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From Kindergarten Kash To Student Loan Krash - Uncle Sam Now Paying For Toddlers
We have discussed numerous times the surge in Student Loans as the lifeblood of the consumer credit expansion that we seem to be having but now its just getting ridiculous. Smart Money reports on the growing use of student loans for the private K-12 education needs of affluent families. This is not affordable loans for impoverished savants to get their PhD at 14 years old, roughly 20% of families that applied for aid to pay for their children's kindergarten through 12th grade private school education had incomes of $150,000 or more, up from just 6% in 2002-3. 'Pre-college' loans are becoming more popular as the story notes "It used to be that families first signed up for education loans when their child enrolled in college, but a growing number of parents are seeking tuition assistance as soon as kindergarten." These loans, which do not have to be repaid until the child graduates college are expensive (varying between 4 and 20% and average $14,000) which would be on top of the nearly $34,000 average that 1 in 6 parents already carry for college graduates - leaves parents at risk of owing considerably larger sums of debt. Still, perhaps the e*Trade baby will put that cash to good use but one parent sums up the alternate reality that exists within so many US households with regard to debt: "We'll figure out how to pay for it then, or with any luck they'll get scholarships," he says. "Right or wrong, we're hoping our experiment works." Keep buying those Mega Millions tickets too...
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Oh look more manipulation in the gold market. Out from nowhere endless fiat gold future contracts appear to prop the ponzi stock paper.
I think it's amazing that no models in the future suggest the posibility of moving funds out of both stocks AND bonds for the general cost of living (baby boomers) or even the cost to support their children, both of which are going to be needed. The following article provides an interesting analysis on the concept of "what if" money moves out of the 401k machine......
http://www.ftense.com/2012/03/401k-options-look-into-future.html
Ok, I hear you, but.....
Have you been to a public school lately? The kids are thugs. We placed our girls in private middle schools (no loans) because we didn't want them exposed to the gangsters in middle school. Our oldest is back at a public high school, but by this age, she was better prepared to handle the onslaught of garbage and the government propaganda.
Our public schools have failed. The reason for that is because those students who don't care and don't want to be in school are kept in school to keep the government propaganda machine rolling and to maintain the failed government system.
What was the old Catholic saying, " give me your children until 6 years old and we'll have them for life". I guess our past education and current social environment is a reflection that we are all just "wards of the state".
I feel with you and your girls. My Grandma was very kind to
me, but she had ultimate authority on me when she said : "you must"...
She and the great aunts told me with the same serious look that history was not what we were told . We had to obey anyway, and still do.
"What, me worry?"
These loans will by and large never be repaid, at least not in the sense of repayment that those of us born before 1980 actually knew & experienced up til 2007.
This is just more money from Obama's stash. It's like a deal with the devil ... You won't like the ultimate resolution of the debt.
Public schools haven't just failed due to inadvertent incompetence, mission creep, and "acts of God."
Read up on the history of the US school system. It started in the 1850s with a man named Horace Mann, who came back to America with his blueprint after having observed the Prussian system for some time. The concept was then refined by Fabian progressives in the early 1900s, who, acting out the dream of Edward Bernays, additionally created a curriculum designed to indoctrinate a love of the State.
Basically, the system is designed to produce a pliable, non-thinking workforce suitable for working in a highly-industrialized society. There's a reason that schools stress conformity and singular voice of thought. Even the school bell that rings was originally designed to acclimatize children to the sound of a shift change on the factory floor.
This doesn't mean that public education, in and of itself, as an idea, is bad. My favorite of the Founding Fathers, Jefferson, was adamant that children receive at least an opportunity for an education. But public school in his time in Virginia consisted solely of teaching reading, writing, and arithmetic. After that, if you wanted to advance, you had to place in a top percentile to continue receiving schooling for free. Otherwise, you'd have to pay.
But in today's politically-correct world, public school is little more than a venue for sports teams, revisionist history lessons, and keeping the bloated salaries of school administrators and policy functionaries in the stratosphere.
Check out: "Some Lessons from the Underground History of American Education" by John Taylor Gatto, found in "Everything You Know is Wrong", ISBN 978-1-56731-637-7, pgs 274-287
"Free Money" ain't cheap.
