student loans

Meet Amanda Lynn Tully, Expatriate, Student Loan Delinquent, Sociopath, Fick

/ Jack Marshall / 15 Comments

Amanda Lynn Tully, pictured above and one of the subjects of a New York Times article (gift link!) about people so troubled by the legal and ethical requirement of living up to their student loan agreement that they move out of the country to avoid paying up. More than 40 million borrowers have federal student debt to pay back, and 7.7 million have defaulted on their loans, according to recent data from the Education Department. Anecdotal evidence and conversations on Reddit and other social media indicate that some borrowers, like the dislikable young woman pictured above, think moving to another country is a dandy way to solve their problems.

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The Unethical Student Loan Debt Cancellation Ploy

/ Jack Marshall / 37 Comments

The push to cancel student loan debt is another example of the Left embracing a terrible, foolish, indefensibly unethical policy for no better reason than hope that it will allow them it to gain political power. Word around Washington is that President Biden is “seriously considering” canceling up to $50,000 in student debt for all. Translation: Biden’s puppeteers/handlers/advisers are probably trying to get him to do it, insane and irresponsible as it may be, but Joe may be inclined to do it on his own, because 1) he’s just not very bright; 2) he’s not very bright and his cognitive functions have been deteriorating in front of the whole nation; and 3) he never had any integrity anyway.

The late Rush Limbaugh, commenting on Mitt Romney’s loss to Barack Obama in 2012, lamented that “You can’t beat free stuff!” He said that Democrats were always willing to buy votes by promising to pay for more or making “the rich” or private business do so, from living wages for jobs not worth them, to national health, to free college degrees and more. Tilting the U.S. to socialism and a “nanny state”? If that’s what it takes to win, sure! Turning the national debt into a ticking time bomb that future generations will have to suffer for? Why not? Student loan forgiveness is as good an example of Rush’s point as I can imagine.

It is unethical in so many ways…

Continue reading →

Comment Of The Day: “Christmas Ethics Stocking Stuffers, 12/25/21,” Item #3, The ACLU And Canceling Student Loan Debts

/ Jack Marshall / 7 Comments

Activists And Musicians Gather At The White House To Greet The Staff With Joyful Music And A Demand To Cancel Student Debt

I have a frightening backlog of posts and topics (especially after getting the bare minimum up during the traditional Christmas Traffic Crash,though in 2021 the whole year has been something of a crash, but “that way madness lies”), but this Comment of the Day by the ever-provocative and reasonable Extradimensional Cephalopod pushed it’s way to the front of the line on sheer merit.

Here is his/its (EC had never specified his pronouns, and for that I am grateful) COTD on yesterday’s collection of notes, specifically #3 on the ALCU pimping for student loan forgiveness:

***

I think the whole “student debt” issue should be re-framed.

Q1: Why do so many people need to go to college?

A1a: To learn how to think, in theory.
Rejoinder to A1: They should be learning to think in primary and secondary schools, and in their families and communities.
A1b: To get jobs that require college degrees.

From A1b:
Q2: Why do they need jobs that require college degrees? Continue reading →

Comment Of The Day: “Robert Bowman Redux, Times Two, But Ohio’s Nicer Than New York”

/ Jack Marshall / 5 Comments

And now for something completely different, or at least not involving pandemic freakouts or politics. Isn’t that refreshing?

Reacting to the tale of the aspiring Ohio law grad with over $900,000 in student loan debt, Chris Marschner offered some guidance on how to look at student debt.

Here is his Comment of the Day on the post, Robert Bowman Redux, Times Two, But Ohio’s Nicer Than New York:

I would suggest a different approach. Instead of financing students’ education, we begin allocating funding that gives preference to programs that develop talent. This is not to say that if a person truly wants to go into some esoteric field that may have little market value they cannot do so.

I only mean that those programs should not be subsidized, to keep tuition down as we could use those funds for those in programs of study that in fields that are graduating too few to keep pace with demand for those fields.

