Archive for June 23, 2010

Another Law School to Open = Another tragedy

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Good day, today we report that Boise, Idaho will open it’s first new law school in 2011. Because what’s better than opening a law school,  getting more Americans in excessive debt with the high risk of little or no ability to repay it and have a decent standard of living or quality of life.  Boise’s first law school set to open in 2011 | Idaho News from KTVB.COM | Boise news, Idaho weather, sports, traffic & events | Home June 23, 2010.

BOISE — A new law school coming to the heart of downtown Boise had its official ground breaking Tuesday…Some people say the law school is long overdue. Potential deans and law professors waiting to make a financial free fall from the estimated costs of the school via subsidized student loans, contracts and endowments.

I think the picture in the news caption is so fitting. A man or woman burying his future by going to law school. You will be looked upon as dirt by elitist and family members who wonder why you won’t be working as apologists for the legal industry continue to shovel false hope down the publics throat. Now that’s what I call symbolism.

“The new dean of the law school, Cathy Silak says after surveying more than 40 sites, the Portland-based Lutheran univerity decided to open their first campus in downtown Boise.” Not sure why one university in one state is opening a law school in another. Maybe this will start the true trend of McLaw; franchising, where one university opens multiple law schools in different states for the cheapest real estate and biggest financial returns. Maybe I shouldn’t give the proponents of the legal industry any more ideas.

Mayor Bieter says this addition to downtown will not only be advantageous to potential law students, but to the community as a whole.  In fact Mayor Bieter says Boise is one of the largest urban areas without a law school. It does not necessarily mean that it should have a law school; but why not jump into the big business of lawyer making. One can just read the cookie-cutter recipe posted before the legal industry conveyer belt:  unwitting 0Ls, application fee, LSAT fee, tuition (with increase), Sallie Mae helping to deliver them into the hands of financial aid officers, law professors, law school deans and the real world of unemployment. Here’s the U.S. economic stress map, look at the entire state of Idaho, though Boise which is located in Ada County had an 8.5% overall rating [Associated Press Interactive: AP Economic Stress Index], imagine in three years additional concentration of lawyers will likely do to the unemployment rate, state budget and welfare system.

“It just bolsters everything around it. its added jobs, more economic activity and its a presence thats important to the future of our city.”  says Bieter. [sic] [emphasist mine] Yes, added jobs, but not for the law graduates who will leave the halls of this institution of higher education and actually contributed to the temporary economic boost in the local economy to begin with.

Concordia isn’t the only university with its sights set on Boise. The University of Idaho is also working on bringing part of it’s law school to the Treasure Valley. Wait, the State of Idaho does have a law school which plans to expand in Boise but the article makes it appear that The University of Idaho will simply open up something new there; see [College of Law in Boise] wonder if there was a bidding war or University of Idaho School of Law just didn’t have the Boise metropolitan area in its sight. So the mayor encourages the construction of a law school specifically in Boise, because the city didn’t have any, but now they’re going to have two, how about three or four, there’s no end to the madness. Here’s the College of Law in Boise justification:

 Lawyers serve the state in many ways including economic development. Idaho has a growing need for legal expertise to support a growing economy, the administration of criminal and civil justice, and the services needed by Idaho families. At the same time, legal education is changing due to globalization, specialization, rising demand for practice-ready graduates, and increased use of law degrees in business and other occupations. Law school is no longer simply a gateway to the practice of law. Yes, developing the local economy of the state and industry itself without the necessary financial benefit whose back the industry depends on. Rising demand? Maybe, for slave labor. Seriously, have they no idea of the oversaturation of the legal job market, none whatsoever? These are your job prospects: http://boise.craigslist.org/lgl/, notice most aren’t even advertising length of employment or what the actual pay the firm is offering.

 “The eight-year span (Fiscal Year 2009 to FY 2017) of this implementation plan and budget projection reflects a careful, conservative estimate of a realistically expeditious time frame for developing the academic program and the statewide student enrollment while maintaining our commitment to quality. After FY17, the stable level of student enrollment and the programmatic advantages of the two-location operation are expected to make the law school increasingly attractive and even more selective and competitive.” Our law school won’t have it together until 2017, meanwhile you will mortgage your lives while being our guinea pigs to see if our programs work out.

Now back to you.

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Sallie Mae: Make Interest Payments While at University & Save!

Commerce Bank teams with Sallie Mae on new student loan product | Dollars & Sense June 22, 2010:

Commerce Bank teams with Sallie Mae on new student loan product This title looks a bit truthful, I see the usage of the word “product”, these corporations are trying to sell you something. With any product companies have advertising and marketing to induce a potential consumer to buy, but what is its value-to you-not them?!

Commerce Bank is offering the Smart Option Student Loan to help students pay off their college debt faster.Smart Option, which is provided through student loan lender Sallie Mae, allows students to make interest payments while in school. Because we know an average college student makes so much money that they can afford interest payments while enrolled full-time, providing for housing and shelter. Hmm, many obtain higher education to increase their salary potential, so what makes you think they can afford interest only payments, even though the principal is deferred? Maybe they can use some of the student loan money to pay interest, though it’s supposed to help pay for tuition, fees, books and what they need to survive while in school.

According to Commerce, a typical freshman can save more than 50 percent in interest charges over the life of the loan and it off in seven years after graduation instead of the standard 15-year term offered by other loan products. A typical freshman is 17-18 years old, where will they get this money? Their summer jobs paid minimum wage, please elaborate.

Students who enroll in the plan and make all their monthly payments by automatic debit may be eligible for a 0.25 percentage point rate reduction. In addition, students can take advantage of the Smart Reward program and earn 2 percent of their scheduled monthly payment as a reward in a Upromise account. Any percentage rate deduction is good, but what are the terms and conditions, like if they missed one payment does Sallie Mae terminate the entire program? With the latter 2% earned, I doubt the extent of benefit since the entire time inflation is rising and the student may not have been able to negotiate a fixed interest rate on the loan itself

The loan also allows customers to apply with a creditworthy co-signer, which can mean a better chance of approval and a lower rate. Students may also be eligible to apply to have the co-signer removed from the account after they graduate and make 12 consecutive loan repayments on time. We give you permission to get someone else in debt on your behalf, how gracisous of you. With many parents who have lost retirement accounts, receiving pink slips;  and wondering when they will be able to retire, why not add the high risk of their child’s student loan default. One should seriously consider whether he or she should really purchase this product; especially when college graduates, let alone some professionals are unable to find jobs with degrees.