Make Universities Cheaper.

Back YahooFINANCE
Robert Massimi.
Colleges and Universities should be cheaper. Most universities have teaching assistants and not the professors actually teaching the ckasses.
Another solution is make college a two year program in which no electives are required. This will cut costs by over 50 percent and will help with costs.
With mounting debt, solutions to this problem are a must. Two year programs will help this significantly. The other solution is not taking in foreign students who are granted scholarships at many of the universities around the country.

Deutsche Bank, Commerzbank end merger talks
$1.5 trillion student debt crisis: Many borrowers still don’t understand the costs
Sibile Marcellus
Sibile Marcellus
Yahoo FinanceApril 24, 2019, 3:36 PM EDT
President Trump and leading Democratic presidential candidates seem to agree on the need to alleviate the nation’s $1.5 trillion student loan crisis: Trump’s proposed 2020 budget released last month would forgive undergraduates’ student loans after 15 years when they’re enrolled in an income-based repayment program, and Senator Elizabeth Warren proposed taxing those who make more than $50 million in income to eliminate student debt and tuition at public colleges.

Nevertheless, given the level of animosity in Washington, student loan relief from Washington seems unlikely anytime soon.

That’s unfortunate because a new study from Lendkey Technologies, a digital lending partner to hundreds of credit unions and banks, found that borrowers are still taking on massive amounts of debt without fully understanding the financial burden that awaits them after graduation. The online survey, conducted in March 2019, polled 2,390 Americans over age 18 who took out student loans from public and/or private lenders.

Students holding their ‘Certificates of Debt’ at graduation. (Bernard Weil/Toronto Star via Getty Images)
Students holding their ‘Certificates of Debt’ at graduation. (Bernard Weil/Toronto Star via Getty Images)
Nearly half of borrowers surveyed had no idea what their debt obligations will be once they graduate: 49% of borrowers did not know what their monthly minimum payment would be, with as few as 10% of 18-34 year-olds knowing what the exact payment amount would be.

“For millions of U.S. students, higher education begins with a significant decision that can impact their financial health for the rest of their lives,” LendKey Technologies CEO Vince Passione said in a statement. “A quality education should begin with sound advice, not only about the best course of study, but also the best means of how to finance it.”

Student borrowers need better financial advice, according to the survey. Just 22% of them say their academic institutions offered them a range of lender options through the school or outside lenders. And over half of students blamed their college or university for failing to provide them with “sufficient” information about the debt they were taking on. Furthermore, more than 40% of students say they were only given a single option.

(Photo: LendKey)
(Photo: LendKey)
‘Think with your head, not your heart’
Alternatives can be key to helping students avoid crippling debt once they start a new job after graduation.

“Unlike any other asset that you might buy like a home or a car, where you would payment shop, most consumers don’t payment shop when they’re shopping for education,” Passione told Yahoo Finance. “Consumers are still struggling with this concept.”

Passione noted that he encourages students to seriously consider what job they would like to pursue after graduation and if that potential salary would enable them to afford the debt obligations they decide to take on.

“It’s all about a payment when you come out,” he added. “I tell people: ‘Think with your head, not your heart.’ If what’s going to make you happy is the [college] experience, then remember you’re paying for that experience for the rest of your life.”

The survey found that 75% of student loan borrowers said that financing made it possible for them to attend a school they otherwise would not have been able to afford.

And while some may be earning a higher salary after graduation, only half of those surveyed were satisfied with their school choice once they factor in their ability to repay the cost.

Follow Sibile Marcellus on Twitter: @SibileTV

More from Sibile:

Single women are more confident about managing money than married women: UBS

Millennials shatter money taboo on first dates

Closing the southern border could cost $2.5 billion a week: Wells Fargo

Tina Brown: Pelosi knows how to put Trump ‘in his basket’

Gen Y and Z will drive up demand for rentals over the next 10 years

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, SmartNews, LinkedIn, YouTube, and reddit.

View Reactions (2698)

What to Read Next
Trump Considering Waiving Jones Act Mandate for Natural Gas, Sources Say
Bloomberg
Drone Captures What No One Was Supposed to See
HeraldWeekly
Sponsored

It’s time to buy tech stocks again, and these 17 are your best bet
MarketWatch
Trump Today: President suggests going to Supreme Court to fight impeachment as he says Democrats could beat him in 2020 with investigations
MarketWatch
Tim Cook: Apple doesn’t have a PAC because they ‘shouldn’t exist’
American City Business Journals
Savings Accounts That Pay 10x What Your Bank Pays
Nation
Sponsored

Trump re-election may lead to economic boom then bust: ING report
Yahoo Finance
Why millennials would rather buy lottery tickets than invest in the stock market
Yahoo Finance
Hedge Funds Have Never Been More Bullish On The Hanover Insurance Group, Inc. (THG)
Insider Monkey
Cop Lived a Double Life for 7 Years
Bobs Hideout
Sponsored

Stephen Schwarzman joins Influencers with Andy Serwer
Yahoo Finance Video
Facebook stock pops after Q1 earnings beat: Tech
Yahoo Finance
Public defender asks to drop Florida school massacre suspect
Associated Press
7 Mistakes You’ll Make Hiring a Financial Advisor
SmartAsset
Sponsored

Second Trump Official Defies Subpoena From Democrats, Risking Contempt Charges
Fortune
Ex-Vice President Biden launches 2020 presidential campaign
Associated Press
United Community Banks Inc (UCBI) Q1 2019 Earnings Call Transcript
Motley Fool
25 Photos Accidentally Captured By Drones
IcePop
Sponsored
Yale university
Harvard university
Ivy league schools
Professor
Phd
Finance
Engineering
Business
Colleges
Universities
Liberal education
Elizabeth Warren
Law school
Medical school
Mba

Author: nobullwithragingrobert

Was a drama critic at Manhattan College. Wrote professionally for Bergen News, Sun Bulletin . Alpha Sigma Lambda, Beta Theta. Has seen over 600 shows worldwide, has published both on Theater and Politics. Avid reader on many subjects and writers. Chief Drama critic for Metropolitan magazine. Writes for Jerrick media, American conservative, The City Journal and Reason magazine. Has produced shows both on and off Broadway.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s