40-Year Home Mortgages, 9-Year Car Loans, and 25-Year Student-Loans

Interest rates, as the tv hucksters constantly remind us, are near historic lows. So now is an excellent time to refinance your mortgage–maybe take out some equity to upgrade the bathrooms, take a little vacation, or purchase a home entertainment center. Or maybe it’s time to buy a new vehicle–perhaps a premium class crew-cab pickup, … Read more

The Ivy League’s Biggest Scam: Expensive Graduate Degrees That Don’t Pay Off

If you are thinking about enrolling in a pricey Ivy League graduate program, read a recent Wall Street Journal article titled “Financially Hobbled for Life’: The Elite Master’s Degrees That Don’t Pay Off.” Reporters Melissa Korn and Andrea Fuller report on a WSJ analysis of student debt owed by people who graduated from prestigious schools … Read more

“Don’t Just Retire. Retire Well” But Millions Drowning in Student-Loan Debt

Almost every day, I see a television ad for an investment firm that targets retirees. “Don’t just retire,” the tv spokesperson says. “Retire well.” Of course, everyone wants to retire well. For most of us, that means retiring with our debts paid and enough income to cover our bills and travel occasionally. But many Americans … Read more

Want Fries With That Burger? Don’t go to a college that doesn’t at least teach you time-management skills

Time

Looking back over half a century on my college years, I remember absolutely nothing about the courses I took–130 vacuous credit hours. I can’t say it was my college’s fault. I had no clear idea about what I wanted to do for a living. I changed majors twice and took courses almost at random. I … Read more

With less than 100 students, Judson College will file for bankruptcy and close

Judson College, a Baptist school for women, announced that it will close its doors in July and file for bankruptcy. Only 12 new students enrolled at Judson for the 2021 fall semester, and only 80 current students committed to returning in the fall. As a Baptist news story commented, “Operating a college for fewer than … Read more

Bankruptcy Judge – “This Student Loan Case Fits the Definition of Insanity”

In Goodvin v. Educational Credit Management Corporation, Judge Dale Somers, a Kansas bankruptcy judge, began his opinion with these words: “This student loan case fits the definition of insanity.” Judge Somers went on to chronicle the story of Jeffrey Goodvin. Mr. Goodvin attended Wichita State University for four years (1982-1986) but did not obtain a … Read more

Sweet v. DeVos: Judge Calls Education Department’s Borrow-Defense Process “Kafkaesque”

In 2019, a group of student-loan debtors filed a lawsuit against the U.S. Department of Education and Education Secretary Betsy DeVos. Claiming to represent more than 100,000 student-loan borrowers, the plaintiffs accused DOE of issuing “blanket refusal[s]” when students tried to have their student loans forgiven based on claims they had been defrauded by the … Read more

Small, Private Colleges are Sliding Toward Oblivion

As reported in Inside Higher Ed, Becker College is on the brink of closure. Located in Worchester, Massachusetts (no garden spot), Becker’s enrollments have drifted downward in recent years, and it now enrolls only about 1,500 students. The Massachusetts Department of Higher Education says the school’s financial situation is uncertain, and Becker and the Department … Read more