Tuesday, May 28, 2013

Surprising, Considering The Source...

Hammer away at real college excess
Maybe you, too, heard this at family barbecues this weekend: Congratulations to Meghan (or Matthew) for getting into (X) college. Then you heard panicked parents admit, “But we have no idea how to pay for it.”
It’s swell then that U.S. Sen. Elizabeth Warren, in her first piece of legislation, just proposed a bill to lower interest rates on federally subsidized Stafford loans from 3.4 percent to 0.75 percent. They’re scheduled to double to a 6.8 percent rate in July, further “hammering,” as Warren puts it, the perpetually “hammered” middle class. Anti-bank crusader Warren argues that those wily banks already can get loans at less than 1 percent. Why not students, too?
This has been a recurring soundbite here in MA, with Warren pushing this as "why can't students get the same interest rates as those fatcats on Wall Street?" It's moderately infuriating, as it's more of the same class warfare BS rhetoric we've come to expect from the disconnected left. What's surprising, though, is that Margery Eagan is the one pointing this out:
Experts also blame bloated administrative staffs and skyrocketing professor salaries for why college costs are up 1,000 percent in 30 years. The admittedly rarefied Harvard Law School, which hires famous lawyers to teach, paid Warren $350,000 a year. So yes, it’s swell that Warren’s concerned about interest rates for those who won’t make $350,000 in 10 years.

That's $350K a year for teaching one class, mind you. While Eagan points out that colleges are getting away from the basics of educating students and offering more amenities than in the past, I suspect that a couple of "professors" who "teach" one class a semester for more than a third of a million dollars each contribute far more to the runaway tuition costs and associated fees than any health club or free-range cafeteria.

It's refreshing to hear someone that's not me point out the incongruity of Taxagawea complaining about the high cost of college tuition when she's pulling in a six figure salary for a part-time gig...

That is all.


Wally said...

Don't hate the player - hate the game.

College tuition (& medical expenses too) have prices that revolve around government subsidies.

if the government assists clients more, providers can charge more. There is nothing to stop this cycle.

If a student wants FED-level interest rates, they can do it with capital on the open market. Tho that doesn't address the morinically inflating costs.

Anonymous said...

last I heard,the president of Ariz state univ,the biggest party school,made 750k a yr...the pres of the USA makes 500k...A commie country like Sweden has free college!

Sigivald said...

"why can't students get the same interest rates as those fatcats on Wall Street"

Yeah, someone really needs to point out to Warren (assuming, arguendo, that she's incompetent rather than deceitful, which is an open question) that big banks get a Fed rate of .75% because they're doing very short term loans that they are certain to repay.

Which is kind of exactly the opposite of a student loan, especially if Warren gets her way and lets students just walk away from them.

I can't help but suspect that she wants, really, the same thing I've heard from so many on the Progressive Left - "free college for everyone".

(Because there's no way that could waste tons of money and years of people's lives!)

The Coffee Bastard said...

Well republican parents you want the government out of your lives, you want to stand on your own two feet, so here is a heads up. You have got 18 years and about nine months to plan for the day when your little angel goes to college so start saving now. Of course that might mean you can't afford such a nice house and maybe car payments of $750 a month may have to be reigned in a tad but you can do it. Or you could go to the BBQ and acted shocked and surprised that you never saw this day coming. Wah wah wah.

Jay G said...

Gee, and here I was thinking that it was refreshing that a Democratic politician who has made her entire career out of being a screaming hypocrite was finally getting called on it.

You see, Elizabeth Warren - a Democrat - has made "the high price of college tuition" a cornerstone of her campaign.

Despite the fact that exorbitant professor salaries - like the one she enjoyed are part of the problem...

Old NFO said...

Word games, nothing will come of it, other than a soundbite sometime in the future for her!

Anonymous said...

Would it be to hard to admit the truth?

About 1/2 the people in this country CAN'T HACK IT at a 4-year college because they aren't smart enough.

That's no snub to them it's a reflection on IQs that's been around for 30 years+.

And it's borne out by graduation rates at all but the colleges that only ACCEPT people with IQs in the 114+ range except for their affirmative action pupils who (SURPRISE)drop out at hugely disproportionate numbers relative to every other student.

We have a real crisis in manufacturing. There is ZERO solution in sight. Because it makes no sense, even in a no union world, to hire an American at $15 an hour to do a job that a Pakistani or Bengladeshi will happily do for $3 an hour with zero environmental laws or workplace safety laws just to make the move even sweeter!

We DO however, have a LOT of jobs being left unfilled in fields like machining, Drafting and entry-level IT.

And we always need garbage men, custodians, cleaning people and the like.

And I spit on people that think their kids are "too good" for these jobs,without which, our society couldn't begin to function.

If you're little angel doesn't have an IQ of 112+, we ALREADY KNOW what strata of society they are going to fall to. -Unless they marry well.

It's a lot less cruel to tell Johnny that he isn't bright enough to be an engineer when he's 16 than to saddle him with $100k in debt so he can see it for himself when he's 23 and has to start his career with THAT over his head.

IQ isn't everything by any means. But it's nearly dead-spot on for predicting success in college and the intellectual world. -And HALF our kids haven't got the necessary IQs.

Stop telling them to go to university and start telling them to go to trade and technical schools.

If nothing else, it will piss off the Democrats, who think that merit has no...merit.