We always seem to approach labor cost issues from a demand management side instead a supply side. What if government subsidized the cost to become a medical doctor, engineer or scientist to equilize the cost of those programs to equal the upfront costs of an MPA, MFA or MBA. I would have no issue if the baseline subsidy rate was the cost associated with obtaining a quality Liberal Arts degree that included proficiency exit exams in math, science, reasoning, English and foreign languages.

We do not need thousands of General Studies majors that require no organized program of study. If you want to get a degree in Gender Studies or “Sports Management,” go for it— but don’t ask to have taxpayers subsidize it by guaranteeing your student loans and a reduced interest rate when the market for such occupations is relatively minute. Continue reading →

Robert Bowman Redux, Times Two, But Ohio’s Nicer Than New York

/ Jack Marshall / 14 Comments

For several years I chronicled the frustrating travails of aspiring lawyer Robert Bowman. He was the New York law student repeatedly turned down for membership in the bar by  a panel of New York judges, who determined that he did not have the requisite good character to be admitted to the practice of law in New York because he owed nearly a half-million dollars in student loans. Not paying back financial commitments is one of the specific components of “moral turpitude,” which will block anyone from becoming a lawyer, though it will seldom get one kicked out of the profession after one becomes a lawyer. Go figure. The panel kept rejecting Bowman  because they felt his debt was per se proof of  irresponsible and negligent financial management, making him an unacceptable risk for any client.

A New York bar association subcommittee investigated, and  concluded that far from being of dubious character, Bowman was an individual of “exceptional character,” with unusual perseverance, humility and tenacity. It strongly recommended him for admission to the New York Bar, despite the outstanding debts. Ireaclize now that I never told Ethics Alarms readers “the rest of the story”: Bowman is a New York lawyer now. He finally won his appeal, though the news media, which chronicled his failures, decided that his ultimate success wasn’t newsworthy.

How do I know this? Bowman contacted me himself to tell me. He said he was grateful to all the people who had supported his quest, and was telling each of them, individually, in person.

Now comes the story, also with a possible happy ending, of another frustrated lawyer-to-be with similar issues, this time in Ohio, although I must say that her circumstances seem a bit more difficult to excuse. Cynthia Marie Rodgers (above) is a Capital University School of Law graduate whose Ohio character and fitness application was rejected because she has nearly twice as much school loan debt as Bowman, almost $900,000. Continue reading →

Comment Of The Day: “The Ethics Mess That Is US Race Relations, Chapter III: The Martin Luther King Day Essay”

/ Jack Marshall / 6 Comments

In today’s Comment of the Day, Michael R explores the effects of college costs, student loans and ideological indoctrination on schools’ ability to provide an the valuable education students think they are paying for. Some of the factors he mentions I didn’t know about; I’m not sure  I’ve ever read about them anywhere else.

Here is the veteran Ethics Alarms contributor’s  Comment of the Day on the post, “The Ethics Mess That Is US Race Relations, Chapter III: The Martin Luther King Day Essay.”

I don’t think all universities have become worthless. There are a lot of problems with the universities and much of it has to do with student loans and leftist indoctrination.

Student loans make people forget about how much college actually costs. Students go to colleges with nicer dorms, bigger ‘Wellness Centers’, and more activities because they can ‘afford’ it with loans. This resulted in an ‘arms race’ to ditch traditional dorms for suites, and now full apartments for students. It resulted in big ‘Wellness Centers’ instead of gyms. It resulted in vast Student Activities staff and budgets. It resulted in more and more sports. I would estimate that only about 1/3 of college costs these days go to academics and academic support (academic buildings, utilities, janitorial, etc). The rest is sports, activities, and administration. If you had a lean college with good academics, but old-style dorms, no student life, and no sports, it would go bankrupt quickly. College is expensive these days because the students and the parents DEMAND it be that way. Continue reading →

Elizabeth Warren Is Confronted With The Injustice Of Facile Giveaways

/ Jack Marshall / 23 Comments

Good.

Res ipsa loquitur.

Go ahead, Senator, explain how this is fair. I’d love to know.

