[NU Sports] NU Names Morton Schapiro as new President

[mlinhardt at netzero.net]

I think loans are a good idea.

My wife and I had GSLs totalling around $12-$15K(class of '93) and it was not an onerous amount.  $100K a lot of money, but $20K should not be painful if you have a "real" major.

My best friend at NU dropped out of school in the dead of night and went to Austin.  We would have killed him had we known his intentions.  A few years later we co-signed a loan through NU to bring him back so he could finish.  About 6 months after he graduated NU forgave the loan.

Loans keep you honest.  Knowing you have the sword of damocles above your head encourages you to study and graduate.

Marc Linhardt
Tech '93
-- Hakirsch at aol.com wrote:
In a message dated 12/17/2008 7:28:25 PM Pacific Standard Time, 
michael.vance at att.net writes:

> Loans should be the 
> financial aid of last resort, {bold mine} but sometimes they are necessary.
> 

I disagree---I think loans vs grants can be beneficial--

1. They provide an opportunity to recycle the money for the next set of 
students over the normal 10 year payback

2. By having students take out loans for some of their tution probably helps 
to enhance their motivation to do well and graduate--whereas just outright 
grants could cause some  to just not care--One of my housemates (had to be close 
to  a genius,)on a total free ride, basicly got stoned his last 2 years before 
flunking out of his pre-med program--Last I heard he was delivering pizzas in 
Joliet.

3. More money being allocated to loans vs grants (perhaps not NU) allows more 
 total students to receive financial aid--particularly when many endowments 
have gotten clocked this year and some schools may not have enough funds to 
provide all of those who are in need, they might be able to re-sell their loans 
to Sallie Mae or First Marblehead --(yes I know this year it isnt easy , but 
loans are definitely being sold)

Sure some  students will turn down an expensive school likel NU if they have 
to go into hock a ton of money , and NU can weigh out that risk for the 
students they really want --but if the student really thinks it is worth it to go to 
a "better" prestigious school and can get a loan  to cover thier shortfall 
then they can at least be allowed to make the decision to attend or not

Harry


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