Posts Tagged ‘The New York Times’

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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Law Professor and Former Dean Writes Book Exposing the Law School Scam

This article The Bad News Law Schools – NYTimes.com (2/20/2012) describes what a former law school dean but still law professor has to say regarding law schools failings and the American Bar Association’s complicity in the legal industry crisis:

In fact, that news was itself not so new. Uneasiness about the state of legal education has been around for some time, but in the wake of the financial meltdown of 2008, uneasiness ripened into a conviction that something was terribly wrong as law school applications declined, thousands of lawyers lost their jobs, employers complained that law school graduates had not been trained to practice law, and law school graduates complained that they had been led into debt by false promises of employment and high salaries. And while all this was happening, law schools continued to raise tuition, take in more and more students, and construct elaborate new facilities.

Well, I think this sums it up.