Tuesday, December 28, 2010

The Price of Higher Education: America's College Debt Crisis.... This Is Not A Joke

Our son is at a private Catholic university in Austin, working on his undergraduate degree, for which we have been co-signing since the second semester of his *upper education* trek into the adult world. We recently discovered that he is getting bilked, as are we. In fact, if he in any way reneges on his loan (and said interest) we could quite possibly lose our home and everything else we've worked so hard for this last 33 years of marriage. Just 1-1/2 years into his higher education, he has already accrued somewhere just around $100,000.00. Are we just completely ignorant morons? Absolutely not. As it turns out, college costs (especially PRIVATE colleges) have risen to the tune of 80% over the past 5 years. Should you be concerned? Damn right, you should. Yes, our *greedy guts* government is at it again.

It's not like this country isn't already in trouble, right? However, the companies that once provided financial aid for students have now inexplicably *come under* the control of the US government, which means they expect to be paid back. Period. They can and will find you, if you try to run out on your loan. Furthermore, if they can't find you, they will hold your parents co-signors hostage for the amount, which will surely break most American couples ever having hopes for retirement. Most often the result is total bankruptcy, but that's where the REAL catch is. Even if a couple declares bankruptcy, the student loans are exempt from that. You. Must. Still. Pay. Or. Go. To. Jail. The government still must be paid, normally at the the tune of around $1,000.00 per month, with hideous amounts of delinquent fees attached thereto. What? You don't believe me? Then do your homework Sherlock. Welcome to the Real World, where, if you don't stay abreast of the latest goings on, then you become the latest goings on. I'd say that's 15 minutes of fame that you never wanted to tackle.

Hmmmm.... Why am I having visions of serfs working for landowners with harnesses around their necks instead of the harnesses being around the necks of the work animals? Have we been reduced to the status of work animals in the eyes of the government or has it always been this way?

The worst part of all this is that even if your child dies (for whatever reasons ... They. Don't. Care.). YOU ARE STILL HELD ACCOUNTABLE FOR THIS GOVERNMENT ISSUED STUDENT LOAN because you had the desire for your child to be a college graduate, so you co-signed for the loans. One. After. The. Other. As it turns out, today's private school counselors are anything but counselors. In fact, they are nothing more than high powered sales people who are trained to find your child's pain points and press hard on them, thus forcing them into submission and believing their Bullsh*t dogma. I find the entire issue appalling and would love nothing better than to see some heads roll over this. Unfortunately, the case with our own son is not unique, as this is a nationwide epidemic that will not go away if we just turn our heads or close our eyes. This is going to take some major maneuvering on the part of the powers that be. As. If. They. Care.

The same standards apply to the online universities like U of Phoenix, DeVry, and countless others. I was shocked to learn that the Univ. of Phoenix online is now the largest university in the U.S. What? I'm kidding, right? NO, I am not kidding. The online colleges have some of the worst reported financial aid programs and have landed thousands and thousands of young people trying to improve their lives, into hopeless debt to OUR GOVERNMENT, from which they can can never hope to dig themselves out. Talk about the government keeping its people under the proverbial thumb for control. This should scare each and every damned one of you whether you have children or not. Aren't they supposed to be our future? Well.... not if they are all in the poor house, right?

Now, our daughter graduated (after just 4 years) from The University of Texas, a state school, for just around $100,000.00 approximately 4 years ago. Admittedly, UT is one of the more expensive state schools but it's also one of the more difficult schools to get into. The scariest detail of all is that education in America has tripled in price since that time. Furthermore, having an undergraduate degree no longer promises you a decent paying job, or a job at all. These days, one must have a masters degree in one area or another in order to have any hopes of succeeding in the business world or securing a good job.

These are the hard, cold realities of education in America today and parents need to know about this. You haven't been receiving brochures from the government informing you about this, have you? No. I didn't think so. Cattle being led to the slaughter? Yes, without being told the truth bent over and kissed first.

Oh - And is this area regulated? Not yet, but you can damn well bet that the government will smack some obscure regulation on the whole deal, for more government funding. Whoooppppeeee! I can hardly wait!

This is NOT A JOKE and should be taken very seriously. The future of our country relies upon it. Please don't be just another *sheeple* who sits back and watches the government take total control of our lives. I'm certain that my dear grandparents are rolling over in their graves as I write. This would kill them....


The Incredible Woody said...


Sjn said...

Yes, wow is right!
We are fortunate to have the Hope Scholarship here in Georgia. Public education. All three of my girls earned it and kept it and their college educations cost us, their proud parents, next to nothing. (Except for the one year our middle daughter went to Clemson as a freshman, out of state, to the tune of 18K+ that year. Somehow we came up with that $$).
I feel very fortunate to have all 3 kids, graduated and working, with no student debt.
Come on y'all, looks like you need to move to Georgia! Go Dawgs!

Snooty Primadona said...

Definitely a perk to living in Georgia. Our daughter got through college with a fair amount of scholarship money and now has law school funding from private sources. Son, on the other hand, is just out there on a limb, with us dangling just below him....

Mental P Mama said...

My stepson went to St Andrew's in Austin for a year. On my dime. I yanked his sorry C- self to Tech....where his mother could pay in state fees. I now have my own twins in a private school and a high level state school (not our state) I so feel your pain. Tuna casserole anyone? Let's hope we're making the right investments we set out to make when we had them!!!! GAH

That Janie Girl said...

Holy crapola, SP! that's scary as hell.

Bodaciousboomer said...

Let's hope your kiddos live long and highly successful lives so you and Mr. Snoots can climb off that giant ass hook you're on.

We got lucky and only had to pony up money for Amanda's first year. Since that she's always gotten grants and scholarships; so she won't have any debt when she graduates. Thank God.

JoshuaTree said...

Are you aware that this issue is precisely why the government took over the student loan industry? During the Bush administration, regulations on the financial industry were lifted. Wall street, housing mortgages, and student loan companies were all given carte-Blanche to rip you off any way they could.

The new student loan reform ensures that interest rates will remain low. Students won't be given loans that they can't afford to pay back. And after graduation, loan payments can be adjusted to be based on your income, so you pay less each month. Also, any remaining dept will be forgiven after 25 years.

So, future students will be in a much better situation. Now, if only I can get my $140,000 of Sallie Mae loans reduced a little...

Snooty Primadona said...

Okay, then why (if you can tell me) are we already in debt for $100.000.00 for our son's education (with it rising as we speak) after 2 years @ St. Edward's (a private Catholic university) when we only paid $80,000.00 for our daughter to go to UT-Austin (the most expensive state school) for all 4 years? Like I said before... Do your homework Sherlock. It has gotten to the point that half the country is populated by adults who cannot afford to pay back their exorbitant loans + fees. Since the government took over, it has risen 80% in costs, as I said before. What part about this do you not understand?

Watch the CNBC Report on this here:


I cannot explain it any better than this report does.

Happy New Year!


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