You are kidding. They will never collect enough to cover the principal advanced, let alone the interest.

How.

“Christina Hagan is an Ohio lawmaker who says students need to understand that attending college is not an entitlement. Last year, she was appointed to fill a seat once occupied by her father in the Ohio House of Representatives.

Ms. Hagan, 23, is also a college student.

She will graduate shortly from Malone University, an evangelical college in Canton, Ohio, with more than $65,000 in student debt (among her loans is one from a farm lender; she had to plant a garden to become eligible). Though she makes $60,000 a year as a state representative, she plans to begin waiting tables in the next few weeks at Don Pancho’s, a Mexican restaurant in Alliance, Ohio, to help pay down her student loans and credit cards. She pays about $1,000 a month.”

Whoa! The NYT needs to absorb more of the Rutgers’ report, that’s for sure.

But I was disappointed by the small number
of survey respondents. Doubtless still valid, but we need to know this for everyone graduating. Surveys are also weak. In my wrok, I see employment records, and you would be surprised how bad your memory is, especially after a year or two.

Aside from these hesitations, this study shows just how broken the present system is — very, very, very broken.

I would have liked to see them track students already having a full-time job, and how many after-graduation jobs were 1099s.
How many hourly workers have health benefits?
Fig 6 & 8 seem to give different figures on health benefits as well.

Keep in mind that the so-called college premium ONLY obstains for those students on the “career path,” here defined as only 22% percent! Even if you have a “career” job, the college premium disappears if you don’t have health benefits.

The job satisfaction figures tell a story as well, one that Ivar Berg covered 40 years ago — schools inflate the aspirations of graduates, so much so that they have to cope with a lifetime of disappointment when they fall short.

Fig 10 shows a sharp bifurcation that indicates the kinds of risk taking that credential inflation, and the lack of jobs, that the recession has created — a gambling problem, really.
The default levels for grad students can be as high as 62% — if this is true, we’re all in trouble. Look at Fig 11! They should have broken out “housing” as a separate economic driver — here, the drag on the recovery is significant — effecting 40% of college graduates!

Fig 14 shows just how de-coupled the Ivory Tower is from the real-world. Table 6 is amazing — 25% picked a major with their eyes closed! All this data — and still in Fig 16, only 3% would reconsider.

====================
The Long-Term Labor Market Consequences of Graduating from College in a Bad Economy, by Lisa B. Kahn (Yale School of Management)
First Draft: March, 2003 / Current Draft: August 13, 2009
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=702463

Taken as a whole, the results suggest that the labor market consequences of graduating from college in a bad economy are large, negative
and persistent.

For example, Topel and Ward (1992) find that 66% of lifetime wage growth occurs in the first ten years of a career. For those whose careers did not get off the ground these past 10 years, or those grads that will be stuck un/under-employed over the next ten years, the college premium disappears. This is a massive cohort. The US Census says that the 4.7 million (aged 25 to 34) that were living at home with their parents has grown by 26% to 5.9 million since 2007. This is now a total of 14.2% of the cohort, up from 11.8% in 2007.

http://legalinsurrection.com/2012/05/genealogist-who-claimed-elizabeth-warren-was-132-cherokee-goes-silent-as-source-document-exposed-as-false/

Question: if she’d lie to everyone about this, WHAT ELSE WOULD SHE LIE TO EVERYONE ABOUT?

It makes me angry that anyone would support heavily taxing these people who have sacrificed real happiness in support of life-saving medicine. The IRS makes little distinction between their income and ethically worthless hedgers, lottery winners, or college presidents.

They do not educate our children, who spend their years within their walls drinking, drugging and screwing. Nor, do they inculcate our children with ideas of patriotism, morality, and service, ideas that they openly mock. They do not raise the condition of the poor, who they have more thoroughly excluded from their precincts than they ever did when they were openly contemptuous of them.

They do not advance knowledge. In the humanities, they have become engines of knowledge destruction where the best that has been known and thought is buried under piles of politicized non-sense. Even the physical sciences have been corrupted with politics.

The time has come to undertake the great work of reformation. Henry VIII simply seized the monasteries and turned the monks out. The endowments can be applied to paying off the student loans. The faculties and administrators can be told to go find themselves other jobs. The buildings may be tougher. The classroom buildings could be donated to high schools and community colleges, but as much as we like to rag on the dorms, most of them are too basic to be anything other than SROs. Maybe they can become assisted living facilities for the millions of soon to be senile baby boomers?