About TIME!

[Dr Mordrid]

Hat's off to 'em....

Davidson is in Davidson, North Carolina

Davidson College aid policy....

Davidson’s New Financial Aid Policy Eliminates Student Loan Debt

In an effort to make a Davidson education affordable for all students, the Board of Trustees has approved a new policy that will eliminate loans from financial aid packages. Beginning in August, Davidson students will have their demonstrated financial need funded entirely through grants and student employment, and can graduate debt-free.

“We believe this new policy is the necessary response to the financial situation facing many applicants and their families,” said President Robert F. Vagt, “and we know it is consistent with a core value of the college. A Davidson education should be affordable for all students, regardless of means. With the support of the college family, we are confident this bold initiative will make a significant difference for our students, our institution, and our community.”

Davidson is the first national liberal arts college, and only one of a couple of institutions of higher education nationwide, to eliminate student loan debt. Students across the country currently borrow $53.8 billion per year to cover college costs.
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[az]

Our system is, of course, more complicated, but we also get grants and loans (depending on parental and own income).

[cjolley]

I sure hope this works/takes hold.

It is amazing how universities in the US have transformed into "future income extraction machines" over the last twenty years.

Same thing has happened to old age care facilities. They've become incredibly efficient wealth extractors. Care is like a sideline for them now.

[schmosef]

I had about a $20K student loan debt when I left university.

I ended up opting to use the slowest repayment terms that were offered to me.

Funny thing is that out of the $20K I ended up paying back only about $10K. Every few months I would get a letter saying that some part of the loan was automatically forgiven under some new government policy, etc. I just made the payments and didn't complain. One day the remaining balance was so low I just paid it off and that was that.

I think that this is a great idea though. I think that all education should be free with entrance requirements based only on merit.

[Dr Mordrid]

I think that this is a great idea though. I think that all education should be free with entrance requirements based only on merit.

Michigan just passed a petition referendum on this at the last election.

The situation had devolved to the point where C and D students were being admitted over A and B students based on whatever non-academic status the admissions board could pull out of their arses. Some were just silly.

Suits over these preferences went all the way to the US Supreme Court, and won. Even so the admission boards tweaked them around the edges trying to keep the preferences in force.

Of course this resulted in a high percentage of dropouts among those admitted in this manner and disenfranchised qualified students, bringing on the petition drive to remove such preferences from admissions.

Enter the voters. Michigan can pass new laws based on petition drives and voter approval of the resulting referendum. Handy

You should have hears the 'NO' ads during the campaign and squealing when it passed by a large margin

[gt40]

I had about a $20K student loan debt when I left university.

I ended up opting to use the slowest repayment terms that were offered to me.

Funny thing is that out of the $20K I ended up paying back only about $10K. Every few months I would get a letter saying that some part of the loan was automatically forgiven under some new government policy, etc. I just made the payments and didn't complain. One day the remaining balance was so low I just paid it off and that was that.

I think that this is a great idea though. I think that all education should be free with entrance requirements based only on merit.

Dammit, I paid back the full amount

[Technoid]

In Sweden we also have a system of grants and loans.

Unfortunately the institution regulating this has been allowed to develop into a draconian loan shark.

My mother was paying off her debt to them around $16K when they (CSN) Suddenly demanded all of it back immediately.
Why? well, my sister is autistic, and since she was over 15 she received a pension and since she had no bank account of her own (there had been children accounts but they had at the time been banned by the Swedish IRS because they felt it could be used by the parents to avoid tax ) the money went into my parents account (yes they share one account, to most peoples astonishment) in my mothers name.
Since this was before the "everything is computerized" opening an account for my sister and having the payments going there was a royal PITA (made even worse because of my sisters predicament).
At the time my mother asked CSN about it and the person she talked to said that since it was my sisters pension it was not considered an income for my mother.
Well then they changed their minds cause even tho the CSN have rules, they have a system of guidelines that according to them is prioritized and up to review by every local branch! (the guidelines changes are also retroactive )
Now you might wonder if there are anyone ruling over them to keep em from going wonky, yeah CSN them self, they have their own kangaroo court
So in the end My parents ended up having to take another mortgage on their house.


A friend of mine has battled CSN in the courts the last 2 (or 3) years over their guidelines .
He won the last 2 instances, CSN just takes it up another rung

[Marshmallowman]

The entire system we had in Oz circa 1985, was free of tuition fees etc if you could pass the necessary entrance exams.etc. and the government gave you a living allowance(well below the unemployemnet benefit though)

Now we are getting close to 100k degrees(tuition fees alone), and students are being forced to get private loans on top of that to just subsist.

I went hungry a few times doing mine, but given the system we have now there is no way I would even try now.

Now if you have $$ and are a moron you can get a degree, the physics department has disappered(though you will see the solar tech they developed in comerical use), and we now have $%#$$ Law department that takes a 1/4 of the campus(did not exist when I was there). Yeah like we need any more ^%^%$# lawyers.

Congrats Davidson though, that is a definite step forward