An 'F' for college loan guidelines

  • Article by: JIM SPENCER , Star Tribune
  • Updated: July 2, 2012 - 9:12 PM

Federal judge said U.S. standards for students' repayment rate on loans for education at for-profit schools "arbitrary and capricious."

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reggiedamanJul. 2, 12 5:43 PM

One day, one night, anytime is alright... That commercial makes me cringe. To claim you can be a full time student by taking 1 class a week or on just an evening a week is so that these people can qualify for government loans and grants. Of course, who allowed this to happen? Government. Do not blame the schools for taking advantage of the programs created by the politicians we elected.

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allhailfsmJul. 2, 12 6:32 PM

"Government" did NOT allow private colleges to take advantage of the student loan program! The GOP, promoting a privatized, "public/private" partnership did that. "Government" is trying to protect the taxpayers from the irresponsible private colleges.

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sharkysharkJul. 2, 12 6:35 PM

Offering student loans for low-paying or unmarketable fields of study is wrong as well. How many Art History degrees can the World employ?

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chuzeusJul. 2, 12 7:22 PM

For profit colleges will always be a rip-off! I know so many folks that have ended up with useless degrees.

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viper55337Jul. 2, 1210:03 PM

The real shame is that these rules ONLY apply to for-profit schools and not ALL schools. How many of our higher ed. institutions would fail some of these rules? It's a shame that someone can pay 50k a year at Hamline for the English degree and not be subject to gainful employment rules but the person who wants to post-secondary experience at schools like Rasmussen or Capella are subject to those rules. I work in Higher Ed at a non-profit school, and it's unbelievable to me that the Ivory Tower of higher ed won't scrutinize the 50k+ per year schools more. But it's not Hamline or St. Thomas that are trying to turn a profit though right?

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pompensteinJul. 2, 1210:38 PM

These schools have to go. At least the non-profits offer grants, scholarships, and quality education. These for-profit schools are an absolute scam, and feed off the woefully ignorant. Most skills obtained at these schools can be learned on the job, and the courses are drastically overpriced. If the Repubs are so concerned about government spending, they should directly attack the federal funds that go towards these awful schools and this pack of con-artist. Whoops! I forgot, the University of Phoenix, the king of for-profit schools, was founded in a Red State. It's never wrong if profit is being made.

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thisisinsaneJul. 2, 1211:49 PM

viper - interesting post, but in trying to see where you're coming from, I'm curious as to whether you work at a private college (Hamline, Malcaster, St. T and the like) or a state school like St. Cloud State or the UM Duluth.? If a kid can get enough merit scholarships at the pricey private school, such that it would cost the same (or less even) as a state school, would you feel the same?

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mcjoe1Jul. 3, 12 2:33 AM

sharkyshark: "How many Art History degrees can the World employ?" ---- I'm pretty sure students graduating with a BFA in Art History have a much better experience at gaining employment than most students graduating from the for-profit schools.

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howlinjagsJul. 3, 12 3:02 AM

You make the colleges have some skin in the game for loan re-payment and this problem goes away. There are many good private schools that would make no difference to. It's the rinky-dink ones that prey on students. You make their student eligibility dependent on getting jobs and repaying loans and they will make it happen or go out of business. You put them on the hook for 10% of the unpaid student loans and that will close the rest of the gap.

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