You never know how accurate comments from strangers on line are, but a poster replying to one of the stories on yahoo yesterday really stood out to me. Pushing back that most of the students would be lining up $150,000/yr positions...
"I graduated from a top 20 university with a good GPA. I started out making 35K a year and have slowly made it 80k. My mother made 10k a year during my time in college, because my father had just passed. But because he just passed, for the next two years my student aid did not meet the poverty level, even though I was in poverty. Trust me, it isn't just rich kids going to college. In addition I started out only having to borrow 4k a year that I worked off every school year. But then tuition almost tripled in those 4 years and I had to borrow a lot. I essentially went from a full scholarship to borrowing from peter to pay paul just to graduate. You clearly haven't been to college, because you'd know right now my average starting pay from college in my field is still only 55k. I literally graduated from the best accounting school in the World that year. Don't tell me it is rich kids. Those kids didn't borrow a dime unless it was financially strategic for their families to do so."
When I was at IU, my instate tuition was roughly $35/hr, so my semester tuition was like $400. Add another $1500 a year or so for the dorms (which included meals) and my base cost was about $2000/yr. My dad was a veteran, so I basically was able to go at least undergrad on his VA benefits/Social security. I did have to take out loans for grad school, but I really can't relate to the astronomical costs of college today.
I certainly don't begrudge the folks who get this benefit, but it's not an issue I'm particularly invested in one way or another. But it is interesting to see a worthless POS MTG who lives off her husbands wealth and whose family business received a $140,000 or so PPA loan write off to attack people getting far less (on average) than she did...