Trade schools sapping pockets dry? Those seeking associate degrees are racking up as much debt as those in four-year schools.African Americans African American Multiculture A person having origins in any of the black racial groups of Africa. See Race. graduating with associate degrees from for-profit for-prof·it adj. Established or operated with the intention of making a profit: a for-profit organization. institutions such as trade schools are racking rack 1 n. 1. a. A framework or stand in or on which to hold, hang, or display various articles: a trophy rack; a rack for baseball bats in the dugout; a drying rack for laundry. up nearly as much debt as those graduating from public four-year colleges. Furthermore, the technical school graduates tend to earn less and are therefore getting limited payback Payback The length of time it takes to recover the initial cost of a project, without regard to the time value of money. for their investment. A report by the Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. , D.C.-based American Council on Education Established in 1918, the American Council on Education (ACE) is a United States organization comprising over 1,800 accredited, degree-granting colleges and universities and higher education-related associations, organizations, and corporations. tracks money owed on federal student loans. The median amount borrowed by graduates of all races who received associate degrees from for-profit institutions during the 2003-2004 school year was $14,067--nearly as much as the median amount borrowed by graduates with bachelor's bach·e·lor's n. A bachelor's degree. degrees at $14,671. At for-profits, 78% of certificate recipients and 89% of two-year associate degree recipients graduated with federal loan debt. Unless training is for high-salary, in-demand specialties such as allied health fields, income rewards may be disappointing. "They are left with a debt to repay and not a lot to show for it in terms of their increased ability to earn," says Jacqueline Jacqueline, 1401–36, countess of Hainaut, Holland, and Zeeland (1417–33). The daughter and heiress of William IV, duke of Bavaria and count of Hainaut, Holland, and Zeeland, and of Margaret of Burgundy, Jacqueline was passed over for the succession to the E. King, director of ACE's Center for Policy Analysis and author of Federal Student Loan Debt: 1998 to 2004. Though the ACE study does not break out loan data by race, debt from attending for-profit institutions is particularly relevant to blacks, says King. Research shows African Americans are 12% of all bachelor BACHELOR. The first degree taken at the universities in the arts and sciences, as bachelor of arts, & c. It is called, in Latin, Baccalaureus, from bacalus, or bacillus, a staff, because a staff was given, by way of distinction, into the hands of those who had completed their studies. degree graduates, but 25% of recipients of certificates and associate degrees from for-profit institutions. A less expensive option is an associate degree from a two-year community college. The median amount borrowed for those graduates was $5,879. However, for-profit institutions have two advantages over public two-year colleges: degree programs can be completed more quickly and classes are scheduled for working students' convenience.
2003-2004 Cumulative Federal Student Loans
Percentage graduating with debt
Public 2-year For-profit Public
4-year
Undergraduate Certificate 20.9% 77.5%
Associate Degree 28.3% 89.2%
Bachelor's Degree 58%
Median amount borrowed
Public 2-year For-profit Public
4-year
Undergraduate Certificate $5,307 $5,705
Associate Degree $5,879 $14,067
Bachelor's Degree $14,671
Monthly payment amount
Public 2-year For-profit Public
4-year
Undergraduate Certificate $61 $68
Associate Degree $66 $162
Bachelor's Degree $169
Note: Table made from bar graph.
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