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How does someone living "frugally" on Ramen rack-up 140,000 in loan debt? Thats $35,000 per year!
by pmorici 18y ago
How does someone living "frugally" on Ramen rack-up 140,000 in loan debt? Thats $35,000 per year!
- gojomo 18y agoA 2004 forum post reported the tuition alone at Brooks Institute around $20K/year. So 35K/year means only $15K/year in non-tuition living expenses. And Santa Barbara is not an especially cheap area in which to live. But also: seems like Brooks Institute has been accused of exaggerating the post-graduation earnings its graduates can accept. See... http://ddunleavy.typepad.com/the_big_picture/2005/07/investigation_c.html http://ddunleavy.typepad.com/the_big_picture/2005/07/investi...
- rsheridan6 18y agoThat's typical of trade schools, at least. Watch daytime TV and you will be inundated with commercials for expensive but worthless degrees for private schools. My solution - make it easy to declare bankruptcy for student loans, but institute a student "dividend" program where, instead of getting loans, institutions get a percentage of the student's future earnings above a level which would be considered average for someone with the credentials that the student has before enrolling. Lenders then wouldn't get paid back for loans for rip-off schools, so they wouldn't make the loans, so the schools would have to change or close.