Presenting The College Whose Graduates Have A 62% Student Loan Default Rate

Tyler Durden's picture




 

It is common knowledge by now that the US has a student loan problem. Specifically, a subprime-sized, student loan default problem, which as was reported last year, has now surpassed a 23% default rate at "for profit" institutions. Yet as all statistical measures, this one too deals in means and medians: very boring, impersonal metrics. Where the truly stunning data emerge is when one performs a granular college by college analysis of the US higher learning system, which is precisely what the WSJ has done, breaking down some 3500 colleges and universities by annual cost, graduation rate, median amount borrowed and most importantly, student-loan default rate. In this context we feel quite bad for the students who graduate from ICPR Junior College of Puerto Rico (or rather the 52% of them who graduate), with a modest $2,250 in student loans to cover the otherwise manageable tuition of $7,158, as a mindboggling 62% of them end up defaulting on their loans!

Who else made the list of the college with the highest default rates? Here is the first page of many in a descending sort by the highest student-loan default rate:

What is quite stunning is that there are 553 colleges in the US that have a student loan default rates of over 25%.

Alternatively, if one sorts by the most expensive colleges in the US to get a sense of what opportunities some of the most respected institutions in the US offer their grads (at least based on how much is paid for the education), one gets these results:

There is much more in the full interactive list (here), although we do caution that the results may be somewhat problematic, as somehow Berea College of Kentucky, which supposedly costs negative $20,746 per year, has its students borrow $6,500 on average, with 5% of them defaulting on ther loans.

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Tue, 02/19/2013 - 17:00 | 3257395 Groundhog Day
Groundhog Day's picture

EDGE U MA CATION BITCHEZ

Tue, 02/19/2013 - 17:20 | 3257444 McMolotov
McMolotov's picture

There's a mildly dirty joke about beating dead horsemeat in here somewhere.

Tue, 02/19/2013 - 18:11 | 3257594 TideFighter
TideFighter's picture

Cannibus College Graduates always pay back their loans. In cash.

Tue, 02/19/2013 - 19:14 | 3257745 Dingleberry
Dingleberry's picture

Horsemeat dollars.......courtesy of Heli-Ben

Tue, 02/19/2013 - 19:53 | 3257815 Kickaha
Kickaha's picture

Oh fuck all.  This is so simple.  Just make the school a guarantor of each loan.  Problem disappears overnight.  Since it is the school, and not the student, who is the primary benefactor of the koan, this plan is actually fair to all.

I'm not quite sure what all those inept instructors and so-called administrators will do after enrollment plummets as the schools refuse to guarantee loans to the druggies and remedials, but they are unlikely to be able to find anyway to do as much harm to society as they are doing now.  And the kids can do something productve like cleaning up their basement living space.

Tue, 02/19/2013 - 22:43 | 3258243 BidnessMan
BidnessMan's picture

The world would be a better place if all the inept instructors and education bureaucrats had to get honest jobs actually producing something of value.

Wed, 02/20/2013 - 00:46 | 3258508 sun tzu
sun tzu's picture

That's racist. We must keep the status quo of miserable failure. You probably want to go back to the Jim Crow era

Tue, 02/19/2013 - 21:10 | 3257986 Buck Johnson
Buck Johnson's picture

Your exactly right, Horesemeat education.  If they don't allow all student loans back onto bankruptcy, they will have a whole generation that won't have money to buy a house.

Tue, 02/19/2013 - 16:45 | 3257333 natronic
natronic's picture

I don't default I just keep putting them off until the US $ fails.

Tue, 02/19/2013 - 19:44 | 3257796 CPL
CPL's picture

Bingo.

 

You win resources that you can contribute to other facilities in your life to shield yourself from the incoming shit storm that isn't a possibility.  It was established as a mathematical certainly after QE 2.5.  Right now, there is little reason to refund those loans.  In any country.

