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this post was submitted on 11 Oct 2023
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Asklemmy
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Chicken and egg. The tuitions have been able to reach the insane heights due to the ready availability of these loans.
It was a lot harder to get loans thirty years ago. Almost on par with the criteria for any other personal loan. A four year CompSci degree that could be had for under $25K, in total, opened the door to a $45K to $60K entry level position for a typical graduate.
Availability of loans broke wide open, under the guise of providing opportunity, and now the same degree costs 5-10x with yet the typical entry level salary remains more or less the same, give or take a few inflation points.