Al Lord, the former chief executive of student-loan giant Sallie Mae , has a complaint about higher education: The price of college is too damn high.
Paying for his grandchildren’s education in recent years, he said, left him appalled at the tuition bills that land on his desk every semester. For those who know Mr. Lord, that is quite the twist. He led Sallie Mae through a time of wild success and near-collapse, a period when the company put in place new practices that drove a massive increase in student loan debt starting in the early 2000s.
The sting of high tuition hit him several years back when a grandson enrolled at the University of Miami, which currently charges $75,230 a year for tuition and room and board. That is a far cry from the $175 a semester Mr. Lord recalls paying for his own education at Penn State University in the 1960s. He has also paid for the education of three other grandchildren, to attend Villanova University, University of Miami and Davidson College. The bills have approached $200,000 a head.
“It’s criminal,” he said of what schools are charging these days. He has gained sympathy for families of lesser means. “Boy, am I sure glad we saved for my grandkids. If the average income is $40,000 or $50,000 or $60,000, I just don’t know how you do it.” Few people had as close a perspective on the cost of college as Mr. Lord, who is now 75 years old. He said he watched with bewilderment for decades as colleges persistently raised their prices faster than inflation. Parents complained; investors and analysts predicted that schools would eventually be forced to stop. They never did. “They raise them because they can, and the government facilitates it,” Mr. Lord said.
That was a very good read
So if 'it's criminal,' I guess he's the gangster that should be going to jail.
Monster
LOL!
So, will anyone in this goofball country learn anything from this parable? NAH! That’s why they call it American Exceptionalism!
Easy fix,right wsj? Do the right thing, right? Deny student loans to all except white boys…put women and kids of color back in their proper places, right, Rupert? Fox? And wsj?
Maybe sell a couple of yachts?
garbagehuman
it is criminal what they charge, and most get nothing for it. for what they charge they should guarantee a job or your money back
This is so stupid, the guy is filthy rich.
Irony
this man made more than $4million a year - I am sure he doesn't think he was overpaid! Maybe he can launch a gofundme - I'd love to see what he pays in taxes! privilege
Good, time for folks to realize WHY tuition has been raised so much. Redistribution of wealth by private entities is never good, nor is it lawful……
An enabler finally wakes up to what he has enabled. Wow. Really topical.
bullshit
Reap the harvest of what you sowed!
This guy once ended an earnings call by saying, 'Let's get the fuck out of here.'
As much as I hate to admit it, education has turned into the biggest business around the globe. Wish it was free everywhere, so that everyone could bring their potentials out and contribute to their society. This trend increases workload for students & they can't focus on studies
He JUST realized it’s “criminal”?
Irony, this really was your decade.
Eliminate the Student loan program and tuition will drop by 70%. These crooks rely on students paying for school with a Government funded credit card.
Hilarious
So he's going to try to login to his old account and delete all the records to make things right and clear his conscious. Right?
this is terrible news
Ha ha
Your actions have caused great distress sir, even hardship. I say you are long overdue for jail time.
Let's all sue him so they discharge loans
I thought this ghoul’s story would be unsympathetic. I was right.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BuzzFeed - 🏆 730. / 51 Read more »
Source: hellomag - 🏆 24. / 68 Read more »
Source: DEADLINE - 🏆 109. / 63 Read more »
Source: latimes - 🏆 11. / 82 Read more »
Source: Newsweek - 🏆 468. / 52 Read more »