1) Either you can wait for the inflation to outpace your loan and you'll only need to dismiss your loan with a hard asset like fresh eggs and maybe a loaf of bread.

or

2) The whole thing implodes in a deflationary death spiral all banks that issue currency and manage it are crushed by huge sums of liquidity and their own existing debt loads.  Because remember TARP was a loan, an interest baring loan put into a fractional reserve banking system then the endless price manipulation using the ETF/ETN markets.

That is the cost and end result of having a single currency acting as a reserve currency.  There is never a good outcome to that story, especially with fiat.  Rome lost her place with cheap currency.  Egypt disappeared into a desert because of it.  Mesopotamia ditto.  Every single one of the Chinese dynasties as well.  And every cyclical Khan.  It's what always happens. 

Doesn't take much.  Imagine every conversation being spoken in capitols now are the exact same conversations that have been had at similar times through out history.  Just that the reception is better and information travels at light speed.

Tue, 02/19/2013 - 16:49 | 3257340 Bam_Man
Bam_Man's picture

Every school on that list is a f**king "diploma mill", so is it any surprise the students are defaulting en masse?

Tue, 02/19/2013 - 18:00 | 3257561 kaiserhoff
kaiserhoff's picture

A couple of the aviation schools are not, but yeah, pretty much.

Tue, 02/19/2013 - 23:50 | 3258419 Curiously_Crazy
Curiously_Crazy's picture

And it's the aviation schools that have some of the highest drop out rates; people think they can rock up and fly like a top gun right off the bat. Then they find out the required subjects; from Advanced propulsion systems to electrical engineering and avionics to physics and meteorology. 

I guess all Uni's are different but I found my Aviation degree more difficult than the computer science degree I got many moons ago because the workload is really quite hectic (and at our school we were required to undertake flight training concurrently).

Do I regret it? not at all because I've always wanted to fly. Will I get a job paying more than about $45,000 in the next 10 years? extremely doubtful as Pilots are just a commodity these days..  it's a shame but life moves on.

Cheers

Tue, 02/19/2013 - 19:26 | 3257768 ali-ali-al-qomfri
ali-ali-al-qomfri's picture

Quantitative Education

Tue, 02/19/2013 - 16:48 | 3257347 TuesdayBen
TuesdayBen's picture

How do you say 'party school' in Spanish?

Tue, 02/19/2013 - 16:49 | 3257355 Cognitive Dissonance
Cognitive Dissonance's picture

Maker's Mark?

Tue, 02/19/2013 - 17:14 | 3257432 Crisismode
Crisismode's picture

No,

 

It's too watered-down now.

 

Tue, 02/19/2013 - 17:27 | 3257463 Anglo Hondo
Anglo Hondo's picture

Just today changed their minds - now back to original, no water.

Check it out...

 

Tue, 02/19/2013 - 18:41 | 3257668 gmrpeabody
Tue, 02/19/2013 - 16:54 | 3257372 Tsunami Wave
Tsunami Wave's picture

Puerto Ricans are so effing useless as people and skilled workers.  Most of them are awful with awful personalities and awful egos.

Tue, 02/19/2013 - 17:37 | 3257493 SilverIsKing
SilverIsKing's picture

That's not a very nice thing to say.

Tue, 02/19/2013 - 19:06 | 3257717 Tsunami Wave
Tsunami Wave's picture

Go hang around any populated area of Florida and live there for a while and see for yourself.  Also, they're some of the biggest users of some of our entitlements.

Tue, 02/19/2013 - 19:13 | 3257736 SilverIsKing
SilverIsKing's picture

I'm not saying that I don't agree with you.  I'm just saying it's not nice to say such mean things about people.  Like my mother used to say to me.

Tue, 02/19/2013 - 20:58 | 3257948 Ima anal sphincter
Ima anal sphincter's picture

I see no problem with calling someone a lazy useless puke if he "is" a lazy useless puke.

Same thing as calling someone a brainwashed sheeple.

Maybe folks need to have their reality shoved right into their face.

Truth: Pass it on..... hopefully it's contagious.

Wed, 02/20/2013 - 01:58 | 3258604 RebelDevil
RebelDevil's picture

Fuck you and your racism!
Being unskilled and highly egoic is a problem that orginates from bad families, not entire races or nations.

