Woman Goes Nearly $100,000 Into Debt to Get Liberal Arts Degree; Financially Screws Herself for Life
June 3rd, 2010Bubbles, bubbles and more bubbles.
Via: New York Times:
How many people are like her? According to the College Board’s Trends in Student Aid study, 10 percent of people who graduated in 2007-8 with student loans had borrowed $40,000 or more. The median debt for bachelor’s degree recipients who borrowed while attending private, nonprofit colleges was $22,380.
The Project on Student Debt, a research and advocacy organization in Oakland, Calif., used federal data to estimate that 206,000 people graduated from college (including many from for-profit universities) with more than $40,000 in student loan debt in that same period. That’s a ninefold increase over the number of people in 1996, using 2008 dollars.
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Where is that money even going? Budgets might be different at private colleges, but state schools and community colleges are famous for relying on lecturers and part timers who don’t get full benefits, and might be paid $4000 to teach a semester course. For languages in particular, a phd student in the 1960s might have had good odds of being able to become an academic with the degree, but now, universities are converting their german, japanese, french departments into all nontenured teaching.
@quintanus
I think we know the answer: administrative salaries and endowments, which of course goes straight to wall street.