Suckered: How Colleges Suck in Students on College Loans
The old line, “never ask a barber if you need a haircut,” needs an update: “Never ask a college career counselor if it’s wise to take out a loan.” Their answer in both cases is “yes.”
One student borrowed $150,000. His excuse: “I did not fully understand the extent of what I was getting myself into,” one former student, who took out $150,000 in loans, told the researchers. “All I knew was in order to pay tuition, I would need to take out private and federal loans. I was also repeatedly told by several people that I would easily be able to pay off the amount, even though it seemed pretty steep. When I graduated and fully did the math, I knew I was in trouble.”
I would call this student a victim of a poor high school education. I would also call him a victim of the college. “According to the survey, 80 percent of borrowers either learned about their loan options from a college counselor or website. These schools are already providing information. They may just need to provide better information.” On the contrary, they are providing excellent education: for the college.
Parents say nothing., High school counselors say nothing. College counselors offer help: lots of debt to pay high tuition to the college.
The students should look out for themselves, but they don’t.
“Gee, why didn’t someone tell me?” Because they refused to ask.
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Published on September 17, 2012. The original is here.