Education

[NorthDakota]

Yep, happens all the time. I had buddies who did that. Literally financed his spring break, weekend beer money, etc. And that's accruing interest annually while in school and in deferment.

Meanwhile I was working on campus trying to throw as many pennies at my debt as I could.

This is why we need to add basic finance courses to the core curriculum in HS. Kids don't understand how to balance a check book let alone take on tens of thousands of dollars in a responsible manner.

It's okay though, we have financially illiterate philosophers running around our college campuses.

My friend/co-worker got a full ride to Alabama-Huntsville and ended up $35K in debt lmao

 

[Some Irish Bloke]

My friend/co-worker got a full ride to Alabama-Huntsville and ended up $35K in debt lmao

That's just not right haha, talk about taking an opportunity for granted!

Seems like the type of guy that goes on an all expense paid vacation and finds a way to have expenses lol, the "free" amenities just aren't good enough

 

[NorthDakota]

That's just not right haha, talk about taking an opportunity for granted!

Seems like the type of guy that goes on an all expense paid vacation and finds a way to have expenses lol, the "free" amenities just aren't good enough

100% that guy. We can golf Eglin AFB for 20 bucks. Very nice course. That includes a cart by the way. About 15 minutes from my apartment.

We had to quit letting him set up our golf games because there's always some other course an hour away that's 3-4x the price he wants to check out.

 

[Legacy]

As a f/u to posts on student loan forgiveness under the Borrower Defense regulations which was designed to cancel loans of borrowers who were defrauded by for-profit colleges abruptly shut down before students could earn their degrees, Betsy DeVos's Education Dept. delayed the rule from going into effect in July 2017, embarking on a rewrite that would make it tougher for students to get debt relief.

The Borrower Defense Rule was negotiated after two large for-profit chains — Corinthian Colleges and the ITT Technical Institute — shut down hundreds of campuses following regulatory crackdowns in recent years. The rule would allow borrowers to have their loans forgiven if a state has successfully taken action against a for-profit school.

165,000 claims have been filed and her regulation change has been delayed due to setbacks. The Dept of Education administration now includes several former representatives of private schools.

DeVos was sued by Attorneys general from 19 states, plus the District of Columbia and lost last October when the judge found the delay to be "arbitrary and capricious". About $250 million in loans by students who were defrauded by these for profit schools should have been automatically discharged beginning immediately after the decision, but were continued to be collected as DeVos delayed forgiveness.

She now faces a second lawsuit since Department officials have not offered a timetable for reviewing these applications and it's becoming very clear that they're not treating the judge's orders in good faith. She'll lose again while these students continue to have to pay these loans by predatory schools. When the schools went out of business, the collections on students loans payments that were deferred while they went to school began without the students being able to complete their education for jobs. DeVos and the Department feels that the loan forgiveness for students defrauded is "bad policy".

DeVos' secretary, Diane Auer Jones, is driving a new policy that would relax accreditation for these for-profit schools that have a track record of shortchanging students and taxpayers.
She Left the Education Dept. for Groups It Curbed. Now She’s Back, With Plans.

 

[Legacy]

Roll Call estimated that 10% of Congress held student debt, either personally or for a family member. Of 530 voting members of the 115th Congress (431 members of the House of Representatives and 99 Senators, minus vacancies), 53 listed owing a total of $1.8 million in student loans in their financial disclosures.

Former President Barack Obama has also previously spoken about how he and the former first lady were paying off student debt well into their 40s.

“We each graduated from college and law school with a mountain of debt. And even though we got good jobs, we barely finished paying it off just before I was elected to the U.S. Senate,” Obama told an audience in Buffalo, New York. “I mean, I was in my 40s when we finished paying off our debt. And we should have been saving for Malia and Sasha by that time.”

According to her 2018 financial disclosure, the Congresswoman (Alexandria Ocasio-Cortez) is paying off between $15,000 and $50,000 in student loans. On Monday, Ocasio-Cortez referenced her student loan balance during a press conference introducing the College for All Act. Sponsored by Congresswoman Ilhan Omar, Congresswoman Pramila Jayapal and Senator Bernie Sanders, the bill aims to eliminate “all $1.6 trillion in student debt for 45 million Americans.”

“I have student loans, too,” Ocasio-Cortez told reporters. “I think it’s so funny, a year ago, I was waiting tables in a restaurant and it was literally easier for me to become the youngest woman in American history elected to Congress than it is to pay off my student loan debt.”

She continued that “in order for me to get a chance to have healthcare, in order for me to get a chance to pay off my student loans, I had to do something that was nearly impossible (referencing her election to Congress). And I don’t think that that is the bar through which a person should be able to access education, healthcare and a bevy of other things that should be considered human rights.”

(source)

 

[Legacy]

As a follow-up,

DeVos rolls back Obama-era policy that aimed to curb abuse from for-profit colleges (The Hill, 6/28/19)

Education Secretary Betsy DeVos moved Friday to roll back a policy created under the Obama administration that aimed to prevent for-profit colleges from predatory practices.

The Department of Education posted a notice online, saying the Gainful Employment rule created in 2014 would be repealed entirely starting July 1, 2020.

Under Gainful Employment rules, for-profit colleges were required to share student debt-to-earnings ratios to prove their programs were worth the cost and adequately educated students. Colleges that consistently left graduates with low incomes and high debt would lose federal funding.

DeVos has taken a number of steps to roll back other Obama-era rules targeting for-profit colleges, including dismantling a team dedicated to uncovering fraud at such institutions and reinstating a for-profit college accreditor despite her own staff's warnings that the organization did not meet federal standards.

