Posts Tagged ‘university’

TIME Magazine Article: Just How Bad Off Are Law School Graduates?

{ April 6, 2013 @ 10:57 am } · { Debt, Economy, Imagery vs. Reality, Lack of Money, law graduate, Law School, Unemployment }
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I don’t think it is just the scam blogging I think the problem is so obvious that mainstream media has to address it:

TIME Magazine Article (03/11/2013): Just How Bad Off Are Law School Graduates?

The first thing I’ll note is that this piece focuses on recent graduates, when I say recent I refer to those who graduated in the past four years, primarily when the economic collapse occurred until now. This problem has been pervasive for decades and band-aiding it with non-profit centers while students have nearly mortgage-sized debt and no ability to pay or discharge the debt will not cure the law school malady. Here’s an excerpt:

And it gtimeets worse still. There are a surprising number of job postings for lawyers that offer no salary at all, including government law jobs. That raises the question — as one headline put it — “Would You Work as a Federal Prosecutor — For Free?

Being unemployed — or working at minimum wage — is rough in the best of circumstances. But it is especially crippling for students who get out of school with six-figure debts that are not dischargeable in bankruptcy. The average debt load for law school graduates is now over $100,000 — and at some schools, it tops $150,000.

My favorite part is: Prospective law students are already responding to the dismal job market. Applications to law school are expected to hit a 30-year low this year — down as much as 38% from 2010. Some law schools have responded by shrinking their class sizes, and there have been predictions that in the not-too-distant future some lower-ranked law schools might have to close entirely. (emphasis mine)

Keep it up!, with more  schools closings, more professors will lose their jobs or not make tenure and then the law school administrators and those who tortured us a purveyors of the industry in the name of intellectual pursuit will know how it feels on the other side. The message is beyond clear, it is translucent: Do not go to law school, it simply is not worth it (and stop being rude to those who did years ago, we were trying to make better lives for ourselves but apparently it was based on a lie).

Get the word out, don’t let your son, daughter, sister, brother become a victim of joblessness, insurmountable debt. Just tell them “say no” to law school–they’ll thank you in the long run.

College: Is is Worth It? A Recap of Katie Couric Show

{ April 2, 2013 @ 11:55 am } · { Uncategorized }
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A week or so ago, Katie Couric had a show entitled: “College Is it Worth It.” She had a panel discussion with 3 people: The young actress from Fresh Prince of Bel Air, a Columbia professor (black) and one white guy who said college wasn’t worth it.katie

I found this episode interesting on many fronts because–I usually do not watch her show and the people likely to promote education were Black. I find it sad that Blacks remain deluded into thinking that college provides upward mobility in this post 9/11, current global, automated grind we call a world economy. I sympathized with Tatyana? Ali’s view as she graduate from Harvard and people would take her seriously. Worthy that her’s was an exception after having relative success at a young age in the theatrical arts she could actually afford and would know about an IVY league school.

It has always been the history of corporate America that a white male can work his way up the corporate ladder by starting in the mailroom and making connections. If you are a person of color, you are expected to not only be in the mailroom but to stay there. So I was not surprised to hear his viewpoint. The guy actually was a recipient of some fellowship that will pay high school graduates $100,000 to NOT GO to college/university in order to promote innovation. Now that’s an opportunity most of us wish existed when we were making our decisions whether to attend university.

Later, she had Tina Fey and Paul Rudd promoting their movie in which the former plays an admissions counselor in college. Katie Couric asked Tina Fey what advice she would give those considering college. Her response, geez I don’t know, I graduated from UVA, where the price was more reasonable. I was able to live off of $600 a month and take improv class. She said the college experience helps develop you as a young person. Then she looked so befuddled at the current state of affairs and just said I don’t know I guess you guys have to pay back the student loans.

Lastly, the show asked recent undergraduate students to tweet their college debts. Mind you these people haven’t even began to matriculate in graduate or professional level university. I saw three tweets at a glance–they were all female and each one had over $100,000 in student loan debt. Mind you women in America still make only 70% of what their equally qualified and/or educated counterpart makes. This also does not include women of color who, I read months ago in Trans-global report about economic and job progress stated that Black women who earn higher education degrees (university and/or graduate level) still have a harder time gaining employment than black male counterparts. Presumably the latter can find work in construction or labor jobs which do not require college degrees.

College, is it worth it? With all of this information regarding worthless degrees, shrinking economy, interdependent global economy forcing nations to bail out other nations because of a pact while ignoring the tens of thousands of unemployed and underemployed people in their own borders, I think the answer is quite obvious.

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

{ June 23, 2010 @ 9:27 am } · { Debt, Imagery vs. Reality }
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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.

An Innovative Idea: High School and Higher Education

{ June 18, 2010 @ 10:26 am } · { Debt }
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In Georgia, colleges are paid to teach high-achieving high schoolers. [June 17, 2010: 

Ga. program lets high school students attend college full time  | ajc.com, Atlanta Journal Constitution]

 These minor academics must have and maintain rigorous grade point averages and are able to dual-matriculate between high school and college. The high school student does not pay tuition! The high school sends funds to the university that the student attends. So the high school students will go to college for the most part for free, graduate early,  have high grades and no student loans? What an idea! “The new program requires high school students to become full-time college students by taking at least 12 credit hours on campus, said Gary Mealer, a program specialist with the Georgia Department of Education.”

I wonder if this would’ve worked for undergraduate students. Earning undergraduate credits while matriculating at law school. Looking at the article’s model, the law school would still get paid, oh wait, law schools charge an exorbitant amount of money for law education and since there are rigorous criteria, likely the undergraduate institution would not be willing to shift funds to third and fourth tier law schools. So I guess law schools wouldn’t get paid. Never mind.

After reading the first portion of the article, this high school student had to mess up the hope the reader had for them: “”I know I want to go to law school, and this allows me to get an early start on my college education,” said Spencer Marion, 17. “High school just wasn’t interesting for me anymore. Why stay there when I had the chance to go to college?” Are you sure?, really, you guys are supposed to be the best and the brightest, I hope you find these blogs, most of your work will likely be for naught.