Ya gotta pay for all those printing presses and thousands of gub'mint employees to "monitor" the situation and hand out the Moolah.
my friend's sister makes $74/hr on the computer. She has been out of a job for seven months but last month her check was $17871 just working on the computer for a few hours. Read more on this site .... http://bit.ly/wYpMrv
Bullish!
my aunt is doing this for her 7 yr old girl with downs syndrome
she aint much smarter herself apparently
DEBT LIMIT - A GUIDE TO AMERICAN FEDERAL DEBT MADE EASY. (3:00)
http://www.youtube.com/watch?v=Li0no7O9zmE
Wait 'til the end ... it's pertinent.
Know of a downs kid that has a pretty solid scam (definitely higher functioning). He goes into convenience stores, gets all the candy and bullshit he can fit in his stubby tard arms, and drops it all on the counter... when the clerk asks for him to pay the total he pulls out a five spot and says "DIS NUFF?!!!?1???" The clerk responds, no... Downs boy then gives the clerk a befuddled look and repeats, DIS NUF?1?1!!... this process continues until the clerk realizes he's going to have to restock all of the items and simply doesn't want to screw with it... the clerk caves... downs boy then starts chowing down as he's leaving the place... with a shit eating grin (and a chocolate smeared face). [I actually think he would make a great politician... he has the routine down].
At any rate, I believe your general premise is correct... when you get a statistic like this, it's hard to rationalize it any other way than individuals are terrible stewards of their own money... I think everyone knows this though... how we approach this problem is really what separates political theories. I find any proponent of a nanny state suspect though, given the immediate "savvy" gained by persons formerly functionally retarded with the spoils of their labor when the economy takes a prolonged downturn and they all get torched. [ever seen a 90 year old with bad hips pick up a penny off a parking lot? They got the message loud and clear... and it's coming again].
I have friends that still walk through life just as you described as "persons formerly functionally retarded"
yet they don`t even bother to obey the food laws. I do, unless I really need to fit in. I ate pork the other day, just to fit in. 30 years of being different gone to waste.
Suddenly, an 'underwater graduate' isn't synonymous of a 'diving professional' anymore
"Right or wrong, we're hoping our experiment works.
A new world order disciple. Krugman, Bernanke, Obama... I can't name all fathers of this bastard child.
Can't wait to hear about the loans taking out for daycare pre-K. Cradle to grave debt on every level. These loans, of course, are a good can-kick for GDP and monetization of every aspect of the sheep life.
Well, at least these kids will be contributing to their own debt burden rather than just inheriting it. I'm sure they'll understand later.
Assuming the indoctrination takes, that is.
Does anyone know if a student loan debt can be hyperinflated away like a mortgage? Also, could a student loan debt be passed down to future generations?
If the student loan is a variable rate, then no. I don't think it can be passed down. Student loan debt is something you CAN take with you!
What could possibly go wrong?
brainwashed idiots.
student loans can't be discharged in bankruptcy. in other words, slavery for the masses.
For foreigners like me, this is hardly believable, but I know it's true.
Here is what I don't understand: Why should a certain loan be exempt from bankruptcy dischargement? And why are young people taking these loans knowing that they can't service them? Youth unemployment is 50% in the US. How do they think are they going to get a freaking job, nevertheless one which allows them to pay back their debt and make a decent living?
Why is it non-dischargable? Because government rules people through debt.
As far as why people take on this debt load that cannot be serviced or liquidated, I have a theory from my life here in the US. It is simply because of the propaganda that a college "education" is required for success in this life in America (part of the 2.3 kid, big house, two car, family vacation dream). "Just get the damned piece of paper" is the mantra I heard during my formative and adolescent years. The media perpetuates it. State-sponsored elementary, middle, and high schools drill this message into the kid’s and parent’s heads, as well as financial planners and big corporations. It is hard to escape the idea that the end goal of a degree is worth the sacrifice of one's financial wherewithal upfront.
The Western culture has a hard time seeing that beyond here (piece of paper - whether degree,mortgage note, or Federal Reserve Note) degree be dragons.
The propaganda is the same here in Switzerland, but the amount of students who actually go to university is just about 20% of all young people, because grades are pretty tough to accquire. The cost of education is also not nearly as extreme as it is in the US, so student loans are not that of a big issue over here. One has to concede that taxpayers fund higher education pretty massively, though.
THERE is the difference. Here in the US, kids can be "accepted" into college by the same qualifications that allow them to get a mortgage or car loan - fog a mirror, spit into a cup, and piss on a tree.
