Comments: Math is Hard for College Graduates
We were taught simple and compound interest in 8th grade (School 76, Indianapolis, 1944).
Posted by BillH at May 13, 2012 7:43 AM
Math is even harder for politicians.
Without taxpayer guarantees there are no loans, no inflated tuition, no unemployed college miseducated debter class with no math.
Posted by james wilson at May 13, 2012 9:35 AM
Why is it someone else's duty to tell you everything? Did you not wonder when obligating yourself to pay back the money you were borrowing how that was going to be done? The question and it's effort to throw blame on somebody else is deeply infantile.
Posted by Picturerock at May 13, 2012 9:49 AM
What really came across in this article is how may of these people gave any thought at all as to what they were signing up for.
If 20 something old Americans were a stock I'd be shorting it.
Posted by Bill Jones at May 13, 2012 2:44 PM
Read the next item down. The money is being borrowed to pay the outrageous salaries of the presidents, ADs, coaches, tenured profs, who haven't taught an undergraduate course in 30 years. Vice Presidents of Diversity, and so forth.
The kids are operating in good faith. They don't want to sling hash and live in their parents basements. Half of them are unemployed, and another 40% are underemployed. They are not making enough money to pay those loans. Buried under those loans, they cannot get married, start families, buy houses and cars ... In short as long as they are paying their student loans, you are stuck in permanent recession. And your social security won't get paid either.
And it is more than a bit ironic to lumber kids in school with being stupid. Hey, that is why they are in school, to learn stuff so they won't be stupid. And do the schools teach them not to borrow money? No they don't. Here is what they tell the kids:
"But when she visited Ohio Northern, she was won over by faculty and admissions staff members who urge students to pursue their dreams rather than obsess on the sticker price."
"At Ohio State, “college can be a reality for everyone, no matter your income or background,” its Web site says, while at Ohio Northern, future students are urged to get over the “sticker shock,” and focus instead on “return on investment.”"
Does that sound like a wise elder trying to educate a youngster on the facts of life? Or like a used car salesman trying to talk buyer into a bigger fancier car than he can afford?
And no their is no freaking case for raising taxes to pay the of academia.
Posted by Fat Man at May 13, 2012 9:15 PM
Note to shocked student: look up definition of "loan". Then look up "grant" or "scholarship". Note the difference regarding obligation to repay.
Yes, Fat Man, students go to school to learn, so I don't lay all the blame on them. But the parents of said students should know what they and their kids are getting into. Obviously, some, perhaps most, do not. Those who understand compound interest are predisposed to collect it. Those who don't are condemned to pay it.
Posted by waltj at May 13, 2012 9:29 PM
Waltj: You just don't get it. You want this to be a morality play. It isn't. It is a sever and insidious economic problem.
Debts that cannot be repaid, will not be repaid. Book it.
The kids who took out student loans cannot repay them. They are unemployed. And by the time this depression ends, they will be buried so deep in interest arrearages and penalties that they will never be able to repay.
The parents of those kids just finish frying their net-worths in the collapse of the housing bubble. They will soon be too old to work for more than chump change and beers. And you need them to save up their money for their nursing home stays.
Who does that leave? The Federal government? They are broker than anybody else, and their only source of funds is you.
Allow me to suggest that the colleges are the least innocent people in the room. The multi-billon dollar endowmwnts, the ever expanding campuses, the $2 million a year Presidents, are a group that needs to ante.
But just stop with the its their fault number. It is too late and too useless.
Posted by Fat Man at May 14, 2012 10:49 PM