Tue, 02/19/2013 - 18:05 | 3257578 kaiserhoff
kaiserhoff's picture

Quiero cervezas y chicas?

Shit, I can't spell in Spanish, either.

Wed, 02/20/2013 - 04:58 | 3258718 matrix2012
matrix2012's picture

"How do you say 'party school' in Spanish?"

Escuela del partido

Party, Sex, Drugs, Life, Live, Love, Fun, Don't Ever Stop Living Life To It's Fullest Potential!  PNP

Wed, 02/20/2013 - 07:37 | 3258793 cahadjis
cahadjis's picture

Try Escuela de fiesta instead :-)

Tue, 02/19/2013 - 16:49 | 3257349 Cognitive Dissonance
Cognitive Dissonance's picture

Holy student loan scam Batman.

Tue, 02/19/2013 - 17:21 | 3257452 McMolotov
McMolotov's picture

Quick! To the Batmobile (before it's repossessed)!

Tue, 02/19/2013 - 16:49 | 3257351 israhole
israhole's picture

They just need a version of the United Negro College Fund.

Tue, 02/19/2013 - 17:21 | 3257448 CH1
CH1's picture

Ah, I see you enjoy insulting blacks too.

Figures.

Tue, 02/19/2013 - 17:37 | 3257494 israhole
israhole's picture

Quit your whining, and while you're at it here's an assignment....

http://incogman.net/2013/02/famous-nyt-holocaust-photo-exposed-as-a-fraud/

Wed, 02/20/2013 - 08:38 | 3258749 matrix2012
matrix2012's picture

 

And the original works at The Ministry Of Truth :-)

http://winstonsmithministryoftruth.blogspot.com/2013/01/the-most-famous-...

 

I do love the name, this guy, Winston Smith, really has the wit

The Elie Wiesel Affair: in Hungary, the real meaning of Miklos Grüner’s lawsuit against rabbi Shlomo Köves 

http://www.adelaideinstitute.org/HomePage28April2009/FAURISSON_Wiesel_Gr...

 

http://holocaustcontroversies.blogspot.com/

http://endwhiteguilt.blogspot.com/

 

 

While at The Ministry Of Truth, check this one too:

7,000,000 killed at Auschwitz, hears the Nuremberg trial

http://winstonsmithministryoftruth.blogspot.com/2013/02/7000000-killed-a...

On Tuesday, January 29, 1946, M. Charles Dubost, a French Deputy Chief Prosecutor at the big Nuremberg trial, read from document RF-140:

The first page of Document Number F-140 states—and I quote so as not to have to return to it again—in the fourth paragraph which deals with Auschwitz: "About seven million persons died in this camp."

 

"The Joos are somewhat right in saying that the Holocaust is the "Most documented event in history".

Indeed this phrase comes in at number one in the Hasbara booklet for Jooish activists on the internet when a commentator questions the events of the so called Holocaust.

Unfortunately for them is the fact that the documents contradict each other.

But fortunately for them anyone pointing out the contradictions have a good chance of either being put in jail or lost one's job."

 

Thank to the harsh Anti-Semitic Laws in the Anglosphere / NATO jurisdiction, nothing to discuss/refer/quote/read/write/... officially but the sanctioned versions. Case closed!!

 

Tue, 02/19/2013 - 20:06 | 3257844 mootsman
mootsman's picture

UNCF is running dry.  Evidently music production is less lucritive than one may be led to believe.

Tue, 02/19/2013 - 23:00 | 3258295 Hulk
Hulk's picture

Little known fact that Richard Pryor was a huge contributor to the ignited negro college fund...

Tue, 02/19/2013 - 16:49 | 3257356 Tijuana Donkey Show
Tijuana Donkey Show's picture

"Berea College of Kentucky, which supposedly costs negative $20,746 per year, has its students borrow $6,500 on average, with 5% of them defaulting on ther loans"

You've never been to Kentucky. Never trust a state with a jelly named after it. (The answer is KY, in case you don't get it.)


