Parents in America are taking out loans at interest rates of up to 20% in order to pay for their children's private K-12 education. The average loan from one provider, Your Tuition Solution, is $14,000, while the Lake Trust Credit Union lets you carry up to $40,000 in loans for your child's primary and secondary education. Some lenders allow parents to defer payment until their kids graduate college, which is when their college loans are also called in. Annamaria Andriotis writes in Smart Money:
It used to be that families first signed up for education loans when their child enrolled in college, but a growing number of parents are seeking tuition assistance as soon as kindergarten. Though data is scarce, private school experts and the small number of lenders who provide loans for kindergarten through 12th grade say pre-college loans are becoming more popular. Your Tuition Solution, one of the largest lenders in this space, says demand for the upcoming year is already up: This month, the total dollar amount of loans families requested rose 10% compared to a year ago; at that pace, the company expects its total funding to rise to $20 million for 2012-13. Separately, First Marblehead, which exited the market in 2008, reentered last year as demand for loans began to rise.
Much of this demand is coming from high-income families. Roughly 20% of families that applied for aid to pay for their children's kindergarten through 12th grade private school education had incomes of $150,000 or more, according to 2010-11 data, the latest from the National Association of Independent Schools. That's up from just 6% in 2002-03. Those who don't get approved for free aid, like grants, increasingly turn to loans, experts say.
Student Loans on Rise -- for Kindergarten (via MeFi)
(Image: Indentured Student - Cartoon, a Creative Commons Attribution (2.0) image from donkeyhotey's photostream)
It’s not just that smart cars’ Android apps are sloppily designed and thus horribly insecure; they are also deliberately designed with extremely poor security choices: even if you factory-reset a car after it is sold as used, the original owner can still locate it, honk its horn, and unlock its doors.
Josh Jacobson is a Nintendo cartridge hacker who makes homebrew cartridges for games that were never released for NES/SNES, complete with label art and colored plastic cases that makes them look like they came from an alternate universe where (for example), there was a Nintendo version of Sonic the Hedgehog.
The swift replacement of CRT screens with flat panels created tons of extremely toxic e-waste, with dangerous tubes and leaded glass posing unique environmental and safety hazards for disposal workers and sites.
Python is immensely popular in the data science world for the same reason it is in most other areas of computing—it has highly readable syntax and is suitable for anything from short scripts to massive web services. One of its most exciting, newest applications, however, is in machine learning. You can dive into this booming […]
Learning new skills is a great way to improve your resume and stand out from other candidates. Especially in a workforce in which many job-seekers have a wide variety of qualifications. With lifetime access to Virtual Training Company, you won’t have to choose a specific focus. You can pick up new expertise whenever you deem it […]
Instead of throwing out all the empties after your next party, why not transform them into some new DIY glassware? Cut back on waste and add some home ambiance with the Kinkajou Bottle Cutter and Candle Making Kit.The Kinkajou is designed as a clamp-on scoring blade to make precise cuts. Just slide a bottle in, tighten […]