Student Loan Debtors Are Often College Dropouts

We've been covering the issue of exploding student loan debt, which now exceeds $1 trillion. (Yes, that's $1 trillion.) About 1/4 of all student loan debtors are in default. And now, the Washington Post reports that the problem is exacerbated by the increasing inability of student loan debtors to complete their studies (and, presumably, increase their chances of getting a job that will help them pay back their student loans). In 2001, 23% of student loan debtors had dropped out. In 2009, that figure was 29%. At four-year for-profit colleges, the 2009 rate was 54%, up from 34% in 2001.

Comments

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[Alexander]

I'd like to know why the Washington Post thinks the students are "unable to complete their studies", because to be honest, the reason that myself and many of my other friends dropped out wasn't an inability, it was that we weren't doing the right thing with our lives. A lot of people are recognizing that and leaving school -- not because they can't finish their studies, or because they're somehow incapable of keeping up (even though that does happen sometimes), but because the school, the program, and the faculty they're involved with aren't doing ANYTHING to prepare them for a career later on.

The reason so many are dropping out is because college does nothing to nurture their passions, dreams, and aspirations they have for life -- it's leading us down a path of becoming corporate zombies. It's a systematic process that they go through -- declaring a certain minimum proficiency on knowledge and retention of certain subjects, for which at the end of the process they are awarded a degree, which in today's society functions as an "employment certificate" of sorts. It's crazy how even the best interviews conducted these days are not complete or considered a success until this absolutely pointless piece of paper is shown and verified. Sure they learned it at one time, but do they remember it all now. And what does it say about their passion and dedication, and how careful and conscientious they are of accuracy in their work? What does it say about how their future work load will impact their personality and how they interact with coworkers? These are all subordinate details, it seems, which in truth are some of the most important things that verify whether or not someone will be successful.

The only true way to be successful, and to live a healthy and fulfilling life, is to find what your passionate about, make it your life, your vocation, and your living, and follow your dreams and aspirations for what you want to achieve in your life. When you exercise your passion, work with it every day, and use it to help people and improve their lives, you get back on track with who you really are, gain access to your energy, insight, ingenuity, creativity. You become an undeniable force of nature, and people start wondering what happened to you. We see these kind of people all the time -- we just dismiss them and justify them as being "lucky". They're not though... they just found their passion and let their hearts guide them. That's what I write about, that's my success method.

It's great they've figured out how many in-debt dropouts there are, but when are they going to find out the REAL reason why people are dropping out? It just doesn't work with the lives we live these days. We have to find a new lifestyle, and a new way to find success -- a method that ANYONE, regardless of their income or money they have set aside, can take a hold of and start climbing the ladder of financial success, and begin enjoying all the aspects of their life.

As a dropout myself, and a successful one, I'd like you to check out my blog and give me your feedback and comments. www.thedropoutmillionaire.com

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[Elmhurst College Financial Aid]

Thanks for providing the useful information about to pay back the student loan. Before reading it I was just thinking it the heavy burden for the student but after read it I can say that I was totally wrong. So I decided to get the loan and also get it and easily afford it.

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Student loan accounts appear on your credit score worthiness, so your credit score worthiness is also at risk. Repeated late and missed payments on your pupil education loans will drop your credit score worthiness, will stay on your history of credit score for years, and can have a lasting impact on your ability later on to qualify for anything that requires a credit score assessment.

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[riisacoff]

I think that the title of the article, "Student Loan Debtors Are Often College Dropouts" is misleading, giving the impression that those who drop out should not have received the loan in the first place - after all, they were dropouts.

The stats and article itself show a point by the author: that many enrolled cannot finish because of the student debt being carried or the increasing debt that the student would bear. Especially now, when jobs are extremely difficult to get on both end of the spectrum - just starting and just laid-off after 30 years and "only" 55 how do you pay loans.

Perhaps a 4 year degree should give way to "training" for some but maybe the 4 year degree is fine so long as it provides what is promised: the ability to THINK, solve problems, understand the world around us, analyze, utilize critical thinking, AND OBTAIN PREPARATION FOR A CAREER/EMPLOYMENT.

The economy may be halting the career seekers and even the "I just want a job in my field" graduates. If the above are the reasons for dropouts we must change the programs. Studying the "Liberal Arts" need not preclude real life skills, learning, and training. This may be the time to look at the curricula from various institutions to determine if internships, work-study programs, or "hands-on" work in the chosen field should be part of graduation requirements.

It appears that the costs of getting a 4 year degree have accelerated to a point that health-care costs have been left in the dust. If we want and need engineers, grammar, middle, and high school teachers, writers, economists (or people who understand economic theory which many economists do not IMHO)and the next generation to have those who can think about space, applied and theoretical physics and chemistry, we MUST REVAMP THE LOAN PROGRAMS AND THE COSTS OF "HIGHER ED".

Congress will never allow such a thing to happen - "education? sure, - go read a book." It is not just a monetary issue. It is a state of mind as we, as a society, have become disillusioned with the "value" of education. It is a time for disillusionment; the American Dream has left us for now. The thought circulates: "Even if I finish the last 1½ yrs of college, what's the use? I can't get a job, I can't pay for the past 2½ years, so why bother at this point".

If we deal with the issue as a lending problem, or a dropout problem for "over indebted" or "undesirable students", we will never fix the problem. $1Trillion in Student Loans? An annuity for the Country. if we can deal with the distorted view of our structural outlook.

Richard Isacoff
richard.isacoff@msn.com