An idea I had concerning Student Loans
On Tuesday, August 27, 2019 at 2:13:33 PM UTC-4, dpb wrote:
On 8/27/2019 12:59 PM, Bill wrote:
trader_4 wrote:
IMO, for many of these kids today, they would be better off starting a
small business.
I was pretty surprised to see an HVAC-related school on the list of
schools with the highest default rates (in the article that was shared
in an earlier). I supposed that a degree in HVAC set one up pretty well..
...
I didn't see the particular article, but likely that is one of the scam
outfits that does exist solely for the federal loan provided tuition and
doesn't do a lick of good in actually teaching the trade so most are
unqualified when they finish.
The HVAC program at the local CC does quite well by the student--there
are employers waiting for everybody we graduate -- but we don't graduate
them unless they qualify to do so.
--
Also does the fact that graduates of a trade school are defaulting really mean that they are failing financially due to being unemoyable or are many defaults because they spend too much money on things that they can do without and bankruptcy has become more normal and acceptable?
I have a friend who didn't go to college, worked jobs ranging from supermarket warehouse to inside sales. Late 40s he got the idea to go to trade school to become a networking tech. It took a couple of months and $12k. He asked me what I thought. I didn't tell him not to do it, but I told him it probably wouldn't be easy to find a job, with a lot of competition from 20 year olds. He went ahead and did it. When he was done, he went on a few interviews and found out that he was competing against those 20 year olds and starting pay wasn't even $20k,half what he was used to making. The fact that he was obese certainly did not help. So, he gave up. IMO, that was predictable. A hiring manager figures that a 20 year old living at home will be happy with 20k,enthusiastic, they can give raises, he will likely stick around for a while. The guy pushing 50, used to making twice that, they figure he's not going to be happy and will take another better paying job, when he finds one. Maybe he could have found a job if he kept trying, but he called it quits after just a few interviews. It gets tough at that age to find a good job even when not trying to switch careers.
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