According to a study that was released on the chronicle website, students who graduated from commercial and for profit institutions were twice as likely to have a higher debt load when compared to their peers who graduated from a public institution. The percentage breakdown is as follows: 53% for profit; 24% private & non-profit and 12% public four-year institutions. Findings also suggested that ethnicity plays a role in how much debt you will have when graduating. According to the report that was released by the College Board Advocacy & Policy Center, through the chronicle.com website, your ethnicity can be a factor in this equation. Report findings reveal that the amount borrowed for education is also disproportionally higher amongst black students and these student are more likely to have attended private non and for profit schools.
Additionally, conclusions from this report also revealed about 25 percent of bachelor degree recipients during the 2007-2008 school year, also walked away with a $24,000 loan debt. I ask you, is this not an area of student retentions we should focus on? How are we educating our students in fiscal management? Perhaps this should be a topic that is covered in first-year seminar classes.
Earning your degree is quite an accomplishment, but does the degree teach students to be responsible in the real world? If not, what is the value of the degree?
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Debt is a something that seems to be with us when we go to school. I have seen wages for staff go up around 100 percent over the past 20 years and cost of college go up 400 percent from when I last attended college. Some debt with a degree is still better than dropping out with debt. This is the what I see to often when I see people working low wage jobs who have attended some college. Yes, teach them to mind thier money, but more important teach them to follw through.
ReplyDeleteBefore reading your posting, I have thought about offering financial management courses for undergraduate students. With great financial management skills, an individual will have the ability to manage his or her life better, no matter in school or after attending school. Just look people in general, I wonder how many percent of American are in debt. I think sometimes it has to do with the culture of materialism. One time, I had undergraduate students as my roommates. He had a large amount of student loans, but he couldn't resist buying fancy technology products and electronics. I know that people might different measurement about "need something" or "want something." But just to learn how to to identify them and not to purchase things that not are not necessary will probably help individuals begin a healthy financial situation.
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