The sting of high tu­ition hit him sev­eral years back when a grand­son en­rolled at the Uni­ver­sity of Mi­ami, which cur­rently charges $75,230 a year for tu­ition and room and board. That is a far cry from the $175 a se­mester Mr. Lord re­calls pay­ing for his own ed­u­ca­tion at Penn State Uni­ver­sity in the 1960s. He has also paid for the ed­u­ca­tion of three other grand­chil­dren, to at­tend Vil­lanova Uni­ver­sity, Uni­ver­sity of Mi­ami and David­son Col­lege. The bills have ap­proached $200,000 a head.

“It’s crim­i­nal,” he said of what schools are charg­ing these days. He has gained sym­pa­thy for fam­i­lies of lesser means. “Boy, am I sure glad we saved for my grand­kids. If the av­er­age in­come is $40,000 or $50,000 or $60,000, I just don’t know how you do it.”

….

The irony is that for many years Sal­lie Mae was the gov­ern­ment’s part­ner, and Mr. Lord’s busi­ness model—an un­usual blend of cap­i­tal­ist fi­nance and gov­ern-ment sub­si­dies—de­pended on those tu­ition in­creases. Mr. Lord ac­knowl-edges that many of the uni­ver­si­ties that charged high tu­ition were also ef­fec­tively part of Sal­lie Mae’s sales force. And few prof­ited so hand­somely from the tu­ition in­creases Lord now re­sents. At Sal­lie Mae’s zenith, he said, his stock hold­ings were worth more than $300 mil­lion.

These boomers deserve a special place in hell

(http://www.autoadmit.com/thread.php?thread_id=4884310&forum_id=2#42831287)

I: poast

(http://www.autoadmit.com/thread.php?thread_id=4884310&forum_id=2#42831614)

Al Lord would have to drop $300k on 100 grandchildren to come within striking distance of the sacrifice that my parents made.

(http://www.autoadmit.com/thread.php?thread_id=4884310&forum_id=2#42836617)

to marco rubio toyota

(http://www.autoadmit.com/thread.php?thread_id=4884310&forum_id=2#42832231)

The schools are the ones setting the rates and taking the fucking principal. They're the fucking scammers.

(http://www.autoadmit.com/thread.php?thread_id=4884310&forum_id=2#42832253)

I graduated with zero loans because my parents were rich, but when I think about how much more in inheritance I would have if tuition cost what it should, it irks me.

(http://www.autoadmit.com/thread.php?thread_id=4884310&forum_id=2#42832267)

Sallie Mae gets the interest on the loans. The servicer, Navient, gets the servicing fees. The schools get cash money up front.

(http://www.autoadmit.com/thread.php?thread_id=4884310&forum_id=2#42834020)

lol yes, very unusual

(http://www.autoadmit.com/thread.php?thread_id=4884310&forum_id=2#42833087)

It's merely a means to signal that you have more money than hoi polloi, that's 100% it. So really, the higher the price the more it serves its essential function.

And as libs cram every tard into college, there will be MOAR incentive to pay MOAR for a more exclusive signal.

No one, even millennials who bitch about their loans non-stop, wants to be grouped with the unwashed. So until there is an alternative means to signal your separation, the college scam will continue. And honestly, because the separation is really only effectuated through conspicuous spending, any alternative will be unaffordable as well.

High tuition isnt a bug of "college", it is its only feature.

(http://www.autoadmit.com/thread.php?thread_id=4884310&forum_id=2#46180973)

What? That's how our entire economy works.

(http://www.autoadmit.com/thread.php?thread_id=4884310&forum_id=2#46600475)