An Ivy education can be free — with no degree

Guillaume Dumas, a 28-year-old Canadian, participated in classes, partied and networked at Yale, Brown, Berkeley, Stanford and more — without paying tuition — from 2008 to 2012, he told Joe Pinsker at The Atlantic. He didn’t enroll. He dropped in.

For a few hundred dollars a month in living expenses, Dumas “reaped most of the perks of college: learning, partying, and meeting intelligent, like-minded people,” writes Pinsker. He didn’t earn a degree — or go into debt.

Guillaume Dumas

Guillaume Dumas

At 19, Dumas enrolled at a city college in his native Quebec “because that’s what everybody does,” he says. He started on a psychology degree, but wanted more.

“I was just sneaking into classrooms in literature and philosophy and poli-sci and even psychiatry,” he says.

He began sampling classes at Canadian universities, such as Concordia, University of Montreal and McGill, then tried Brown and Yale and later Berkeley and Stanford.

“A diploma starts to look a lot like a receipt printed on fine cardstock,” writes Pinsker. “It is proof not that one has learned something in college, but that one has paid for it.”

Dumas now runs a dating service for upscale singles, which provides an adequate income.  “There’s never been so many career or business opportunities in the world that don’t require a proper diploma,” he says.

Some people would be better off “not paying tuition and keeping that money to travel the world and launch a business,” says Dumas. He estimates that 5,000 or 10,000 people could drop in to college without anyone noticing. “They will just disappear in the huge institution.”

My first husband attended graduate classes at Stanford without being enrolled. A professor hired him as a research and teaching assistant, though he was forced to lay him off after a year or so.

Think before you go to college

Think before you go to college, says blogger/professor Glenn Reynolds in a Reason TV interview. What are you going to study? Will you be able to repay student loans? His book, The New School, predicts “the information age will save American education from itself.”

How to prevent college dropouts

The best way to prevent college dropouts is to stop admitting unprepared students to four-year colleges and universities, argues Richard Vedder. People with “some college, no degree” earn little more than high school-only workers, but most have student loans to repay. If they’d started at community college, they might have job skills without the debt.

Colleges limit borrowing, cut defaults

Under pressure to cut student loan defaults, colleges are refusing to accept unsubsidized federal loans that require students to begin making interest payments immediately. Florida’s Broward College won’t accept private loans. Would-be borrowers have to attend a money-management workshop. Defaults are down.

Bad credit? Proposal eases student loan rules

People who’ve fallen behind on their debts will be able to take out federal Parent PLUS college loans under a proposed regulation relaxing credit requirements. Borrowers don’t have to show their income, employment status or ability to repay the loan.

Study: College beats 4 years chained to radiator

Despite rising college costs, a four-year college education is a better investment of time and money than being chained to a radiator in a dank, unlit basement, concludes a new study reported in The Onion.

“Compared to the intellectual stimulation and personal growth achieved in a university setting, there is less to be gained from 48 months in which one is tightly shackled about the ankle and connected by a short length of chain to a leaking, immovable cast-iron radiator,” read the report. 

However, the prisoner who’s freed after four years will not owe any money.

No federal loans for 1 million students

Nearly one million community college students nationwide — about 8.5 percent of the total —can’t take out federal student loans because their college doesn’t participate in the program, according to a report by The Institute For College Access and Success (TICAS).

Colleges complain they’re not allowed to limit “overborrowing” and risk losing eligibility for all federal aid — including Pell Grants — if default rates go too high.

An open door to debt?

Community colleges provide easy access — to failure and debt, argues a new book by remedial English instructors. Poorly prepared students have little hope of success, they write. Raising admissions requirements would strengthen academic classes for prepared students and redirect the unprepared to short-term job training that might help them improve their lives.

Home again: The boomerang grads

Annie Kasinecz, 27, lives with her mother in Downers Grove, Illinois. She borrowed $75,000 to earn a degree in advertising and public relations at Loyola University in Chicago. Now working as a project coordinator, she’s lived at home rent-free for four years.  Credit Damon Casarez for The New York Times

The Boomerang Kids Won’t Leave home, predicts the New York Times Magazine. With college loans and low-paying jobs, they can’t afford to pay rent.

One in five people in their 20s and early 30s is currently living with his or her parents. And 60 percent of all young adults receive financial support from them. That’s a significant increase from a generation ago, when only one in 10 young adults moved back home and few received financial support.

. . . Those who graduated college as the housing market and financial system were imploding faced the highest debt burden of any graduating class in history. Nearly 45 percent of 25-year-olds, for instance, have outstanding loans, with an average debt above $20,000. . . . And more than half of recent college graduates are unemployed or underemployed, meaning they make substandard wages in jobs that don’t require a college degree.

The photographer, who lives at home and freelances, was graduated from an art college with $120,000 in debt. 

Alexandria Romo, 28, also a Loyola graduate, earned an economics degree but says she “had no idea what I was doing when I took out those loans” at the age of 18. She borrowed $90,000. Romo wishes she’d been taught about student loans, math and finance before borrowing at 12.5 percent interest. Romo lives at home in Austin and works at a security-guard company. Her dream is to be an environmentalist.

Borrowing trouble

President Obama’s expansion of income-based repayment offers short-term relief, but will encourage reckless borrowing, enable colleges to keep raising tuition and promote the idea that everyone needs a four-year degree.

As long as college loans aren’t linked to the degree’s value — which varies depending on the major — young people will borrow too much.