AuH20
09-27-2012, 06:27 PM
Like Ron has said thousands of times, subsidize something and the more you'll get of it. In this case, it's fraud and it goes all the way to the highest levels of the university management structure and down to this idiot.
http://www.zerohedge.com/news/2012-09-27/what-student-loans-are-really-spent
It doesn’t cost anywhere near that much to study at HACC, though.
So Price, 45, of Newport, is facing federal student loan fraud and mail fraud charges.
A U.S. Middle District Court indictment alleges that Price spent much of the loan money on crack cocaine, cars, motorcycles, jewelry, tattoos and video games.
U.S. Attorney Peter J. Smith said today that Price secured about $92,000 in private student loans and around $13,000 in federal PELL grants and Stafford loans. Price was aided in the alleged scam by his ex-wife, a former HACC employee who is not charged or named in the case, Smith said.
He said that if convicted Price could receive up to 20 years in prison and $250,000 in fines.
Tuition for 12 credits of study at HACC currently costs $2,022 per semester for students from sponsoring school districts and $2,748 for those from non-sponsor districts.
My favorite comment from a college instructor:
Oh innocent, innocent, DavidJ. That is not how it works. The student gets the check. If you are really good, you have other stuff (grants, scholarships) paying the tuition, and what does not cover tuition goes to you. So does the loan money. I know kids making money without loans, going to college (thousands a year). I am here to tell you that enrollments are up because people are working this angle because of the bad economy. This semester, I lectured on the economy and student loans and the Baltic Dry Index the second day. Guess what, when I said that they can garnish your future wages, many of them made me slow down, explain what I meant. Some of them dropped my class. Don't know if they dropped out of school or not. Not to worry, the slots were filled again (in fact I am over enrolled in that class due to an error). But I am openly calling it a Ponzi scam now.
Had an administrator in lecturing us on a special program they are running for students with deficits. She talked about how some of them can't read, or write. I lost it and said, "Then why are we letting them in?" The whole table sighed and rolled their eyes and looked at her expectantly and she just said, "yeah, I know." And she moved on with telling us about the new program.
We do some good for some people in there. I have a few amazing students that I am humbled to be a part of their experience (they will kick my ass when they get to be my age). But it is a scam just like Medical, housing, pharma, I am sick to say. All of it inflated because of subsidy.
I should erase this, lets see if I do.
http://www.zerohedge.com/news/2012-09-27/what-student-loans-are-really-spent
It doesn’t cost anywhere near that much to study at HACC, though.
So Price, 45, of Newport, is facing federal student loan fraud and mail fraud charges.
A U.S. Middle District Court indictment alleges that Price spent much of the loan money on crack cocaine, cars, motorcycles, jewelry, tattoos and video games.
U.S. Attorney Peter J. Smith said today that Price secured about $92,000 in private student loans and around $13,000 in federal PELL grants and Stafford loans. Price was aided in the alleged scam by his ex-wife, a former HACC employee who is not charged or named in the case, Smith said.
He said that if convicted Price could receive up to 20 years in prison and $250,000 in fines.
Tuition for 12 credits of study at HACC currently costs $2,022 per semester for students from sponsoring school districts and $2,748 for those from non-sponsor districts.
My favorite comment from a college instructor:
Oh innocent, innocent, DavidJ. That is not how it works. The student gets the check. If you are really good, you have other stuff (grants, scholarships) paying the tuition, and what does not cover tuition goes to you. So does the loan money. I know kids making money without loans, going to college (thousands a year). I am here to tell you that enrollments are up because people are working this angle because of the bad economy. This semester, I lectured on the economy and student loans and the Baltic Dry Index the second day. Guess what, when I said that they can garnish your future wages, many of them made me slow down, explain what I meant. Some of them dropped my class. Don't know if they dropped out of school or not. Not to worry, the slots were filled again (in fact I am over enrolled in that class due to an error). But I am openly calling it a Ponzi scam now.
Had an administrator in lecturing us on a special program they are running for students with deficits. She talked about how some of them can't read, or write. I lost it and said, "Then why are we letting them in?" The whole table sighed and rolled their eyes and looked at her expectantly and she just said, "yeah, I know." And she moved on with telling us about the new program.
We do some good for some people in there. I have a few amazing students that I am humbled to be a part of their experience (they will kick my ass when they get to be my age). But it is a scam just like Medical, housing, pharma, I am sick to say. All of it inflated because of subsidy.
I should erase this, lets see if I do.