Add this Page to Facebook!   Submit to Twitter   Submit to Reddit   Submit to Stumble Upon   Pin It!   Fark It!   Tell A Friend  
Printer Friendly Page Save As Favorite Save As Favorite View Article Stats
2 comments

OpEdNews Op Eds

Permanent Debt Bondage from America's Student Loan Racket

By (about the author)     Permalink       (Page 1 of 4 pages)
Related Topic(s): ; ; ; ; ; ; ; ; , Add Tags Add to My Group(s)

Must Read 3   Valuable 3   Well Said 1  
View Ratings | Rate It

Headlined to H3 1/6/11

Become a Fan
  (191 fans)

opednews.com

Permanent Debt Bondage from America's Student Loan Racket - by Stephen Lendman

An earlier article compared the 1950s to today, saying:

It was a different time, good and bad. Elected in 1952, Eisenhower was still president. Unemployment was low. Anyone wanting work found it. Most years the economy grew during a post-WW II expansion. Inflation was low. The average new car cost $1,500, a typical home under $10,000. College was affordable. Harvard's 1952 full year tuition was $600. Four years later it was $1,000 - for a full, two-semester year. During the period, anyone could attend evenings at $5 a course and get a Harvard degree for about $175, astonishing but true.

America was unchallenged economically, its manufacturing base offering high paying/good benefits jobs. Union representation was high. Southern and northern US cities were segregated. They still are, all 1960s civil rights gains lost plus most good jobs and benefits. Alaska and Hawaii additions grew America to 50 states.

The Korean War left an unsettled armistice. Cold War politics settled in. Developing "mutually assured destruction (MAD)" and accommodation prevented WW III. Censure ruined Joe McCarthy, and by May 1957 he was dead at age 48. The CIA's first coup deposed Iran's Mohammad Mosaddegh. A generation of terror followed. A year later, another toppled Guatemala's Jacobo Arbenz Guzman, fueling decades of genocide against its indigenous peoples. 

Throughout the decade, few followed Vietnam events, its defeat of France, and America's growing involvement in what became three decades of war. Palestinian Territories weren't occupied, and during the period Israel was young, growing, but mostly out of the news and public mind. Times indeed changed, for the worse, not better, including college tuition costs.

Harvard tuition for the 2010/2011 academic year is $35,568. Add room, board, health insurance fees, books and supplies, local transportation (if needed), plus miscellaneous and personal expenses raises the total to nearly $60,000. Moreover, with annual tuition/fees hikes, incoming freshmen may need $70,000 for senior year expenses. 

According to an October 28 Los Angeles Times article titled, "College costs increase faster than inflation:"

"State budget cuts and declines in philanthropy and endowments help push (college tuition costs) up much higher than general inflation across the country this year, amounting to an increase of 7.9% at public campuses and 4.5% at private ones, according to a new study by the nonprofit College Board."

In fact, some schools, like the University of California, raised fees by 32%, then announced a further 8% hike. The University of Illinois announced a 9.5% increase. Other public and private schools followed suit, some by over 10% when fewer students can pay it. The College Board said for the decade ending in 2008, tuitions rose 54% after 49% in the previous decade.

Student Loans/Debt Information

The Project Student Debt web site (http://www.projectonstudentdebt.org/) has a wealth of information on student loans and debt. Using US Department of Education data for the 2007/08 academic year (the most recent available), it said two-thirds (or 1.4 million) of 2008 college graduates had student loan debt, a 27% increase from 2004, breaking down as follows:

-- at public universities, it was 62%;

-- for private nonprofit ones, 72%; and

-- at private for-profit institutions, 96% were debt entrapped.

In 2008, graduating seniors had an average debt burden of $23,200, a 24% increase from $18,650 in 2004. At public universities, it was $20,200. For private nonprofit ones, $27,650, and at private for-profit universities, $33,050. 

Next Page  1  |  2  |  3  |  4

 

I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.
Add this Page to Facebook!   Submit to Twitter   Submit to Reddit   Submit to Stumble Upon   Pin It!   Fark It!   Tell A Friend
The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact Author Contact Editor View Authors' Articles

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

The McCain-Lieberman Police State Act

Daniel Estulin's "True Story of the Bilderberg Group" and What They May Be Planning Now

Continuity of Government: Coup d'Etat Authority in America

America Facing Depression and Bankruptcy

Lies, Damn Lies and the Murdoch Empire

Mandatory Swine Flu Vaccine Alert

Comments

The time limit for entering new comments on this article has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

Comments: Expand   Shrink   Hide  
2 people are discussing this page, with 2 comments
To view all comments:
Expand Comments
(Or you can set your preferences to show all comments, always)

You have to pay their high fees and incredible int... by Odyseus_97 on Thursday, Jan 6, 2011 at 10:13:44 AM
in order to pay student loans for degrees for whic... by Mark Adams JD/MBA on Saturday, Jan 8, 2011 at 3:39:12 PM