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MikeQ
Member
I think he got it from his mother. He's really passionate about Bio Chemistry, gene editing, etc.. He got a research grant (as a sophomore) this summer to work on some CRISPR project. He won the regional science fair in high school by doing a gene edit to remove antibiotic resistance from E. coli. I really hope he's able to follow through on his plans. He's very focused and determined and that's 90% of the battle.
High School Summer Internship Program (HS-SIP) 2019 - Training Programs in the Biomedical Sciences - Office of Intramural Training & Education at the National Institutes of Health
summer internships at NIH for HS students.........
MikeQ
Member
My son's in a program this summer called iGem. International Genetically Engineered Machines competition. They're working on a CRISPR (gene editing) project for the competition.
EVNow
Well-Known Member
This is the main thing - when kids (like your son or ours) graduate without loans they will be years ahead of their poorer peers with a huge debt. This just perpetuates the class system.
MikeQ
Member
It doesn't perpetuate the class system if the right degree is sought and achieved. Debt isn't always evil. It can be used wisely. Unfortunately there's zero education that goes along with the loan and zero effort to make sure the loan is being put to good use.
And I don't feel guilty in the least that my son will be ahead. I started with nothing and put myself through college with the G.I. Bill and hard work. I made good choices and was able to also graduate without debt. I was 4 years behind where my peers in earnings because I joined the military first. However, I lived within or below my means. When we had children, my wife and saved instead of upgrading cars, houses, phones, etc... We made sacrifices all along the journey of our 31 year marriage so that we could provide a better life for ourselves and our children.
EVNow
Well-Known Member
Ofcourse it perpetuates the class system. The kids who don't take out the loan have no burden to repay unlike kids who do. Kids who do take a loan (compared to those who don't), do so purely because of the financial means of their parents.
Whatever you are writing about "right degree" etc applies for students from both poor & rich families. But only the poor pay the price.
MikeQ
Member
So you're saying a doctor with loans is going to live a worse life than a doctor without loans? Worse in what way? They'll have to drive a Lexus instead of a BWM?
Just got a bragging piece from MIT obviously pitched for donations. The 'toot' added to its financial aid fund multiple times enough to cover the recent increase in tuition. The cover letter from the prez pointed out they will cover all expenses, including medical, for any student in need who is granted admission. I'm sure the likes of Havahd and Princeton and Stanford do as well.
It depends. I don't know about doctors.
But many jobs that are "in demand" right now could get hit really bad in a turning economy. When the economy "turns", those who will have loans will be in a way worse situation than those without debt. If they're unable to pay for the loan, they might lose their savings, not be able to pay for emergencies, might lose their house etc.
MikeQ
Member
Harvard has a huge endowment of like $40bn. Instead of providing free college I wish they would build more schools.
MikeQ
Member
That's true of anyone. Most people carry a lot of debt. A huge portion of the U.S. is one paycheck away from disaster.
Brando
Active Member
As I remember it was Federal Employees who learned from inside the government how to avoid re-payment and/or knew how there wasn't any accountability changing addresses, return letters etc.... Also, banksters don't want to risk any losses so they got Feds to guarantee and politicians wanted to keep middle class happy so they wanted to make getting money for college easy. Anyway, all a mess.
Back to the old ways, (takes more than just money) you must qualify and then why won't the public & leaders WANT all the smart ones to get higher education? What US used to do and what most all other countries do.
Incidentally, just today I had lunch with a student who took Government 1 from me over thirty years ago. He has a new job as a lobbyist. One of his association's members is Tesla Inc. and he is visiting the Fremont factory Monday next. He promised to set up another date in May with a more leisurely time allotment. He remains a very steady political type and shares many concerns expressed here. I asked if many powerful people in his acquaintance agreed. He answered with a proposal he and friends are working on which I did not catch and would probably not share in any event. I don't want to blow his cover and complicate his good work.
I found out he received a no credit grade from a self-styled Marxist colleague whom I despise. (He would hold conversations on deep matters with a student parked in the entrance to the mailroom so he could attract more attention.) To complete the required course my former student bounced into my class taught by a closet democratic socialist teaching a thermodynamic analysis of politics.
I found out he received a no credit grade from a self-styled Marxist colleague whom I despise. (He would hold conversations on deep matters with a student parked in the entrance to the mailroom so he could attract more attention.) To complete the required course my former student bounced into my class taught by a closet democratic socialist teaching a thermodynamic analysis of politics.
Yes but those without student loans have still one less burden. All else equal, it is better if you have less to take off your paycheck. Especially as student loans can't be be declared bankruptcy on. You're stuck with them no matter what :/
People don't usually declare bankruptcy for medical related debt until they run out of all other options. Frequently people will pay their medical bills with a credit card and then find they can't pay the credit card down the line. All debts contribute to this problem, but medical expenses because they are usually sudden and large are what usually tip people over the edge. Most people who end up in bankruptcy due to medical costs also have a mortgage or a mortgage and a second that sucks up all their house equity and car loans too. But the issue with non-dischargability of student loans is a bit of a different problem.
Before 2005, student loans were dischargable in bankruptcy and the average student loan load was small compared to today. The people who have these non-dischargable loans are still fairly young and most are in good health. Few have faced large medical bills yet, but that will be coming as these people move into middle age.
I came across this article from Emory Law:
The Non-Dischargeability of Private Student Loans: A Looming Financial Crisis?
This makes the case better than I could. By barring the discharge of student loans in bankruptcy, it encouraged lending institutions to make larger and riskier loans. What it is creating is a backdoor indentured servitide business. Because the lenders knew people couldn't get out of the loans, they do not do the due diligence lenders have normally done to ensure the debtor can pay back the loan and they have, in many cases, loaned out more money than a person can pay back in a lifetime with no way out if life turns against them.
As a result we're going to have a generation in massive debt their entire lives. When they die, a fair number will have overhanging debts. Some of these will be discharged on death, but others will end up being passed on the heirs (loan terms vary). The middle class or this generation may end up leaving almost nothing to the next generation, instead the banks will take everything they made in this life.
Just another way this country is becoming a kleptocracy.
It costs a hell of a lot more than it used to. You have not run the numbers lately, have you?
State funding for state colleges has been *trashed* over the last 40 years. It used to be pretty easy to work your way through state college... now it's VERY VERY HARD.
It was a lot easier for you, with substantial government support, than it is for anyone today. The government support you got has largely been removed.
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