Agree with doctor dick head. Education is pushed as the be all and end all goal of everything in this country with no thought about whether the reward is worth the risk. When I tried to point out once to a PHD economist that all that everyone going to college will lead to is janitors with college degrees I was patronized like a silly child.
Education on the whole is always better. Bullshit. If you wind up with 150 K of non dischargeable debt and can't find a job paying you a living wage taking into account debt service you the educated are not better off. I don't even think society is better off as its a total misallocation of capital.
But talk about a conflict of interest for any academic to weigh in on a discussion of whether education and educational debt is worth it. These academics live their lavish lifestyles with excellent benefits, bloated pensions which they can sometimes leave to children, post retirement healthcare, etc etc at the expense of the poor middle of the road student who takes on massive debt and won't get much beyond a nice multi year diversion from the real world.
For a guy I know, getting loans is the job. He's been in college 10 years now, working on a triple major.
His life must be hell.
Move over, Matt Klesko! :>(
Swiss, I think the reason student loans arer not dischargeable, is because if they were, banks would not want to make those loans. I mean think about it. Theyre giving loans to people who, have no credit rating,have no job, and usually no assets.
If it were possible to repossess human brainz, the banks might be up for it, but by taking out the loan in the first place, most prove they don't have the collateral!
These kids are going to be screwed with huge debts!
Not discharged in bankruptcy, but discharged after various forms of national service.
Can you say Obama Corps?
Throw money away on toddlers
Throw money away on the elderly
Vote on where to waste money best!!!
Crazy like a fox. The 1% are in the know and realize this is not sustainable. Therefore rob the cupboards bare knowing the goverment is going to forgive thse loans (all student loans) in the future.
and why not? in a year or so the dollar and yen will have parity... and that's after the yen crashes.
I see a middle of the road approach first, at best... meaning, if there is loan foregiveness, then it will be first for those without means. In other words, for those people who are employed, but struggling, you're going to get torched... for those with the means, it's time to pony up the cheese... death, taxes, and student loans.
Same will happen with virtually all entitlements. Punish the prudent to make ninnies of all (and the money pushers wealthy beyond comprehension only a few years ago).
I do NOT see that happening (although I wish!). They will bail the banks, perhaps, or force investors to take another haircut, but they will not EVER do anything that gets the average joe off the hook. All windfall must fall in the direction of the elite. Always. If they finally recognize that average joe being completely leveraged is hurting their bottom line, they will find a way to do a QE for us, perhaps, but never will they outright forgive. That is my prediction.
Leveraged finger painting, bitchez!
Living in an area of the country with the highest density of colleges and universities, including private prep, parents go off the deep end in my neck of the woods to make sure their kids go to places like these:
http://www.andover.edu/Admission/Tuition/Pages/default.aspx
http://www.brooksschool.org/admission/tuition
http://www.exeter.edu/admissions/109_1370.aspx
Two of the schools are located in arguably the most affluent areas of the state, Andover and North Andover, which of course is surrounded by shit, Lawrence, Lowell and Haverhill.
$40k/yr.+
Maybe gives an idea as to why my state lives in unicorn land when it comes to government finances.
As a former Exeter student, let me just say - fuck Exeter. Going there, in hindsight, was worse than living with my parents. Although at the time I was applying, it sure seemed like I was jumping out of the parental frying pan. I thought for 30k a year it would be more like college than it was. It was really just a big expensive blueblood daycare center. "Let's gather all the richest suburban retard spawn into one unified circle jerk!" The worst.
It's called "collaspe the system", it's not like BO lied....he said he would do it,,,,,he needs re-ection to finish the job
Unfuckingbelievable...
1 trillion dollars in student loans was not enough. We need more stimulus.
I wonder how many of these parents still have student loan debt of their own???
A lot. I know of quite a few people with the means to repay their student loans, but refuse to because they believe the bubble will burst and that there will be a government mandated jubilee and they'll get out of most if not all of them... I politely disagree and move on...
For a lot of people, education is kind of like a disease. They don't realize that at some point the cost of an education cannot be rationalized.
Gorgeous American boy. Kindergarten versus abortion debt?
Mega Millions is the answer. With the 1 in 176 million odds of winning the jackpot, I've got a chance.
My house almost got hit by lightning this morning, so I'd say I'm about due.
Except that I'd rather spend the money on beer, or anything else of real value.
