Admissions fraud, take 2

One of the topics Ed and I enjoy being mutually scandalized over is the fact that people are willing to pay upwards of $70K/year to send their kids to college. Even worse: a fair number of people are willing to go into debt for that amount just to underwrite four years of undergraduate education.

Go to school four years, spend 40 years paying the bill — mind blowing. 

But the admissions fraud story has reactivated our family motto. It’s always worse than you think

Never did it cross our minds that there were parents who, in order to get their children into a good college, were willing to risk going to jail.

I feel wet behind the ears.

And see:
Admissions fraud, take 1
Admissions fraud, take 2

Admissions fraud and extra time

6 thoughts on “Admissions fraud, take 2

  1. I looked at the AARP link and was wondering why 60-year-olds would have student loans at all, much less double the amount they had 10 years ago, but then I read a little closer and saw this:

    The bulk of the loans were used to pay for children’s or grandchildren’s education, underscoring how seniors are increasingly shouldering sharply rising college tuition for family members.

    Also, it’s sad that people don’t understand what it means when they sign a contract to repay thousands of dollars:

    Frotman said older consumers need to be better informed about their fiscal responsibility when they cosign student loans. “Quite often we hear from older borrowers that it was never made clear to them that they were essentially co-borrowers,’’ he said. “Many thought they were merely acting as references.”

    Like

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