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View Diary: Rep. Virginia Foxx has 'little tolerance' for student loans (270 comments)

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  •  I just had this conversation with Yves Smith at (1+ / 0-)
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    nakedcapitalism.  College costs have exploded.  Virginia Foxx and I are the same age, she's just two and a half months older, so I can speak to her crabbed opinions.  When I went to college, middle class families with prudent financial habits could write checks for college.  Even imprudent families, like my own, could cover the costs with reasonable loans.  Tuition at my alma mater was $1500 something, $1525, if memory serves, and topped out at $1700 something my senior year.  Today, I just checked, it's $41,650, plus $10,300 room and board if your kid wants the campus experience.

    Yves Smith remarked that her middle class family sent her to Harvard in the mid 70s.  You could actually do that then without incurring ungodly debt.

    Wahoo, I just found a pdf from UNC 1970:  http://www.northcarolina.edu/...  Get a load of the yearly tuition!  And fees.  For Chapel Hill.  Foxx graduated in 1968, two years earlier, so I'd say the whole shebang per year was maybe $500.  Generously estimated.

    As late as 1996-97, in state tuition was about $1250:  it's shown in a graph and I'm estimating, definitely less than $1500.  http://moreheadcain.org/...  Nice graph showing the trajectory of college costs versus consumer costs since 1985.

    I've read the reports of seniors going into the tank on student loans and I'm not sure I've got the whole picture.  I knew someone who put herself thru college on student loans and she was paying it back when I knew her.  I didn't ask about the terms.  I'm just a little surprised that students loans from that period are still hanging around because college costs weren't that high--for most schools, of course.  There were always schools that had sticker shock costs, but they were absolutely the exception.

    Those who forget the pasta are doomed to reheat it.

    by CarolinNJ on Sat Apr 14, 2012 at 01:07:13 PM PDT

    •  Colleges and universities used to be for higher (0+ / 0-)

      education. Now they are just big businesses like the rest of corporate America.

      •  Some colleges and universities used to be for (0+ / 0-)

        higher education.  Some were gathering places for upper class heirs to organize themselves socially, and take one last carefree fling, before launching into the adult world in leadership positions.  Post HS education has always been a status and social sorting environment and some schools still faithfully perform that function.  The Ivies, of course, but there are others, not all big name, large institutions.  Yes, Elizabeth Warren pushed past that, but the proof is the upper class mediocrities who attain far beyond their innate abilities.  They are born on third base and they do score.  They would be hand to mouth, not a pot to piss in or a window to throw it out knockabouts if bootstrapping were their means to rise.

        Those who forget the pasta are doomed to reheat it.

        by CarolinNJ on Sat Apr 14, 2012 at 03:59:14 PM PDT

        [ Parent ]

        •  asdf (0+ / 0-)
          Some were gathering places for upper class heirs to organize themselves socially, and take one last carefree fling, before launching into the adult world in leadership positions.
          Unfortunately, a lot of that playground-for-the-rich aspect of college has stayed with us, and has even made a comeback.

          For example, universities all over the country have reinvented their dorms as luxury getaways.  Dorms in the 1980s were cinder block human storage units with terrible food; now they have swoopy architecture, weight rooms, food courts with a dude in a chef's hat who will mix you up a pasta bowl, and "suites" in place of cramped little rooms---students now have "suitemates" instead of roommates.  

          Linking to a news article is journalism in the same sense that putting a Big Mac on a paper plate is cooking.

          by Caj on Sat Apr 14, 2012 at 05:07:28 PM PDT

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          •  Apparently, Meg Whitman gave Princeton enough (0+ / 0-)

            to build a college with her name.  Thirty million.  Others have generously chipped in.

            http://www.princeton.edu/...

            http://www.princeton.edu/...

            Can't beat the upper classes for, um, interlocking social directories.  This kind of hanging together networking is something the middle class has never really mastered, nor fully appreciated.  The middle class exhorts its children to make it on their own, teaches it as a virtue, the upper class has always known better.

            Those who forget the pasta are doomed to reheat it.

            by CarolinNJ on Sat Apr 14, 2012 at 05:32:17 PM PDT

            [ Parent ]

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