Al Lord, a former CEO of student loan giant Sally May, is dissatisfied with higher education. The price of the university is too high.
He said he was appalled by the tuition fees he had to get to his desk every semester, paying for his grandchildren’s education in recent years. For those who know (or in some cases curse) the lord, it’s a pretty twist. He led Sally May to an era of great success and on the verge of collapse. During this period, the company introduced a new practice from the early 2000s to significantly increase student loan debt.
A few years ago, when his grandson entered the University of Miami, a high tuition puncture wound struck him. The University of Miami currently charges $ 75,230 per year for tuition, rooms and boards. This is far from the $ 175 semester that he remembers paying for his education at Pennsylvania State University in the 1960s. He also pays for the education of his three other grandchildren to attend Villanova University, Miami University, and Davidson College. The bill is approaching $ 200,000 per person.
“It’s a crime,” he said about what the school has recently charged. He got sympathy for the family of less means. “I’m glad you saved me for my boys and grandchildren. I don’t know what to do if my average income is $ 40,000, $ 50,000, or $ 60,000.”
Few people now have a closer view of college costs than their 75-year-old lord. He said he had been confused and watched for decades as colleges continued to raise prices faster than inflation. My parents complained. Investors and analysts predicted that the school would eventually be forced to shut down. They never did. “They raise them because they can, and the government promotes it,” said the Lord.
Alroad benefited when college tuition went up. He is paying for it.
Source link Alroad benefited when college tuition went up. He is paying for it.