Media Exaggerate Student Loan 'Crisis'
Business & Media Institute
“Private Loans Deepen a Crisis in Student Debt,” cried the [New York] Times headline that began by presenting the situation of Lucia DiPoi, “the first in her immigrant family to attend college.”
"The Times complained that DiPoi “gave up her dream” of working in an overseas refugee camp as a result of too much debt, and now has private loans with high interest rates. But the blame was thrown squarely at the lender: Sallie Mae in this instance.
Nowhere did the Times question DiPoi’s decision to attend Tufts University, a private school where the tuition, fees, room and board come to $44,500 per year. That’s nearly three and a half times the average cost of a public college or university, according to the College Board." Read on.
“Private Loans Deepen a Crisis in Student Debt,” cried the [New York] Times headline that began by presenting the situation of Lucia DiPoi, “the first in her immigrant family to attend college.”
"The Times complained that DiPoi “gave up her dream” of working in an overseas refugee camp as a result of too much debt, and now has private loans with high interest rates. But the blame was thrown squarely at the lender: Sallie Mae in this instance.
Nowhere did the Times question DiPoi’s decision to attend Tufts University, a private school where the tuition, fees, room and board come to $44,500 per year. That’s nearly three and a half times the average cost of a public college or university, according to the College Board." Read on.
posted by HeavyHanded at
4:23 PM
3 Comments:
Yes, this individual took out loans form Sallie Mae and should have known full well the cost, but there is a crisis when Sallie Mae will not let you consolidate loans away from them.
Sallie Mae has our private loans at 13.9% interest, we have filed paperwork to get them consolidated with Wells Fargo for 8.5% but Sallie Mae keeps losing the paperwork. Thats a student loan crisis.
imjosh.com/salliemae
By
Josh, at 7:44 AM
I couldn't agree more with you...this is an extremely typical problem these days. Students are making bad decisions and then trying to back out of loans.
College costs are soaring but that means the consumer needs to make better choices. Think it through people. I found this other good blog post about the same story and wanted to thank you for pointing out just how ridiculous this New York Times story really is.
http://studentloanwatcher.com/another-new-york-times-student-debt-sob-story.htm
By
Becky, at 8:30 AM
Josh, Becky, thanks for stopping by and commenting.
Josh, I can empathize with what you are saying.
As far as college costs go, I cannot understand why it has become so expensive. Why does it typically go up 2 to 3 times the rate of inflation?
Where does this excess go. Textbooks are expensive for example, but the student pays for these. I seriously doubt that professors salaries are going up 10% every year. Or are they?
But the main point here is lack of individual accountability, and we see this eveywhere today.
To go to a school that is 3 to 4 times the cost of the typical college and clearly out of your range in terms of cost and what you are able to afford, and then blame it on somebody or on everybody else other than yourself, is ridiculous.
I had to borrow money to go to college, came from a poor family, and chose a state college and worked my way through and paid back my loans.
I did not blame anyone for my 'misfortune', nor did I live in excess.
It can be done.
By
HeavyHanded, at 9:20 AM
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