The jackpot is nearly a 1/2 billion $. What if the winner takes the 26 year payout and the $ becomes worthless or is revalued? I would not be able to buy land, gold, silver, quick enough to to spend that kind of dough!
Take the loot upfront,fuck 26 seconds let alone years.
I' would never wait 26 years for the full payout. With numbers like that, a small fraction is more than I'd ever dream of making in real life. I'd take the lump sum. Who cares if the payout is 10 percent of the headline number. The tax obligation would be gone, and you could go out immediately and spend half of that money on land and PM's and security. And I'd never work another day of my life, at least not for anyone else.
Well, aren't most lottery winners broke within 8-10 years after winning? I thought I read that somewhere. Easy come, easy go.
I know that I've have no problem deploying $250-300 million.
Shit, I'd probably keep working too, just to piss off my co-workers. They'd be like, "Didn't you win like $500 million in the lottery, what are you doing here?" And I'd be like, "My kid's school keeps rejecting my financial aid request..."
God if the lottery is a tax on stupidity then there sure is a lot of stupidity in this country. Seven Eleven lines have been ridiculous this week.
I was thinking of buying precisely one mega millions ticket and if for some crazy reason I win arranging a debt jubillee for all my student loan enslaved friends.
Nanny state ... If you Obama apologist's don't get it by now you never will.
They're the ones getting the loans.
So, what is the ultimate goal of the elitists here? Is the goal to get colleges hooked on high tuitions and then jerk the rug out from underneath them by making student loans unavailable. Only those who can afford high tuition or are invited by the elitists to study for free will be given higher education (the way PhD candidates work now)?
All one has to do is look at the building programs put on by colleges and universities, which have been funded by excess tuition and free money. That excess seemingly has been designed to serve the needs of the echo boomers... and without immigration (forced by the Obama administration) the US Ponzi population growth would be negative... can't have that if we are going to grow the eocnomy and hook people into debt slavery for life.
When school, like housing ownership, gets too expensive for people to afford, then the elitists will get their wish. We will have a country of financial elitist design with no productive middle class, simply elitists and uneducated (but indoctrinated) slaves.
Not so sure that the middle class would be unproductive. Instead, it could become self-sustaining, and merit would be used as a guide to one's worth in society, not some useless piece of VERRRRRY expensive paper. Think about it. You would have all of these Ivy-educated egg-heads with no real-world skills trying to do business with a system that puts them at the back of the line, rather than at the front.
Think about it. Some snot-nosed punk in a $1000n suit drives up to a repair garage in his Mercedes m-class. Right behind him is a guy dressed in dirty jeans driving a 10-year-old pickup, with carpentry tools in the back. The mechanic looks at the carpenter's truck and tells him that the repairs will be done that evening, and he will trade roof repairs on the shop for the truck repairs. Then he goes over to the suit-scum, who is pulling out a wad of FRN's and tells him that the Mercedes will have to wait for two or three weeks... and he wants $20,000 for a consultation, and $400.00 per hour of labor... in advance! No credit, no checks, no IOU's... And, by the by, all of the mechanics in the area have the same policy...
Non-productive my ass...
I think the vampires planned to farm the bodies, but got carried away and bled the bodies dry... discipline is a difficult mistress.
Post credit collapse/student loan bubble burst, degrees will be worthless... already are... each school has its own printing press and decided to devalue its own currency. IF GIVEN THE POWER OF THE PRINTER, ALL WILL PRINT. This is another fundamental rule of man...
At any rate, I think it's just another afterthought... just the same as all other debtors... who cares if they can't pay in the end when you know your losses will be socialized, but your gains handsomely paid in the meantime? (and even after the shit hits the fan, they'll still throw out bonuses). Most people don't get this simple fact, but the creditors in this scenario are entities separate and apart from the principal actors of the scheme... the gig is for the principal actors to siphon money off through the years (and a fucking lot of it too) and then kick the faceless corporations to the curb (including the FED). In other words, many people do not understand why a creditor would blow itself up... simple, its principal actors have no skin in the game or are already so well off it marginally matters not. Good deal if you can get it.
I have grown to hate the word HOPE.
Those with money do not want to pay for anything, those with no money can't. Rock, meet hard place.
WTF. They are doing a "Hail Marry" on their future... "We'll figure out how to pay for it then, or with any luck they'll get scholarships," he says. "Right or wrong, we're hoping our experiment works." What f'ing experiment...to see how much stupidity they can get away with without ending up living in poverty in the "Golden Years"?
