They Didn't Ask Me (dr_phil_physics) wrote,
They Didn't Ask Me

The Adrian College Guarantee

Now this is interesting.

Adrian College in Michigan is guaranteeing their education, if you don't make at least $37,000/year after graduation. Huh. I occasionally have heard of things like that. One college allowed you to take additional courses for free to make yourself more marketable or to reinvent yourself.

In this case, Adrian bought an insurance policy.
College President Jeffrey Docking said in an interview that the college took out an insurance plan on all of the school’s incoming Freshmen that will pay all or part of the student loans for any who make less than the $37K benchmark after graduation.

The plan requires that students work at least 30 hours per week after they leave school. Graduates earning less than $20K per year will have all of their loans paid while those making between $20-$37K will have their loans paid on a sliding scale...

At a cost of $550,000, the school needed to bring in thirty new students for the program to work. Docking said they’ve brought in fifty new students, a fantastic return on the investment.
Of course the article doesn't mention the most salient point -- what does it cost to go to Adrian College. For that, I Googled "tuition at Adrian college" and the first hit was on the college's financial aid page:
Undergraduate 2014-15 Total Costs

Full-time Tuition (12-17 credits)   $31,870
Technology Fee                         $400
Activity Fee                           $200
Double Room                          $4,680
14-meal Plan                         $5,060
Facilities Fee                         $190
Total Charges for Tuition, Fees, 
Room, and Board                     $42,400
Over four years that's $169,600, though I don't know how many get loans for the full ride. And excluding interest, over say twenty years, that works out to repaying $8480/year. That's 23% of a $37,000/year income -- so it's not quite the panacea at first blush, but it's a start.

We need to have a real dialogue about college costs. Just getting rid of Pell grants and sending people to much higher interest rate private bank loans than Mrs. Dr. Phil and I had 30-35 years ago, isn't the answer. And state schools are much more expensive than they used to be.

Should everyone go to college? No. But we have also decimated job training, trade schools and apprenticeships, so the path to becoming a productive taxpaying and consumer buying member of society, supposedly what the same people cutting support want, is equally difficult.

When we start considering our youth in the country as a valuable resource, like copper, packages of widgets or AA Wall Street bonds, then maybe we'll do a better job of investing in this resource for the future.

Until then, at least Adrian College is making a start.

Dr. Phil

  • UCF Meat Ups (Plural)

    The UCF is a pretty diffuse group -- and with its origins online, meat-ups in the real world are something of a big deal. The Big Furball is a…

  • May The Sixth

    May the First -- May Day May the Fourth -- Star Wars Day (May The Fourth Be With You) May the Fifth -- Cinco de Mayo (May The Fifth) May the Sixth…

  • May Day Spring Backlit Tour

    Friday. May the First. Temperature hit 73°F in Kalamazoo. Saturday was similar. These days I mostly commute with a single Nikon and one lens. For…

  • Post a new comment


    default userpic

    Your reply will be screened

    Your IP address will be recorded 

    When you submit the form an invisible reCAPTCHA check will be performed.
    You must follow the Privacy Policy and Google Terms of use.