State pulls out of federal student lo...

State pulls out of federal student loan program

There are 20 comments on the WOOD-TV Grand Rapids and Michigan story from Apr 24, 2008, titled State pulls out of federal student loan program. In it, WOOD-TV Grand Rapids and Michigan reports that:

State government has temporarily pulled out of a federal student loan program because of the credit crunch, ending some benefits for the tens of thousands of students who use the program.

Join the discussion below, or Read more at WOOD-TV Grand Rapids and Michigan.

Concerned Parent

Mount Pleasant, MI

#1 Apr 24, 2008
Once again the student takes a hit. Jobs are almost impossible to find without a college education, therefore we send our children to college. The majority of us do not have the funds to pay for college so we rely on financial aid. As it is, the only help my child receives is a Federal Loan for $2750.00 per semester. My husband and I don't make alot of money and have no way to meet the "expected family contribution" that FAFSA lists. To cover the remaining cost my child must take out private loans. When all is said and done my child will start out with student loan debt, including federal loans, of $50,000.00 or more and that is just for a 4 year degree.

Will the end justify the means? Will my child actually get a job that will allow them to pay off this debt and be able to support themselves and eventually a family?

What a frightening situation for our children to be in.

Since: Apr 08

Grand Rapids, MI

#2 Apr 24, 2008
I understand where you're coming from. I'm a senior at Davenport and will be graduating next year with my Bachelor's degree in Marketing. I have to pay my own way and loans are what I mostly depend on to pay for tuition and books. The job market is terrible at the moment and I'm so afraid that I won't be able to find work when I get out of school. How can I pay off $70,000 in loans without a job?
Dwight

Cincinnati, OH

#3 Apr 24, 2008
MandyPeach wrote:
How can I pay off $70,000 in loans without a job?
How have you incurred $70,000 in debt going to Davenport?
Carrie

Jenison, MI

#4 Apr 24, 2008
Dwight wrote:
<quoted text>
How have you incurred $70,000 in debt going to Davenport?
I think some kids take out loans to live on not just for education. The schools need to limit loans to only the cost of tuition and books and maybe housing and encourage the kids to get a job to pay for other expenses.
Concerned Parent

Mount Pleasant, MI

#5 Apr 24, 2008
Carrie wrote:
<quoted text>
I think some kids take out loans to live on not just for education. The schools need to limit loans to only the cost of tuition and books and maybe housing and encourage the kids to get a job to pay for other expenses.
Carrie, Do you have any idea of the pressure there is in attending college full time? Trying to work a job that will provide your housing, food and daily needs as well as trying to attend all classes, get homework completed and get enough sleep. It would be quite difficult and your grades would suffer immensely. Without good grades on your transcript you can kiss a decent paying job goodbye.

Most student loans are specified for tuition, books, room and board.
Student loan victims

Ann Arbor, MI

#6 Apr 24, 2008
We are told that we need a higher education to get a good job. But for most of us, the cost of the education exceeds our means. So that means borrowing, in the HOPES that we will be able to earn enough when we get done, to pay off the loan. Yet the job market is scarse. That means potential defaulting on the loan which then ruins the students life.
We also have schools that sell nothing but dreams. For over 2 decades the student loan industry has been in trouble. Now it's comming to a big loud sounding crash. I am glad.
Some schools were involved in student loan farming. That is to get students to sign up and obtain student loans, that the school would benifit from. This is in the US congressional record. A number of the private proprietory schools are sued on a regular basis.
We need higher education reform. The original Higher education law was intended to help people get a boost in life. It was never intended to be a way for businesses to be a money making scheme, which resultes in parasiting off of the people who were just getting started in life.
As the default rates start to clibe again, like they did in the late 1980's maybe congress will finally fix the problem and this time do it right.
Then again, if I look at their current success history, I see I have a better chance at winning the states maga lottery.
http://voptsslf.blogspot.com/

“Have a nice day!”

Since: Apr 08

Location hidden

#7 Apr 24, 2008
I am not convinced that college is necessary. I won't push my kids into it. My daughter had one year at Grand Valley and hated it. She works in the hotel industry and is going to cosmetology school. She works in a luxury hotel so she has benefits(for now!) Try to find jobs where the needs are, food, haircuts, morticians, daycare, etc.
Carrie

Jenison, MI

#8 Apr 24, 2008
Concerned Parent wrote:
<quoted text>
Carrie, Do you have any idea of the pressure there is in attending college full time? Trying to work a job that will provide your housing, food and daily needs as well as trying to attend all classes, get homework completed and get enough sleep. It would be quite difficult and your grades would suffer immensely. Without good grades on your transcript you can kiss a decent paying job goodbye.
Most student loans are specified for tuition, books, room and board.
Yes, I have a Bachelor's Degree from Davenport University. About 1/2 of the time in college, I was a full time student, with a part time job. Then, I switched to a full time job. It was difficult, but I made it through in 5 years instead of 4, and with a $10,000 debt instead of a $80,000 debt.
Paul Lee

United States

#9 Apr 24, 2008
With all the comments Gov. Jennifer Granholm makes about getting Michigan educated because of the lose of jobs, this makes it more difficult to get the education she refers too.