Tue, 02/19/2013 - 17:24 | 3257453 puckles
puckles's picture

Berea College students are 100% work/study funded, i.e., a combination of college-sourced work and scholarship.  They are nearly all local and very poor.

Tue, 02/19/2013 - 17:40 | 3257508 Tijuana Donkey Show
Tijuana Donkey Show's picture

"All local and very poor" is a very good description of Kentucky, or as we call it, "Ohio's Mexico." They run off the 3 M's: Meth, moonshine, and marijuana. I'm pretty shure that the 3M's are 90%+ of the economy down there. The last 10% is SSI.........

 

Note: I visit KY all the time, so hate if you want puckles, you know I speak the truth.

Tue, 02/19/2013 - 23:58 | 3258434 Curiously_Crazy
Curiously_Crazy's picture

They run off the 3 M's: Meth, moonshine, and marijuana.

 

When can I move in?

Wed, 02/20/2013 - 00:48 | 3258510 Tijuana Donkey Show
Tijuana Donkey Show's picture

Any time you want! I work in a border town (with Ohio/Indiana) of KY, and when I drive through the neighborhood to the office, I play a game called "Trash or moving day." People have items out at the curb, and it's a strech to tell if it's trash, or moving day. The thing that has been HARD is that I've been wrong lately; I've found trash day is mostly moving day, and the bedbugs are about the same. 

If you want to move KY, they are waiting. Just be careful, they are not a group to be fucked with. They run the 3 M's, and they do not like outsiders....

Wed, 02/20/2013 - 03:36 | 3258670 Curiously_Crazy
Curiously_Crazy's picture

Though I was just being silly, I just want to say of all the states I'd visited in the US I enjoyed the.. umm.. what do you guys call it... "fly over states" the most. They are genuine, down to earth, and call a spade a fuckin spade. Exception to this rule that are outside the flyovers is Washington state (shit weather but lovely landscapes and people) and Texas (nice weather and a bit clinical but the people were bloody awesome. I bought many a beer for blokes in texas and they were happy to return the favour) California is a pretend nice weather state.. seriously.. it aint great. Calls itself Mediterranean climate but no way in hell is it except for a very very small part.

Florida reminded me of an amusement park (all those disgusting pink/mauve/purple buildings, and their beaches are shit anyway) Washington DC reminded me of an anthill, NY was just... fake. But the inland states like Nevada and and the Dakotas were pretty cool (in terms of people living there and wanting a good chat).

I've never lived anywhere in the US nor would I want to given whats coming. Just trying to give some perspective to those living there from an outsiders point of view - which is what I love about this site. We hear shit from all over.

Cheers

Wed, 02/20/2013 - 08:40 | 3258790 matrix2012
matrix2012's picture

The dollarcollapse link has a good read.

Tue, 02/19/2013 - 16:51 | 3257360 Bunga Bunga
Bunga Bunga's picture

Do debt collectors come to Puerto Rico?

Tue, 02/19/2013 - 17:27 | 3257461 ATM
ATM's picture

No. I am sure that the rule that you cannot escape student loan debt doesn't apply to PR. We save that suckers rule for actual citizens.

Tue, 02/19/2013 - 16:53 | 3257362 JustObserving
JustObserving's picture

I prefer Concordia College, Alabama, with a default rate of 42% and a graduation rate of 3%.

Yes, we can

Tue, 02/19/2013 - 16:55 | 3257379 The Heart
Tue, 02/19/2013 - 17:53 | 3257544 AssFire
AssFire's picture

I believe the woman who stated:

"We gots to keep Obama in President, Ya Know!"

attended that university

Tue, 02/19/2013 - 16:52 | 3257365 Stuck on Zero
Stuck on Zero's picture

The list is not accurate from an important aspect: Large numbers of students at many of these schools are getting all-expense paid educations courtesy of Uncle Sam.  If you are lucky enough to be from a government decreed privileged class you can obtain any of a hundred free scholarships.  Pell Grants are the most ridiculous example.  If you lump this money in as never being paid back the loan rate default for the University of California and others would soar.  It's the middle class and people trying to better their lives who are getting shafted.\

 

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