The lender should have a say in how funds are used. When our government is the biggest lender for higher education, they shouldn't lend students $40k/year when they can receive the same education for less than $5k/year and realistically expect the student to pay off the loan.
I know your conclusion for everything is to somehow blame the government but can you actually explain the logic behind this? Student loans were mostly managed by private lenders until the Obama administration and we had plenty of tuition hikes over that time. I don't understand why a federal loan is responsible for the rise of tuition while a private loan would be just fine.
They were allowed to do that. But ITT wasn't financially viable without federal student loans. This is true for almost all for profit universities. They are literally built to live off of student loans.
logic is pretty simple. you want to go to a school and the government is picking up the tab for some reason (good or bad). So you look at different schools; the campus, the courses, the success of graduates, etc. Then you pick the school you like most. The problem is at no point did you look at cost because the government is paying. If this happens too often then the school loses the incentive to lower the cost because its not a factor for the customer.
That is exactly what occurs with for profit education: 1. Start up sham university 2. Recruit people to sign up for sham university (homeless shelters, overseas veterans were popular targets in many past cases) - get them apply for federally backed student loans. 3. Keep most of that student loan as profit, pay overmarket amounts in executive compensation and distributiosn to equity holders, use the rest to fund worthless online classes. 4. Repeat, when the students eventually default on loans, because their degrees are worthless or they never finished them, lol - sucks for you taxpayers, but too bad so sad - that money has already been paid out to the Officers, Directors & Shareholders. This isn't new, this scam was exposed years ago and why many of the leading offenders (Corinthian, eg) are now dust. Maybe you should read up on these things before reading lines from the randian fortune cookie
I think the stress of being in a more "real world" job got to him after a while. He was actually a smart kid who was really good as a technician and we wanted to keep him long term, but he had a lot on his plate on a daily basis. More of a quiet type who would rather have a job with limited interaction. Night stocker was what he did previously and I guess he just felt more comfortable doing that for a living for the near future.
I can't believe they ever got federal loans in the first place. The student loan crisis will be another screw up the taxpayers will get blasted in the ass for soon. Who was that guy on here getting federal loans for Ja Rule's rap school? Remember that when there is talk of student loan forgiveness. <iframe width="560" height="315" src="https://www.youtube.com/embed/01A6-qQjqI8?rel=0&showinfo=0" frameborder="0" allowfullscreen></iframe>
A lot of this dates back to the 90s. Bill Clinton campaigned on phasing out private student loans for federal loans with the argument that federal loans could be structured to benefit students with different repayment options (something we have today's federal loans) and they could be used to hold schools accountable. It was actually the Republican Congress at the time that argued that federal loans should be capped as a percentage of overall student loans and should not have any favorable benefits over private loans nor should it have any accountability requirements. For a long time, there were Congressional caps on the amount of federal student loans and limits on regulating who gets federal loans. Federal loans originate from the 1965 Higher Education Act and the gainful employment requirements stem from that text. But Republicans always opposed Department of Education rules that would put teeth behind the original law. In fact, the House Republicans argued that the Obama rules were illegal and rehashed the same stupid arguments that Newt Gingrich made in the 90s.
Are these schools not considered credible? I don't understand why anyone would choose them instead of community college.
Worth listening to. Somewhat related. <iframe width="560" height="315" src="https://www.youtube.com/embed/b95_7RjW5bo" frameborder="0" allowfullscreen></iframe>
What does any of this ass blast propaganda have to do with ITT tech? I remember those commercials when I was a kid watching Ghostbusters cartoons.
Cut military spending, make college free, and all of this goes away, and our country gets smarter to boot! DD
Bandwagoner I can't find anything about a "ja rule rap school" sounded hilarious so I was looking for it.
That's the dumbest **** I could possibly think of. Its like you learned nothing from this ITT story. In your world DD why would a college lower its prices if the customer does not care about prices?
