41 Matching Annotations
  1. Oct 2019
    1. As high-paying jobs and college degrees are becoming far out of reach, and student debt continues increasing drastically, barriers to success are growing so high for most Americans that they are now unsurpassable.
  2. Jun 2019
    1. This year, the Promise’s marketing has emphasized vocational college. Administrators hope marginal students will be less likely to drop out of such programs because they are shorter.

      Vocational programs are great for "Builders", who learn by doing stuff than merely reciting study material.

    2. “The challenges that people bring with them to education because of poverty don’t just go away because we say we’re going to pay for college education,”

      Reminds me of "The boy who couldn't read"

    1. Income share agreements could lower costs and improve outcomes by tying loan amounts to objective judgments of how much the student is likely to earn from her degree. Educational quality could also benefit: Investors would presumably advance students money only for schools that were doing a decent job of teaching them. The risks are that some borrowers could end up paying far more under such a scheme than the current plan and that investors might not lend to students they consider too risky.

      The author's counter arguments to Income Share Agreements are not convincing enough for me. They seem abstract and vague.

    2. His administration cut out the middlemen by killing off the Guaranteed Student Loan Program, the one created under Presidents Johnson and Nixon that relied on banks, in favor of a direct loan program, in which money came from the Treasury. But the government’s loose lending policy, with few questions asked, remained in place. The Obama administration also heavily promoted income-based repayment programs, which set borrowers’ monthly payments at 10% of their discretionary income and then forgave a portion of their debt after 20 to 25 years of payments. This severed the link between the value of students’ education and how much they could borrow, providing a huge incentive for schools to raise tuition, since taxpayers would pick up more of the tab. Enrollment in these programs is one big reason that the government’s costs for student loans are exploding.

      Obama revisions to the original student loan program of 1970s started under Johnson and Nixon.

    3. The voucher system, combined with a lack of government oversight, created perverse incentives: Colleges could raise money quickly by admitting academically suspect students while suffering little or no consequences if their students dropped out and defaulted on loans.
    4. In particular, the system gave colleges an incentive to maximize the tuition they extracted from students and the federal taxpayer by boosting fees and enrollment, which meant relaxing admissions standards.

      Reason for inflation in tuition fees -

      1. Higher Enrollment
      2. Relaxing Admission Standards
  3. Sep 2018
    1. The selloff partly reflects a broader malaise in emerging markets. U.S. interest rate increases and a stronger dollar have lured cash back to America, often at the expense of developing economies. Some countries have come under additional pressure because of U.S. tariffs or sanctions, while economic turmoil in Turkey and Argentina have further fueled investors’ concerns.
  4. May 2018
  5. Apr 2018
  6. Nov 2017
  7. Oct 2017
    1. that we owe what ecologists like David Tilman call an ‘extinction debt’ (Tilman et al., 1994, pp. 65–6)—and that this debt will be paid.

      For more on the concept of 'extinction debt'; read this article: http://www.nature.com/nature/journal/v371/n6492/abs/371065a0.html

      Essentially my understanding of 'extinction debt' refers to species becoming extinct in the future because of things that have happened in the past. Tilman refers to the destruction of a species' habitat as the main cause of that species becoming extinct. Makes absolute when I think about it.

  8. Jul 2017
  9. May 2017
    1. 129 colleges reported average debt loads of more than $35,000 and 49 reported that more than 90 percent of their graduates left with debt.

      This is just ridicuolous.

    2. colleges might have lower average debt levels because they enroll fewer students with the financial need to take out loans.

      This is just wrong to students because in High School who has a job that pays you more than maybe 1,000 a year. I don't understand how colleges think people right out of high school can pay these costs. Parents should have to just lay down money on their kids college education. If college was free then everyone would have a better chance at reaching their dreams and living life without the worry that their tuition might not get paid.

    3. no relief if you hit a rough patch."

      I think this is sad becuase college students shouldn't have t worry about money they should be worried about their studies.

    4. best path to a job and decent pay,

      This is a point that colleges really need to take in consideration because in order for jobs to be filled in society people need to get a college education.

    5. debt
    6. thers topped $30,000.
    7. states had average debt amounts as low as $18,656,
    8. approaching $30,000,
    9. TICAS found nearly 7 in 10 graduating seniors in 2013 – 69 percent – left school with an average of $28,400 in student loan debt,

      I think that this is outrageous becuase students shouldn't have to live life by worrying about student loan debt they accumulated due to the extremely high costs of college.

    10. average amount of student loan debt again
  10. Mar 2017
  11. Feb 2017
    1. Outstanding student loan balances increased by $31 billion, and stood at $1.31 trillion as of December 31, 2016. 11.2% of aggregate student loan debt was 90+ days delinquent or in default in 2016Q42.
  12. Oct 2015
    1. Vast infrastructural projects, including dams and highways—again, all debt-financed—are transforming the landscape.

      "all debt-financed" .... have we thought about the long term effect of this system?

    2. American urban expansion partially steadied the global economy, as the us ran huge trade deficits with the rest of the world, borrowing around $2 billion a day to fuel its insatiable consumerism and the wars in Afghanistan and Iraq.

      America's debt is much higher than $2 billion today.. somewhere in the trillions.. is our hunger being fulfilled worth the debt its costing us?

  13. Jul 2015
    1. TECHNICAL DEBT: A lot of new code is written very very fast, because that’s what the intersection of the current wave of software development (and the angel investor / venture capital model of funding) in Silicon Valley compels people to do. Funders want companies to scale up, quickly, and become monopolies in their space, if they can, through network effects — a system in which the more people use a platform, the more valuable it is. Software engineers do what they can, as fast as they can. Essentially, there is a lot of equivalent of “duct-tape” in the code, holding things together. If done right, that code will eventually be fixed, commented (explanations written up so the next programmer knows what the heck is up) and ported to systems built for the right scale — before there is a crisis. How often does that get done? I wager that many wait to see if the system comes crashing down, necessitating the fix. By then, you are probably too big to go down for too long, so there’s the temptation for more duct tape. And so on.
    1. Consumer loans can be a fundamentally risky business even for a company with a reputation for deftly managing risk.

      Apparently it's considered deft to package up risky debt and then have the American and European taxpayers foot the bill when it goes south.

  14. Jun 2015
    1. Instead of thinking of technical debt as yesterday’s work that I failed to do, I think of it as tomorrow’s feature I can have today
    1. a principios de abril el Parlamento heleno lanzó este comité presidido por el politólogo belga Eric Toussaint, quien ya ha auditado otras deudas como la de Ecuador, que derivó en una reestructuración previa negociación con los acreedores. Profesor de la Universidad de Lieja y presidente del Comité para la Anulación de la Deuda en el Tercer Mundo, Toussaint, probablemente urgido por el Ejecutivo de Tsipras ante la agonía que le espera este 18 y 19 de junio en el Eurogrupo de Luxemburgo, presentó en Atenas un documento de 50 páginas del que el plato fuerte se conocerá el mismo día que se reúne el Eurogrupo. Lo que viene a continuación es un resumen de algunos de los puntos principales del texto, que atribuye a la troika (BCE, FMI, Comisión Europea) gravísimas imputaciones.