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What’s a huge federal student loan?

Am I reading this right? I probably am which is why it makes little sense. Poorest students with plenty of debt? I’m guessing that most recent college graduates starting out are “poor” until they get that first job.
“Huge federal loans? $23,250?  Hey, that’s considerably less than the average American spends on a new car😎

imageBut basically I don’t get the logic here (other than simply pushing the liberal agenda).

If you are a graduate of NYU, presumably you are off to a great start with a degree that will get you started on a good career and job. So why is it even relevant that you come from a family earning less than $30,000? Is the family paying your student loans? If you are good enough to get into and graduate from a quality university, you should be good enough to pay off $23,000😡

Should NYU only consider where you came from and not where you are going?

Colleges Flush With Cash Saddle Poorest Students With Debt

A ProPublica analysis of newly available federal data shows that some of the nation’s wealthiest colleges are leaving their poorest students with plenty of debt.

by Annie Waldman and Sisi Wei
ProPublica, Sep. 12, 2015, 3:06 p.m.

New York University is among the country’s wealthiest schools. Backed by its $3.5 billion endowment as well as its considerable fundraising prowess, the school has built campuses in Abu Dhabi and Shanghai, invested billions in SoHo real estate, and given its star faculty loans to buy summer homes.

But the university does less than many other schools when it comes to one thing: helping its poor students.

A ProPublica analysis based on new data from the U.S. Department of Education shows that students from low-income families graduate from NYU saddled with huge federal loans.

The school’s Pell Grant recipients – students from families that make less than $30,000 a year – owe an average of $23,250 in federal loans after graduation.

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4 replies »

  1. Like the rest of life lessons, a college education is only as good as what you do with it. You must network, make good choices, be willing to start at a low rung on the ladder and apply yourself. You cannot sit on your duff and wait for the world to come to you. I agree colleges charge way more than they should. Be mindful of where you choose to go.

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    • How right you are. A college degree may help you get that first job, but after that only your track record of accomplishment means anything. Employers don’t care about where you got a degree once you are in the workforce a few years. Sadly, many people think a degree is a passport to success or even an entitlement to success.

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  2. My daughter went to NYU. The bigger issue is placement after graduation. You do know that it is ~$60,000 a year, right? The question is whether the difference in cost can be justified.

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    • My kids all went to private schools at $25,000 a year twenty years ago and I doubt there is a return on it. The problem is not paying for college it is what colleges charge for what you get. Not unlike health care.

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