A couple of reasons to be thankful for the Big 3...

[IrishJohn]

This has the potential to get ugly if the antics of bill collectors is applied on a widescale:

Obama Relies on Debt Collectors Profiting From Student Loan Woe - Bloomberg

$200,000 loan debt for a sociology degree?!?:

The 1% of the Student Debt Crisis: Owing $150,000 in Loans - Yahoo! Finance

Once again I thank God for IC and the Big 3!!!

[Publius]

"...Among the 37 million people in this country with student loans to pay off, the median balance is $12,800."

Most of those 37 million people could get a degree for less then 10K if they only knew how, AND had the will to do it. Seriously, 200K for a piece of paper? The average grad with 13K of debt! FOR WHAT? To check a box or get your foot in the door for an interview... the same thing a piece of paper from on the Big Three could do but for thousands of dollars less.


It's far to easy to see that one day to solve this crisis, grants will replace Student Loans completely. With as socialistic government we have now, this isn't a far leap, especially when schools are already doing it. Colleges replacing loans with grants for their neediest students - The Washington Post

That's not the way though IMO it's what we may see more and more in years to come. For the large part the western world as forgotten what it's like to work hard and do great things. There are exceptions for sure... like IC, but on the large scale to many people expect things to be given to them and not earned. Higher education isn't a "right" or something that is "deserved", and neither is it the tax payers responsibility. We forget that most of the World's population makes less then 2 dollars a day! And we go spend $200,000 on a piece of paper... it's sad. College isn't an essential part of life, but too many people are treating it as it. Yes, beneficial and in some cases it is needed, but we're hearing to many stories of people who get out of Grad school with stacks of debt and who end up working next to people with just a HS diploma.
Oh well... that's my two cents.


Yes, I'm very grateful for the Big Three!

[bldclot2]

Anyone else noticed a trend in the student loan stories? I have a female friend that went to FIDM (Fashion Institute of Design Merchandizing) she graduated with over $100,000 worth of debt, but she told me that only about $40,000 was for school the rest was from loans she would get to pay her rent, clothes, partying. So, basically she used loans as her cash flow, when I told her that I didn't feel sorry for her and that she put herself in this mess, she stopped talking to me. Now on her Facebook she's always talking about the 1% and that she got duped into getting so many loans.

[jmichelle79]

I agree with bldclot2 about not feeling sorry for people who are irresponsible and take out too much. But at the same time I can never agree with a loan company that has no consumer protections. I see no reason, even if someone falls behind on their payments how a loan can start at $25,000, amount paid $24,000, and still owe $60,000. I have read many stories at studentloanjustice.org. I may not agree with the degree or loan amount someone had decided on, however the above example is criminal. I'd rather take a loan from the MOB than deal with that.

Very greatfull for the Big 3, Clep, DSST, and all of the innovative people on this board getting it done!!!!

[ryoder]

Thanks for your story. I too was tempted to take out loans while in college instead of working 32 hours per week during school and 50 hours over the summer. I did not, however, since I was able to make it without loans. Maybe I borrowed 3k over 3 years at deferred interest, but thats it. I could have borrowed a lot more and lived it up without working, but I learned a lot about business working those years in a computer store.

Anyone else noticed a trend in the student loan stories? I have a female friend that went to FIDM (Fashion Institute of Design Merchandizing) she graduated with over $100,000 worth of debt, but she told me that only about $40,000 was for school the rest was from loans she would get to pay her rent, clothes, partying. So, basically she used loans as her cash flow, when I told her that I didn't feel sorry for her and that she put herself in this mess, she stopped talking to me. Now on her Facebook she's always talking about the 1% and that she got duped into getting so many loans.

[mrs.b]

I will finish at about $14,000 total because I opted to take classes instead of take advantage of testing options in a lot of instances (personal reasons only due to my personal studying style and comfort level), but it is still much better than most soon-to-be bachelors graduates. Of those I have spoken to, most are interested in this new path; I do believe it is gaining acceptance. Of those that have seemed skeptical, their hesitation seems to come in a disbelief that testing options or "the less traveled path" is equivalent to actual coursework. As we are all probably aware, it is possible to take a CLEP or DSST with little or no prior knowledge and minimal studying (a day or two?), and that will likely result in little retention of the material after a period of time has passed.

The thing I think this skeptical crowd do not take into account, however, is the same applies to courses. During my original stint through B&M courses straight out of college, I could point to quite a few people that put in the minimal effort required to pass a course with a good grade, and when it was done, they admitted to promptly forgot the material. Like all things, an individual gets out what they put in, and there is no way to measure if that piece of paper means actual retention, whether received through a full course or a course-equivalent test option. Plenty of people have also studied for a CLEP or DSST for the information as well as crossing off a requirement on the evaluation checklist. I think the likelihood that a student retained course information is, perhaps, slightly higher for someone who sat a class, but I doubt the difference is very big. A 19 or 20 year old in college is, most often (based on my own experience and friends' experiences), more concerned with their Friday and Saturday night plans than learning with a focus on long-term retention.

[IrishJohn]

Here's an interesting article that Straighterline sent me in their latest email:

"Over time, as online classes become more common, the market will get much more competitive: colleges that are inflexible and refuse to accept transfer credits from places (such as) StraighterLine are likely to lose students," Mr Wildavsky said. "So the market incentives for innovative approaches should grow."
Times Higher Education - Campuses 'off menu' in à la carte model

Now if folks really want to try something unconventional in avoiding an insane $200,000 debt loan, they could give Sealand Multiversity a shot. The resulting sheepskin would at least be a conversation piece... hilarious

[PonyGirl93]

Thanks to some scholarship money and the generosity of my dad in helping me with the rest (wow that sounds so mooch-ish), I will graduate debt-free; my gratitude for that is without bounds. I already work full-time and I cannot imagine feeling the pressure to immediately need a job that pays enough to cover rent, gas, food, and loan payments. It's no wonder people can be on their parent's insurance until they're 35 now, they have to move back in and pay off student loans before beginning life :p

[jmichelle79]

It's no wonder people can be on their parent's insurance until they're 35 now, e :p

Hahahah PonyGirl93, you crack me up!!! It doesn't sound Mooch-ish, I'm sure you will help your dad when the time comes.

[apenanyc]

I agree with bldclot2 about not feeling sorry for people who are irresponsible and take out too much. But at the same time I can never agree with a loan company that has no consumer protections. I see no reason, even if someone falls behind on their payments how a loan can start at $25,000, amount paid $24,000, and still owe $60,000. I have read many stories at studentloanjustice.org. I may not agree with the degree or loan amount someone had decided on, however the above example is criminal. I'd rather take a loan from the MOB than deal with that.

Very greatfull for the Big 3, Clep, DSST, and all of the innovative people on this board getting it done!!!!

can you please tell how the substance abuse was ,,, i need to take it ?