OldSouth took The Lovely Mr. OS to lunch yesterday, in celebration of seeing the sun for the first time in two weeks. On the way, we listened in on this chilling interview on NPR:
A new book by a team of researchers reveals some troubling findings: today’s college students are spending 50 percent less time studying than students did several decades ago. And 45 percent of those surveyed say they didn’t have “any significant improvement in learning” in the first two years of college.
We’ll speak to one of the researchers, Professor Richard Arum of New York University. He is the co-author of “Academically Adrift: Limited Learning on College Campuses.”
OS was troubled to hear this, incredulous even, especially given the realities of skyrocketing costs and student loan indentured servitude that students are entering in order to attend college. What kind of kid blows off these sorts of opportunities, especially when the world clamors for a place at our educational table?
Then, after lunch (our first date of the year), Mrs. OS gets a call from one of her college students, who has just been offered one of the best opportunities of her young career, and she was wheedling Mrs. OS, her major professor, to (a) either excuse her from it, or (b) let it be considered an entire semester's work in her major subject. (It's about a week's work to complete, two at most.) Mrs. OS was not willing to do either, but indicated her willingness to factor it in to the overall semester's work. Tearful student, proclaiming how unfair it all is, etc. etc. etc.
Mrs. OS held the line, and told the dean to do likewise via a later email. Another uncompensated hour dedicated to student crisis on a day off...over news that should have made the student dance for joy.
Upper-class students in her major in other universities would kill for this opportunity, we were telling one another.
But, maybe not...Pfft!
Showing posts with label Student debt. Show all posts
Showing posts with label Student debt. Show all posts
Friday, January 28, 2011
Friday, June 11, 2010
Student Debt: The First Subject That Should Be Mastered Is Math
A thoughtful article in the New York Times from late last month bears reading, especially by parents and college-bound children--hopefully they read it together and talk it over.
It attempts to describe the Rube-Goldberg student loan system, and how badly it seems to serve everyone. And as always, it eventually leaves the taxpayer on the hook, via Sallie Mae.
It's a long article, but just a couple of observations are in order.
To be eighteen and headed off to university is to, by definition, be an optimist. So many don't even make it over the threshold to the local state u, much less to anything prestigious. That acceptance letter is a pure shot of adrenalin, followed by a chaser of 'the world is your oyster, kid'. And, why not? It took a lot of effort to get that letter to arrive, and that piece of paper is a tangible sign of success.
To be eighteen and headed off to university is to, by definition, be naive. It is that naivete that makes a young person teachable, able to absorb new ideas from new people.
It's a strange age: They have reached legal majority, but by no means can they be considered mature adults. They live in never-never land, having to make adult decisions, but often not able to understand the consequences of the same. They still need some guidance, and someone to watch their backs, even if they don't think it necessary. (Can you surmise OS is the parent of an eighteen-year-old?)
One thing that a kid just turned eighteen cannot be expected to understand is bankruptcy law. There are some real subtleties inherent, and one of them is--You can't bankrupt out of student loan debt under the US federal bankruptcy code. No matter what befalls you in the future; fire, flood, health, illness, wealth or poverty, you are on the hook to repay it all. It's tough to get an eighteen-year-old to imagine life at thirty, saddled with 80k of debt. He can't imagine life at thirty, period. Twelve years ago, he was entering the first grade.
The Times article traces the travails of one student, overwhelmed by debt, how she got there, and how long it will take to climb out of it. As so often happens, the most relevant bit of the story is buried toward the end.
She recently received a raise and now makes $22 an hour working for a photographer. It’s the highest salary she’s earned since graduating with an interdisciplinary degree in religious and women’s studies. After taxes, she takes home about $2,300 a month. Rent runs $750, and the full monthly payments on her student loans would be about $700 if they weren’t being deferred, which would not leave a lot left over.
100k in debt, for a B.A. 'interdisciplinary degree in religious and women’s studies.'
What!?!?!?!?!?!!!
Of course she's working at a job that a bright high-school graduate could do, because there is no job market for graduates in religious and women's studies, unless it's perhaps followed by a M.Div from a prestigious seminary or div school, like Duke or Yale.(And that's likely another load of debt.) Even at that, the jobs awaiting this person are not highly paid. Church staff people do important work, but their activities do not create economic return, do not create wealth that can flow back to them in the form of increased compensation. The glass ceiling is very low under every steeple.
This is not to add insult to injury on the young lady, but to offer her story as a cautionary tale. Mom and Dad, and Junior especially--think these things through, as unemotionally as possible. You are making huge decisions, choose as wisely as you can.