The state government has to stop saying one thing and doing something else.
CU at DU

Grand Rapids, MI

#10 Apr 24, 2008
MandyPeach wrote:
I understand where you're coming from. I'm a senior at Davenport and will be graduating next year with my Bachelor's degree in Marketing. I have to pay my own way and loans are what I mostly depend on to pay for tuition and books. The job market is terrible at the moment and I'm so afraid that I won't be able to find work when I get out of school. How can I pay off $70,000 in loans without a job?
Please visit your DU Employment Services department. Professionals are waiting to place you into many part-time or full-time positions even BEFORE you graduate.

“Have a nice day!”

Since: Apr 08

Location hidden

#11 Apr 24, 2008
I should add that of course college is necessary for some occupations. The medical field is always good.
Concerned Parent

Manistee, MI

#12 Apr 24, 2008
Carrie wrote:
<quoted text>
Yes, I have a Bachelor's Degree from Davenport University. About 1/2 of the time in college, I was a full time student, with a part time job. Then, I switched to a full time job. It was difficult, but I made it through in 5 years instead of 4, and with a $10,000 debt instead of a $80,000 debt.
I am glad you were able to make it work for you. If you don't mind my asking, what kind of job have you been able to get now that you have graduated? Has the college degree helped?
Carrie

Jenison, MI

#13 Apr 24, 2008
Concerned Parent wrote:
<quoted text>
I am glad you were able to make it work for you. If you don't mind my asking, what kind of job have you been able to get now that you have graduated? Has the college degree helped?
*My college degree has helped me to be much more productive and confident at work. I really know what I am doing compared to others who just fly by the seat of their pants and often end up fired because they aren't as qualified as they should have been.
*As a parent, I would recommend encouraging your adult child to work part-time through college, preferrably in a field related to what he/she wants full time upon graduating. This enables them to gain valuable on the job experience and allows them to make sure what they are working toward is really what they want. In no way would I ever just fork over the money for a child, even my own. They will work for their education, or take out loans of their own. An alternative would be to only pay for college after classes are successfully passed.
*My husband and I are nearing the point of deciding what we will do with our own daughter who is starting high school next year. I think it was tremendously helpful to me to work for my education. It made me take it more seriously and I wasn't left with a huge debt. As it is, even with my small $10,000 debt, is was very difficult to pay off just starting out, with a mortgage, living expenses, etc. I can't even imagine having to pay off a $80,000+ college debt.
dog

Sterling Heights, MI

#14 Apr 24, 2008
Anybody can hold and job and go to school and have a social life. Thousands of people do it.
Kevin

Redmond, WA

#15 Apr 25, 2008
The student loan program is a racket. Promised interest rates when you get into it. Then your loan is sold to the highest bidder. Your interest rate sky rockets. We definitly need to have sallie mae, and other loan programs reformatted. These programs are ruining peoples credit.
Concerned Parent

Mount Pleasant, MI

#16 Apr 25, 2008
My child has worked part-time jobs and for the last 3 semesters has been working internships with little or no pay which has been great for experience but doesn't help pay the bills.
This also doesn't leave much time for other part time jobs which of course pay minimum wage and aren't a whole lot of help either.

Since: Apr 08

Saint Charles, IL

#17 Apr 28, 2008
Carrie wrote:
<quoted text>
Yes, I have a Bachelor's Degree from Davenport University. About 1/2 of the time in college, I was a full time student, with a part time job. Then, I switched to a full time job. It was difficult, but I made it through in 5 years instead of 4, and with a $10,000 debt instead of a $80,000 debt.
Wow, good for you. You must have been living with your parents still or married. I happen to live by myself and can't support myself by only working part time. I actually worked full time the first 3 years of school and still didn't have money left to put towards my tuition. I did pay for my books during that time to try to keep my loans down. I will be graduating after being in college for six years and still have incurred a ton of debt.
ladydragonfly

Port Huron, MI

#18 Apr 28, 2008
mama knows wrote:
I am not convinced that college is necessary. I won't push my kids into it. My daughter had one year at Grand Valley and hated it. She works in the hotel industry and is going to cosmetology school. She works in a luxury hotel so she has benefits(for now!) Try to find jobs where the needs are, food, haircuts, morticians, daycare, etc.
I agree with you. And even if these kids do want a higher education it is possible to get almost every degree through an on-line program at home which cuts down a lot of the cost lets you schedule around a job. I won't be pushing my kids into it either.
Carrie

United States

#19 Apr 29, 2008
MandyPeach wrote:
<quoted text>
Wow, good for you. You must have been living with your parents still or married. I happen to live by myself and can't support myself by only working part time. I actually worked full time the first 3 years of school and still didn't have money left to put towards my tuition. I did pay for my books during that time to try to keep my loans down. I will be graduating after being in college for six years and still have incurred a ton of debt.
I cut out all non essentials--car, cable, new clothes, etc.
Matt

Fargo, ND

#20 May 6, 2008
No businesses these days take anyone from those hack online programs like University of Phoenix. Most people in the real world would laugh at you if you had one. Go to college, get a DECENT education. That's the only way to get ahead of everyone else.

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