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Title: TRILLION $$$ Student Loan Crisis, Pigford, and the Education Cabal Post by: WhiskeyGirl on July 02, 2019, 07:13:42 AM Education - I recall for-profit schools were taken to task in recent years for taking money and failing to provide students/graduates with marketable skills, my humble summation.
Minnesota For-Profit Colleges Ordered to Refund Student Loans Quote A Minnesota appeals court ruled this week that Globe University and the Minnesota School of Business must repay borrowers for high-interest loans illegally offered to former students. The Obama administration cut off federal student aid to the two for-profit chains in 2016 after the Education Department found that they had misrepresented academic programs to students. Former Minnesota attorney general Lori Swanson, however, continued to pursue a lawsuit involving loans improperly issued by the two chains with interest rates as high as 18 percent. https://www.insidehighered.com/quicktakes/2019/06/05/minnesota-profit-colleges-ordered-refund-student-loans (https://www.insidehighered.com/quicktakes/2019/06/05/minnesota-profit-colleges-ordered-refund-student-loans) Why is there a student loan crisis today? Yesterday's parents and grandparents advised youngsters not to spend their money on foolishness. Don't go into hock/debt. Why get loans for a degree or certificate with low employment prospects? Years ago, a private bank had barriers that prevented loans to students that were following courses of study that had low future prospects. Private banks expected to be paid back!!! When government took over the loan process, did they give away money for less successful degrees? Where was the expectation that students would ever be able to make money with their degree? Did anyone misrepresent the degree? Did the government give away the money and not ever expect repayment? Designed to fail? Who are the largest holders of student debt? Was this a modern day Pigford style program? Giving out (enabling massive borrowing) loans and handicapping students with debt and terms they could not meet? Eight years of stagnation in the job market, a flood of new workers and welfare recipients, young people cobbling together multiple jobs and not being able to make ends meet. I don't think taxpayers should be left holding the big balloon of bad debt. Universities and schools of higher education should be held accountable. Profit / non-profit status should not matter. Change the culture. Are not-for profit schools with their massive endowments really no profit? Do they exist for the profit of the administration and teachers? How many students 'graduate' grade school or high school with a piece of paper and deficient skills? How many require remedial training in college (one/two years) or go through life unable to read, write, or perform basic math? When will the industrial education cabal be held accountable? There are great examples of global education systems that output desirable and well educated students (not requiring remedial education). It seems like there are simple fixes that do not involve ripping off taxpayers for a never ending supply of money. Just my humble opinions, questions, and thoughts. |