Comment Of The Day: “Ethics Hero: Robert F. Smith”

/ Jack Marshall / 8 Comments

So much has happened since I designated the African-American mogul an Ethics Hero for spontaneously  announcing that he would pay off an entire graduation class’s college debt that I almost forgot  about Leslie’s provocatively contrary Comment of the Day. Triggered by the backlash against Oprah Smith’s generosity provoked, Leslie launched a critical barrage against Smith, or what his gift symbolizes. She backed down a bit in a later comment on the thread, but her original post is thought-provoking.

In addition, Leslie gets special credit for the Mansa Musa reference. I would include the Mali ruler in the cultural literacy list except for the fact that our culture almost completely ignores major Islamic historical figures.

Here is her Comment of the Day on the post, Ethics Hero: Robert F. Smith:

Don’t belittle Oprah– she bought everybody KFC. Robert Smith isn’t even feeding anybody. Robert Smith isn’t even teaching anybody how to fish in order to feed themselves for a lifetime.

I’m sure he means well, but I don’t think that paying off somebody’s college loans is helping that person become independent and self-reliant. They’re getting out of the contracts they signed in order to finance their careers. Maybe they’ll remember that and pass the favor on and the world becomes a better place.

Or maybe the college education market will be thrown into MORE disarray with a flood of copycat donations the way it was thrown into disarray by government subsidies and the cost of education will go up AGAIN because students are not responsible for the cost of their education. When Mansa Musa passed through Cairo, he gave away so much gold that the economy collapsed and the next time he passed through, he had to buy it all back to restore the economy. If he wanted to do some good, he should have just helped some poor people. That’s the nice thing about poor people– giving your money to them is fairly harmless. Continue reading →

Ethics Hero: Robert F. Smith [UPDATED]

/ Jack Marshall / 31 Comments

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If your reaction upon seeing the headline above was “WHO?” then it is fair to say, is it not, that that the mainstream news media has not sufficiently publicized the news made by Smith of late to permeate your consciousness. After you have read about him, it would be prudent to ponder why this might be.

The reason Smith is an Ethics Hero is this: He was the  Morehouse College  class of 2019 Commencement speaker, and after receiving his honorary degree, announced that he would pay off the entire class’s student debt.

The gift to the all-male, “historically black” college in Atlanta appears to to be worth about $40 million, and will affect nearly 400 students. It is the  largest individual donation to a historically black college or university. [ Not to inject a sour note, but if previously racially exclusive white colleges cannot continue their discriminatory ways by designating themselves “historically white colleges,” then the “historically black college” dodge to encourage and justify racial discrimination in both admissions and institutional marketing ought to be retired permanently. The so-designated colleges now have a collective student body that is about 22% white. ] Continue reading →

Incompetent Elected Official Of The Month: Rep. Maxine Waters (D-Ca)

/ Jack Marshall / 16 Comments

When did you first realize Maxine Waters was an idiot? I remember when I did. She was involved in the Block For Bill efforts by House Democrats during the hearings on potential impeachment for then-President Bill Clinton.  Maxine made many jaw-droppingly stupid statements but the best was when she said that we had to do something about “all these young women” tempting male law-makers and leaders, referring to Monica Lewinsky.

You know, the people of Watts have enough problems. They don’t need the added burden of a fool as their representative in Congress. On the other hand, who keeps voting for Maxine, term after term, decade after decade?

But I digress.

The latest display of Maxine’s intellectual limitations and lack of diligence and seriousness occurred to tried to engage in some anti-bank grandstanding sure to cheer the anti-capitalist Democratic base. Waters is the chairwoman of the House Financial Services Committee , which regulates banks. Nancy Pelosi gave her the post. Think about this next time your favorite Democrat mocks one of Donald Trump’s appointments.

During a hearing on the practices of  the nation’s biggest banks, Waters pointed an accusing rhetorical finger at a panel of seven bank CEOs  because, she said, “more than 44 million Americans that owe … $1.56 trillion in student loan debt…Last year, one million student loan borrowers defaulted, which is on top of the one million borrowers who defaulted the year before.” Continue reading →