 

[Legacy]

UT-Austin will provide free tuition to undergrad students with family incomes below $65,000 starting in 2020:
The UT System allocated $160 million of its oil money for the project.

Seeking to make college more affordable, the University of Texas will use some of its oil money to dramatically expand the financial aid it offers to low- and middle-income undergraduates on its flagship Austin campus.

The system's governing board approved a special $160 million distribution from its endowment Tuesday, which school officials expect will fully cover the tuition and fees of students whose families earn up to $65,000 in adjusted gross income a year starting in 2020. The funding, which will be used to create a new financial aid endowment, will also let UT-Austin alleviate tuition costs for students whose families earn up to $125,000 annually, if they demonstrate financial need.

“Our main focus at the UT system is our students. That's it, that's what we're in business for is to provide an affordable, accessible education for our students," board Chair Kevin Eltife said in an interview after the vote. "We all know the struggles that hardworking families are having putting their kids through school. What we've done here is repurposed an endowment into another endowment that will provide tuition assistance to a lot of the working families in Texas."

The funding marks a significant expansion for UT-Austin, which currently has a financial aid initiative that guarantees free tuition to students whose families earn up to $30,000 a year. The median household income in Texas was just over $59,200 in 2017, according to U.S. Census Bureau data. ...

Why Blackstone Cofounder Steve Schwarzman Donated $188 Million To Support The Humanities And AI Ethics

Blackstone cofounder Stephen Schwarzman is no stranger to big gestures. In 2013, he gave $100 million to start Schwarzman Scholars, a Rhodes-like scholarship that partners with Beijing’s Tsinghua University. Two years later, he pledged $150 million to his alma mater Yale to create a cultural and student life center, and last October he announced a $350 million pledge to MIT for a new college of computing. On Wednesday, he announced another landmark gift—a $188 million donation to Oxford University in the U.K. for a humanities hub—at a time when many bemoan the decline of the liberal arts.

“Our education system all started with the humanities, and that needs to be strengthened,” says Schwarzman, who studied culture and behavior (an interdisciplinary social science major) at Yale and sees the benefits of a liberal arts education at his $512 billion (assets) firm. “You’re taught to think a certain way, which is sort of multi-matrix type of thinking. When things change, you instantly move, re-sort what’s important, use your logic, and that enables you to adapt to the real world,” Schwarzman says. “If you went around the table at our management committee, we all had the same background… we all were trained for that level of ambiguity, change, commitment.” ...

 

[NorthDakota]

Y'all see Jamele Hill's article about how black kids need to go back to HBCU's? Because apparently they are giving away the fruits of their labor to white men at white schools.

I've never understood the weird thing about "HBCU's used to be so great because SEC teams didnt have black players yet." North Dakota State won their first natty back in the 60's against Ed Robinson's Grambling and I'm just gonna go ahead and say we didnt have many black dudes on the team.

She's literally encouraging black kids who are wayyy too good to play FCS football to go steal D1 opportunities from less talented black kids under the guise that it will somehow make them relevant. It wont.

I have no problem with HBCU's. They have a cool history behind them and I want them to succeed. If a kid decides to go there despite better offers, awesome for them and for him.

But to tell kids they should sacrifice the educations they can get at flagship and major land-grant institutions to go get an HBCU education because they are black is beyond idiotic.

 

[Irish Joe]

Y'all see Jamele Hill's article about how black kids need to go back to HBCU's? Because apparently they are giving away the fruits of their labor to white men at white schools.

I've never understood the weird thing about "HBCU's used to be so great because SEC teams didnt have black players yet." North Dakota State won their first natty back in the 60's against Ed Robinson's Grambling and I'm just gonna go ahead and say we didnt have many black dudes on the team.

She's literally encouraging black kids who are wayyy too good to play FCS football to go steal D1 opportunities from less talented black kids under the guise that it will somehow make them relevant. It wont.

I have no problem with HBCU's. They have a cool history behind them and I want them to succeed. If a kid decides to go there despite better offers, awesome for them and for him.

But to tell kids they should sacrifice the educations they can get at flagship and major land-grant institutions to go get an HBCU education because they are black is beyond idiotic.

You've summed up Jamele Hill in two words

 

[zelezo vlk]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">A good point from <a href="https://twitter.com/JeffreyASachs?ref_src=twsrc%5Etfw">@JeffreyASachs</a>. Religious universities should acknowledge that free speech and academic freedom are not their highest values.<a href="https://t.co/y3c4oeWtSW">https://t.co/y3c4oeWtSW</a></p>— Matthew Schmitz (@matthewschmitz) <a href="https://twitter.com/matthewschmitz/status/1204806229081706496?ref_src=twsrc%5Etfw">December 11, 2019</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">It wasn’t that long ago that they took a more honest and sensible approach. Here is the 1950 commencement address delivered by the president of Georgetown University. He excoriates “the sacred fetish of academic freedom.”<a href="https://t.co/I5BYsdseJN">https://t.co/I5BYsdseJN</a> <a href="https://t.co/VKDdtsBGQa">pic.twitter.com/VKDdtsBGQa</a></p>— Matthew Schmitz (@matthewschmitz) <a href="https://twitter.com/matthewschmitz/status/1204807282405597184?ref_src=twsrc%5Etfw">December 11, 2019</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

 

[Legacy]

University Of Phoenix Reaches $191 Million Settlement With FTC, Including Debt Relief (NPR)