHO.

Posted by DarthVader 2010-07-30 16:26|| 2010-07-30 16:26|| Front Page Top

#8 As a teacher I vouchsafe that Darth Vader verily speaks the truth!

Posted by borgboy 2010-07-30 16:36|| 2010-07-30 16:36|| Front Page Top

#9 Your don't need a 4 year degree to become a plumber, electrician, etc, and these guys can make more than most lawyers. Plus you get 4 more year on the job and no indentured servitude (i.e. student loan debt). Makes it kind of hard to see the value of spending $200,000 on a Communications degree from, say, a 2nd or third tier university.

Posted by Iblis 2010-07-30 18:20|| 2010-07-30 18:20|| Front Page Top

#10 Well, look at how far above his competence level Keith Olbermann got from an Aggy Ivy League School diploma

Posted by Frank G 2010-07-30 18:29|| 2010-07-30 18:29|| Front Page Top

#11 iblis, if you pay your way through a tech school or community college most still have loan to pay off.

There used to be a decent program for Vocational Education for the folks that like to work with their hands and minds (if you don't think "minds" you haven't dealt with modern equipment or cars). Not so much anymore. Too many Chiefs and not enough Indians, with chief wannabe's dispensing coffee like AH's barista.

Posted by tipover 2010-07-30 18:46|| 2010-07-30 18:46|| Front Page Top

#12 "if you pay your way through a tech school or community college most still have loan to pay off"

True, tip, but it won't be $100,000 dollars and you'll be able to get a better-paying job than waitress or sales clerk....

Of course, if people bothered saving for school (or parents saved while a child was growing up, and made the child save too), you could get out of tech school with little or no debt. But people would rather have the latest toy now than plan for later.

I've mentioned saving for college to people, and their response is, "You can't save enough to pay for 4 years of college!" (Gee, maybe you can if you're not planning on going to Hahvahd - have you tried?)

My response is you can't save enough to pay for a house outright, either, but most people understand the concept of a down payment. Same with college. And the more you have saved, the lower you debt will be when you're through and the sooner you'll pay it off.

Posted by Barbara Skolaut 2010-07-30 19:18|| 2010-07-30 19:18|| Front Page Top

#13 Barbara:

All true, but I think the point is whether the cost is justified. Doubt anyone here would argue that student loans are a good idea.

Further, the easy availability of student loans has had the same effect on tuition costs that easy mortgages had on housing prices... Difference is that you can walk away from a bad mortgage.

Posted by Iblis 2010-07-30 19:20|| 2010-07-30 19:20|| Front Page Top

#14 Doubt anyone here would argue that student loans are a good idea.

State subsidized student loans are a terrible idea. They are the main reason the real cost of college has doubled while quality has declined. Sort of like what government guaranteed mortgages did to the housing market. Whenever the government distorts incentives and rewards, dysfunctional behaviour will follow.

Posted by Nimble Spemble 2010-07-30 20:41|| 2010-07-30 20:41|| Front Page Top

#15 O will go the way of socialism. As in Norway you take a test to see if indeed you can handle the work in your field of interest otherwise you are directed to areas you have shown some aptitude. Then at 50 you are retired.

Posted by Dale 2010-07-30 20:59|| 2010-07-30 20:59|| Front Page Top

#16 Refunded money should you be unable to secure a job in the field you were educated for.

College= Education only - nothing else.

Posted by Dale 2010-07-30 21:02|| 2010-07-30 21:02|| Front Page Top

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