Someone figured out that people will pay big money not to have to take care of their kids. "Hey I'm paying $30,000 a year, I know they are raising my kid right. Now back to the Housewives"
"We'll figure out how to pay for it then, or with any luck they'll get scholarships,"
Hope does not constitute a sound strategy.
No strategy doesn't constitute a sound strategy either. Yet that doesn't stop 95%+ of the world populace from getting out of bed every morning.
"Nobody plans to fail, they simply fail to plan!" - Jim Duca (one of the smartest, non-college grads I ever met!)
Like the failing economy in the US, the education / tuition issue is structural. People do not want their kids to attend public school systems if they can avoid it.
Most people (personal emprical data only) do not want to expose their kids to the left wing (not "liberal") indoctrination that is prevalent in the state Gov't "top down" influence of the curriculum.
Inner city public schools are the prime example of the structural failure of the Gov't sponsored, victim based, indoctrination. Science, mathematics and the other objective disciplines get 2nd rate emphasis, whereas the celebration of "cultural diversity", rewritten history (emphasizing victims of Western culture), and global warming is assigned priority.
The tuition costs merely reflect supply vs demand.
OK, so: can a grandparent take out the loan?
If gramps isn't going to realistically live much beyond the grandchild's college graduation date (and they are smart about estate planning) this could be a great trade.
Yes actually this is a tried and true estate planning trick. Though not with a loan. If Grandpa directly pays for the tuition its not counted as a gift, the amount comes out of his estate, and there is no generation skipping transfer tax. The fancy private schools will actually take tuition all at once for a kids entire expected time there. They have even promoted it at times.
I suppose grandpa could trash his credit before checking out assuming he has some actual income. I wonder if this will become a trend though of entire families living off of one persons good credit score. I can imagine entire communes or cults of people where the entire community owes rent in cash but the leader is the one with a good credit score and only person on title and mortgage. Credit score arbitrage.
Actually I think you can pay an unlimited amount of someone else's medical or tuition bills without subtracting from your lifetime exemption. But thats money you already have. We're talking about a long term loan here.
I remember it being the case but I doubt think there are any private schools today that will let you pay more than a year or two in advance. You used to be able to put college tuition on your credit card too...
What you describe is the reality for virtually everyone moving forward (or worse). There simply is NO viable mechanism from which to build wealth for young to middle aged people. The only wealth out there has already been accumulated. As a result, if anyone wants to get a bigger slice of pie, they'll need to have hit the grandpa lottery so to speak.
Further, given the inflation tax and likelihood (I think a substantial one) of retirement account "collection" by uncle sam, the only source of wealth is at substantial risk of confiscation/rehypothication/taxation. Tack on the fact that with our policy/administrative response to the depression necessarily ceasing the foundation from which capital CAN accumulate (e.g. taking a shit on the rule of law), then the situation is... dire... for as far as the brain can wander. That's presuming any of the productive choose to stay.
total circus.
It is, how you say..."There oughta be a law!" :>D
I'd like to purchase my Mega Millions on credit please.
Cash advance on your credit card...
Well, $150k isn't what it used to be. That said, I'm somewhere north of that and applied for financial aid for my soon-to-be 1st grader. I had heard from other parents that at a minimum everyone that applies for aid gets the fee waived for the monthly payment plan, which I preferred to the upfront bullet. Well, I can report that not everyone gets that fee waived, because I only got a letter saying that aid is for people who really need it. So $11k payment in July it is.
I would like to see the breakdown of income for people who actually took the loans. I suspect there are a number of people who applied, like myself, with no intentions of taking out loans. Kind of a times are tough, let's see what I get, type of thing.
I suppose if I needed to take out some loans at some point, I might consider it. That said we are more apt to stretch to pay for a great K-12 education, as we aren't going to provide financial support for their college education.
The question is "why are people doing this?"
Is it because the Dept. of Education has completely ruined the public school system in the USA? Do parents feel that the only recourse they have to ensure a superior level of education for their children is to enroll them in private school?
In many cases yes. And remember the price of a good "free" public school system is usually a fancy address and high property taxes.
The government is in business for itself at this point. "Services" are just overhead.
I think it's because it has become almost heretical to say the phrase "We can't afford it". And that applies from the Federal Government right down to the commonest of us.
