On Student Loans

Quora: from “Jayson Manning · Studied The Human Race and Condition”

From this post.

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What isn’t a crime but should be?


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Our Compassionate Progressive Leadership aren’t compassionate in the slightest.

  • Never pay full price for your higher education: CLEP out as much as you can.
    • Parents especially should understand this.
  • Even better: if you have the chops, start your own business as soon as you can, pre- or post-college.

The Truth: In One Ear, Out the Other

From Gary North, You Can Get an $11,000 College Degree (no paywall)

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I had reported on this in a 2007 video.

As I knew in 2007, and as I knew in 2011, none of this information would shape the plans of parents. They are determined to abide by peer pressure — their peers and the peers of their children. This argument proves irresistible “But Dad, all the dads are doing it. All of them are depleting their retirement accounts in order to send their kids to college, where 42% of them will never graduate.” (To get this “high” a rate takes students six years — 50% longer than the parents think at the beginning.)

None of this registers. To argue that the students can and should finance their college educations is preaching to a choir of deaf mutes.

“Dr. North, you seem to be saying that I should not pay to send my child to college.”

“It seems that way because I am.”

“But she wants to go to college.”

“Good for her. That shows spunk. That shows dedication. Ask her to pay for it.”

“But she wants me to pay for it.”

“This does not surprise me.”

“She is considering the University of High Popalorum and the University of Low Popahirum. Which should it be, Dr. North?”

“Perhaps this will help. Dr. H. P. Long once argued before the U.S. Supreme Court. The Chief Justice — who had served as President — said he was the most effective lawyer he had ever seen. Long always got right to the point.”

“College is all about these things: (1) formal certification — controlling supply, (2) collecting tuition from parents, (3) assigning dumbed-down textbooks, and (4) parties. It is far better for a student to pay $5,000 a year for the final two years in an accredited distance learning college program, get into an internship at age 18 to pay CLEP costs plus tuition, and mastering reading lists produced by specialists in the field.”

“But she wants to have four years of fun. What you’re describing isn’t fun.”

“Having gained mastery of something important is fun. But gaining it can be tough. Also, you are entitled to some fun. Saving $50,000 to $250,000 of after-tax money really is fun. Trust me on this.”

For advice on suitable low-cost distance-learning programs, use the forum here.

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You probably can’t get into the forum.

But you can read the whole article…

…and act on it.


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