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In a rare public display of empathy, I concede that Ugly-to-the-bone girl DOES have some valid points.
The "Academic Advisors" who provided academic and career guidance were (almost) undoubtedly missing-in-action. They told her what she WANTED to hear rather than what she NEEDED to hear.
- "You go GURL!"
- "Your lived-experiences are more authentic than numbers"
- "Follow your passions. That is what matters."
- "The sun shines out of your azz"
- "Do what you love and the money will follow"
The solution is pretty simple. Loan-stressed students like UTTB girl and her ilk file class-action suits against the universities and public school districts who enabled/encouraged the nonfeasance of the academic advisors. As part of the settlement, demand that universities support legislation that require that universities and colleges publish "Incremental Net Present Value" of various academic degrees in their catalogs.
The basis for "Incremental" shall be the wages over and above what the median, non-college bound worker earns between ages 19 and 34.
The discount rate shall be the interest on the student loan.
The INPV metric income stream is to include ALL third-years who declare the major and the sum off all wages, not just the ones who graduate and got jobs in their "field".
The "duration" of the discounted cash-flow will run until the end of the 15th year. The economy is very dynamic and projections more than fifteen year beyond the start of college are rank speculation.
Using this metric, more than half of the college majors might have negative INPVs and 3/4 of the more recent, trendy degrees might be negative.
This is the kind of boiler-plate that is included in every other kind of loan application. Those are for debt that can be discharged through bankruptcy...but not student debt. It is weird that the debt that has greater consequences has less due-diligence protections.
19 loans? At one loan per semester she was in college for almost 10 years. That is long enough to earn a Masters in Social work for sure and possibly a PhD, yet she is working a job paying so little she had to make income-based payments on her loans? My give-a-damn is busted. Pay what you owe, lady.
ReplyDeleteShe should be pissed at the younger her that frittered away her college time and loans on non-essentials.
Student Loans were made non-dischargeable in bankruptcy because it was being abused. New graduates had $60k debt with assets of $800 car, $65 bike, and $45 in a checking account. Why not file bankruptcy? Employers and landlords didn't do credit checks back in the 80's. Bankruptcy filers could recover easily.
ReplyDeleteIt's more than a coincidence that college costs skyrocketed when lenders were no longer at great risk.
But ... but ... maffs iz hard and a tool of white, male patriarchy specifically designed to oppress them and keep them down. And how dare you try to tell them what to do with their lives.
ReplyDeleteAnyone with enough common sense to come in out of the rain would look at how many baristas working in Starbucks have that elf same University degree that they are interested in and come to the conclusion that the game isn't worth the candle. But there again common sense is in extremely short supply.
Phil B
They live in bubbles. They refuse to associate with people more than two years older than they are.
DeleteIt makes the cash cows easier to milk.
I think universities should be forced to co-sign on their students loans.
ReplyDeleteZactly
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