It attempts to describe the Rube-Goldberg student loan system, and how badly it seems to serve everyone. And as always, it eventually leaves the taxpayer on the hook, via Sallie Mae.
It's a long article, but just a couple of observations are in order.
To be eighteen and headed off to university is to, by definition, be an optimist. So many don't even make it over the threshold to the local state u, much less to anything prestigious. That acceptance letter is a pure shot of adrenalin, followed by a chaser of 'the world is your oyster, kid'. And, why not? It took a lot of effort to get that letter to arrive, and that piece of paper is a tangible sign of success.
To be eighteen and headed off to university is to, by definition, be naive. It is that naivete that makes a young person teachable, able to absorb new ideas from new people.
It's a strange age: They have reached legal majority, but by no means can they be considered mature adults. They live in never-never land, having to make adult decisions, but often not able to understand the consequences of the same. They still need some guidance, and someone to watch their backs, even if they don't think it necessary. (Can you surmise OS is the parent of an eighteen-year-old?)
One thing that a kid just turned eighteen cannot be expected to understand is bankruptcy law. There are some real subtleties inherent, and one of them is--You can't bankrupt out of student loan debt under the US federal bankruptcy code. No matter what befalls you in the future; fire, flood, health, illness, wealth or poverty, you are on the hook to repay it all. It's tough to get an eighteen-year-old to imagine life at thirty, saddled with 80k of debt. He can't imagine life at thirty, period. Twelve years ago, he was entering the first grade.
The Times article traces the travails of one student, overwhelmed by debt, how she got there, and how long it will take to climb out of it. As so often happens, the most relevant bit of the story is buried toward the end.
She recently received a raise and now makes $22 an hour working for a photographer. It’s the highest salary she’s earned since graduating with an interdisciplinary degree in religious and women’s studies. After taxes, she takes home about $2,300 a month. Rent runs $750, and the full monthly payments on her student loans would be about $700 if they weren’t being deferred, which would not leave a lot left over.
100k in debt, for a B.A. 'interdisciplinary degree in religious and women’s studies.'
What!?!?!?!?!?!!!
Of course she's working at a job that a bright high-school graduate could do, because there is no job market for graduates in religious and women's studies, unless it's perhaps followed by a M.Div from a prestigious seminary or div school, like Duke or Yale.(And that's likely another load of debt.) Even at that, the jobs awaiting this person are not highly paid. Church staff people do important work, but their activities do not create economic return, do not create wealth that can flow back to them in the form of increased compensation. The glass ceiling is very low under every steeple.
This is not to add insult to injury on the young lady, but to offer her story as a cautionary tale. Mom and Dad, and Junior especially--think these things through, as unemotionally as possible. You are making huge decisions, choose as wisely as you can.
Thursday, September 3, 2009
A Little Peek Ahead
A few posts ago, I passed along some information for Mom, Dad, and Junior about the future of college admissions.
Once again, thanks to Inside Higher Ed, another peek into the future: borrowing for higher ed has spiked 25% in the past year. Which means that the day when the class of 2014 will be able to climb out from under student debt and purchase that first home will be postponed for some years now.
Mom, Dad, Junior: The best use of junior's time on the time/money scale will be spent on making certain academics and selected extra-curriculars(such as classical music study)are in excellent shape. If Junior is out earning cash, every dollar he socks away is a dollar not borrowed for college, i.e. each of those saved teenage dollars looks more like five dollars by the time he's thirty. He may look cool in the new car with the high insurance payments, but he'll need the purchasing power for that new car fifteen years from now.
Another good use of Junior's time will be to visit daily with Mish Shedlock, who patiently explains what is happening to the economy, and what it well may mean for Junior's adulthood.
Once again, thanks to Inside Higher Ed, another peek into the future: borrowing for higher ed has spiked 25% in the past year. Which means that the day when the class of 2014 will be able to climb out from under student debt and purchase that first home will be postponed for some years now.
Mom, Dad, Junior: The best use of junior's time on the time/money scale will be spent on making certain academics and selected extra-curriculars(such as classical music study)are in excellent shape. If Junior is out earning cash, every dollar he socks away is a dollar not borrowed for college, i.e. each of those saved teenage dollars looks more like five dollars by the time he's thirty. He may look cool in the new car with the high insurance payments, but he'll need the purchasing power for that new car fifteen years from now.
Another good use of Junior's time will be to visit daily with Mish Shedlock, who patiently explains what is happening to the economy, and what it well may mean for Junior's adulthood.
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