Apr 12, 2008
Lending Crisis roils Students Financial Aid Options
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By: Luke Gilman | Other Posts by Luke Gilman Go to Comments | 2 Comments |
Tuition at public and private universities alike has just kept rising over the last decade, fueled in large part by the belief that any increase in tuition, regardless of how the money is spent, cannot help but increase the value of the degree and that students subject to the hikes should thank their lucky stars the college boards rubber-stamping the increases are so forward-thinking.
The New York Times article, Fewer Options Open to Pay for Costs of College, portends a reality check on the horizon for American universities and painful belt-tightening. As any Econ 101 student could tell you, price needs to become part of the education equation.
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You’ve often danced with the idea that at some point, the return on investment on a certain degree may not justify embarking on that educational journey.
I think more and more people forget that if they are going to spend $150K on a degree such as full-time law, that they sure as heck better factor in loss of income those three years, interest for the life of the loan and other such criteria.
It’s the idea that becoming a lawyer is a safe default career that bugs me the most. In my opinion the only really good reason to go to law school is really, really wanting to be a lawyer.
Now that college boards and legislators seem to have decided that there’s no difference between private and public law schools (either in terms of goals or tuition) the stakes are just too high to do it for any other reason.