Posts Tagged ‘affordability’

The Mainstream Media Harks the Trumpet: Overburden Law Graduates with Usurious Student Loans (NYT)

The New York Times

So, at this point the mainstream media gets it? Why you may ask. Because the Housing bubble put the nation and the world economy on notice that the old way of financially devastating working/middle class persons who took a chance on higher education will not only destroy their way of living but burden the world economies. Interestingly, the author suggest more accountability in accredidation (not likely to happen, if Sallie Mae lobbied Congress to privatized and obliterate “fresh start” by discharging student loans through bankruptcy; I’m sure these for profit institutions will lobby (pay) Congress to keep out of ABA’s ‘free market enterprise’ of exploitation–ironically in the legal field.

He also suggests stripping away tenure track positions. Hmmm maybe professors will be forced to teach with integrity and on merit not based on race, personality conflict or whether the student is the child of a local judge. Doubt the latter, but support the author’s recommendation. Here’s an excerpt:

Two factors have combined to produce this situation: the federal loan system and the American Bar Association-imposed accreditation standards for law schools. Both need to be reformed.

First, consider the loan system. For more than three decades, law schools have steadily increased tuition because large numbers of students have been willing and able to pay whatever price the schools demanded. Annual tuition at many law schools in just over a decade surpassed $30,000, then $40,000 and is now more than $50,000 at a few. The reason that students have been able to pay such astronomical sums is that the federal government guaranteed student loans from private lenders, and now it supplies the loans itself with virtually no limits.

To restore some economic rationality, the federal loan system needs to demand greater accountability from law schools: those with a high proportion of recent graduates in financial trouble should lose their eligibility to receive money from federal loans. (A similar requirement is currently applied to for-profit colleges.)

The full article can be found at:

How to Make Law School Affordable – NYTimes.com (05/31/2012)

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One Way to Afford Law School: Wait Near End of Life Expectancy

In the AARP’s May 2010 issue, the magazine

All Rights Reserved

 featured this profile: 

Law School Graduate Alice Thomas, 79, Raises the Bar – AARP Bulletin

Why do you ask was I reading AARP, just happened to see it in the library and take a gander anyway…This elderly woman worked most of her life, had a family, grandchildren and was a paralegal with a Bachelor’s Degree. Anyone in the legal field generally is aware that paralegals make more than most associates and staff attorneys over a longer period of time, without the student loan monkey swinging in front of your bank account each time you have to decide which bill will you pay to survive.

This is what she did, she lived her life, observed people, the legal industry and human nature. Although it took her most of her life she found a way to afford law school but in the meantime found happiness in her life until that goal would be feasible. We sure could’ve used a mentor like her. Anyway, this should be a great anvil landing in front of you with a note stating: “Law school is not affordable for most, while others are living their lives with families, homes, and real vacations, you are spending your exploration years wondering how you’ll prevent Sallie Mae from making you live under a rock, not afford retirement, while interest deteriorates the possibility of defeating this debt.”

“There seems to be a trend in the media to not even mention seniors or, if they do, portray us all as doddering old fools,” Thomas says with typical bluntness. “Part of my motivation to complete a legal education was to try and prove this is not necessarily true.”

She sure did, managing a way to live a long life and EVENTUALLY going to law school without any student loans. Alice Thomas, this old lady had life experience before attending law school, she knew the score; figured out the game.