Who the fuck wants kids? I take one look at the billions of monkeys on this fetid rock, and even at a very young age, I knew I wasn't going to issue offspring. I now thank myself daily that I don't have to care for some screaming shit machine while worrying about the future of this increasingly shitty planet.
I do feel for families though. And frankly my thoughts about being taxed for schools -- even though I have no kids -- has changed, and though I don't like it, I think the tax is worth it so all these new monkeys can at least read and write.
And plus its kinda nice if the clerk at the fast food joint, supermarket, seven eleven etc can actually count out the correct change.
Read and , one day even write government propaganda ?
Indoctrination is getting pretty expensive these days.
Just another symptom of the inflation creep of the Fed Reserve ZIRP and printing presses. Schools inflate prices because parents can get loans...simple as that. Pull that cheap money and suddenly the schools have to deal with what's actually in the parent's wallets and the prices come down.
Not surprising it's high income doing the borrowing. Want to do everything for their kid and assume their kid must be a genius like they are so they need that private education.
http://www.youtube.com/watch?v=n_yRvxy9HVs
...having a kid, in this day and age, reminds me of a selfish person in love with the mirror.
If you want a kid you need to adopt one first to earn my respect. If you don't, then you are robbing me through the Government goon squad. I don't want to pay for your image. It just looks like a jerk casting down a child into the valley of the shadow, which is a kill zone most do not rise from.
http://bible.cc/matthew/24-19.htm
Paying for kids are the least of my worries. Everyone in my family, hopefully myself in a few years, has 7+ kids.
The Dep of Edu. has a budget of $12 billion a year. That's what we spend on overseas fighting in 3 days.
...have you ever been inside the Department of Education building in D.C.? I have, empty desks.
Place needs to be gone.
If you don't plan to adopt a child into your family you are selfish. If you could not afford to pay the cost for your own kid from day one that point is clear enough.
...on a side note, think about what's in the bucket everytime you read ''made in China'', Consider the two U.S. political parties that accepted the mark of The Great Wal Mart of China standard, or when some evil scumbag starts talking about how they love Mao. http://www.youtube.com/watch?feature=player_embedded&v=P6DdFI2FXGA#! Then think about the guy now in prison in China, because Yahoo gave up his URL to the Chinese bastards, for posting Tank Man. Not only does the current occupier of the Executive Branch not defend life but, the Legislative Branch does not defend free speech and has aborted the spirit and principle of life defined by the Constitution if it means sacrificing their bottomline. The American Government has lost it's moral compass, not only in the market place, and authority. Is it a surprise that judgment comes upon those nations and tongues that reject mercy?
...adopt a child, stop buying the lie, Fear not and go with our Father in Christ.
Yeah saw this yesterday and almost posted it in a comment but it wasn't relevant to any recent posts. I guess we know the next avenue for government debt fueled spending. Will the department of education start guaranteeing these loans as well so that there can be no pressure on the schools to keep their costs low and keep tuitions down?
Is this not a sign that the whole game is about to go tits up? What happens in 20 years when said kid has a Masters Degree, works at an old folks home changing depends for the inflation adjusted equivalent of eight dollars an hour, and has a half a million dollar (inflation adjusted) debt load?
Madness.
I took some IT classes a few years back from a reputable college in my state. I got out of it because over the two years I went, 5 of the classes I took were not taught because the "professors" could not figure out the program. For example, one was a class on Windows servers and we were suppose to know everything about implementing, administrating, and installing it. There was some problem, the college IT people were called in, but it was not resolved. We ended up just reading a $100 book, memorizing and taking tests. Another class we were suppose to learn all about Web databases: how to design, implement, etc....Same thing happened. The final straw was taking a class where I was suppose to learn how to take a computer apart and install hardware, etc. The school was too cheap to even have enough computers in the class so we had to "share" by being placed into groups of 4 with one computer per group. And so on for about 3 other classes. Other classes I took were so easy. I ended up just shy of 4.0 without learning anything except Word and Excel!!
Meanwhile, the woman in charge of the school, had multi-million dollar projects going for new Student union buildings, landscapings, and other frivolous things that should have taken second seat to the actual curriculum and teaching. Subsequently, the college is now in financial difficulties with millions owed from all these projects....
It is all about priorities.
Are you people OUT OF YOUR FUCKING MIND?
http://www.youtube.com/watch?v=CsbYx6hevoQ