Pitt implements 1st-of-its-kind program to help reduce student debt

[CrazyPaco]

At least I believe it is the first of its kind in academia. Credit where credit is due for trying something new.

Panthers Forward: http://panthersforward.pitt.edu/

If nothing else, the website has some cool images of the Cathedral.

 

[fairgambit]

At least I believe it is the first of its kind in academia. Credit where credit is due for trying something new.

Panthers Forward: http://panthersforward.pitt.edu/

If nothing else, the website has some cool images of the Cathedral.

On 1st reading, I like the idea.

 

[H2P-2007]

So if I understand correctly, its basically alumni help with student loans? Seems like it could be a good idea. But its unclear what the criteria are for being awarded such an alumni credit.

 

[CrazyPaco]

So if I understand correctly, its basically alumni help with student loans? Seems like it could be a good idea. But its unclear what the criteria are for being awarded such an alumni credit.

So according to this Pitt News article, there are 150 slots for full-time students. Students have to apply for them, and it seems they are looking for students that are engaged and active in their respective communities on campus. So I think pretty much they're targeting types most likely to remain engaged and active with the university and this Panther Forward program after they graduate.

It will be ground breaking if it works. In the real world, these things sort of peter out and die. The uniqueness of this is that there is no actual contractual obligation to follow through on. It's essentially an honor system that tries to build in a sense of duty and loyalty by engaging the recipients in various networking programs. It's either incredibly naive or brilliant.

 

[pitt-girl]

So according to this Pitt News article, there are 150 slots for full-time students. Students have to apply for them, and it seems they are looking for students that are engaged and active in their respective communities on campus. So I think pretty much they're targeting types most likely to remain engaged and active with the university and this Panther Forward program after they graduate.

It will be ground breaking if it works. In the real world, these things sort of peter out and die. The uniqueness of this is that there is no actual contractual obligation to follow through. It's either naive or brilliant.

I like this - A LOT.

 

[Ski11585]

Doesn't Purdue already do this?

https://www.purdue.edu/backaboiler/overview/index.html

 

[CrazyPaco]

Doesn't Purdue already do this?

https://www.purdue.edu/backaboiler/overview/index.html

Purdue's program is different. If I remember correctly, they contractually take a percentage of future income.

Pitt's program has no contractual obligation, and involves special networking programs. Participants are supposed to not just donate back to the program but participate in mentoring and networking with future students, and the only thing that ensures that happens is an individuals own sense of appreciation, duty, or guilt. Purdue does have this networking component either.

 

[HailtoPitt]

Isn't this off topic? Should it have an OT in the header. This forum is for Pitt football, and we should stick to it.

 

[CrazyPaco]

I like this - A LOT.

The thing that could be really great about this program is if it works, it covers a whole lot of areas that can benefit the university. Things such as alumni engagement, cultivation of benefactors, student career networking and other post-graduate networking services, graduate debt reduction (which factors some university rankings as well).

And what looks like essentially a Pitt spin-off company is trying to market and set up this program at other colleges. It may be hard sell without years of data to demonstrate a proof of concept, but this could also end up making Pitt some residuals on the intellectual property that they seem to have in this (hard to know without the details).

For the Pitt PantherForward program, it seems as if Pitt provided all the seed money to get it launched in year one, but they're looking for alumni to help expand and propagate the program going forward, as well as to get involved in the alumni networking component. If it works as theorized, it could eventually be self-funding. That may be a hard point to get to, but if it proves valuable to all the above intangibles, maybe that doesn't even matter so much.

 

[Ski11585]

Purdue's program is different. If I remember correctly, they contractually take a percentage of future income.

Pitt's program has no contractual obligation, and involves special networking programs. Participants are supposed to not just donate back to the program but participate in mentoring and networking with future students, and the only thing that ensures that happens is an individuals own sense of appreciation, duty, or guilt. Purdue does have this networking component either.

Good stuff. Thanks for clarifying.

 

[President Stache]

It is awful that in the USA the cost of tuition is that high. We are the only country like this. It is ridiculous and wont be around in 20 years

 

[pittdan77]

I don't know if this scheme will work but Pitt's bigger problem is that the cost to attend is much too high compared to similar schools. Undergraduate degrees should not be the same kind of financial commitment as investing in real estate.

 

[BuffetParrothead]

A good idea but why not attack the root cause of the college loan issue.
Not to mention many students should choose trade or other schools rather than college, 2 yr community college is an inexpensive start, going to college at night after work, almost free, benefiting from an employer paid tuition reimbursement program ( I did that for my grad school work for 3 yrs). It's a long day but worth the effort!

Once upon a time students were able to pay for college through a combination of working while attending college, summer jobs, financial aid programs, getting jobs during or after graduating that had employee tuition reimbursement programs that paid for undergrad and grad work.

Back in the day both Mrs Buffett and I paid for our undergrad plus graduate school work this way with minimal college debt ( like hardly any).
At that time college tuition was reasonable and affordable!
Not today!

All Universities even state schools have become cost plus entities, similar to the government.

Public Universities should be run like private sector entities and they're not!

They don't focus on efficiency, programs like Operations Excellence, reducing costs/headcount/combining jobs when possible, productivity standards for administrative staff, controlling the number and type of academic programs offered, housing doesn't have to be luxury living ( although the Towers are very efficient & economical), max retirement age for professors and other employees, compensation plans with ranges where employees max out if they don't move up, pay ins for healthcare programs, move away from burdensome union cost, work rules and benefit plans, developing sports programs ( football & basketball) which pay for the entire athletic department, you could go on and on.


Additionally some students have a tendency to select majors ( to many majors) with limited employment opportunities, and future earning capacity which makes it impossible for them to payback the huge student loans racked up due to overpaying for college.

With this said it's a good idea.
Combined with cost control measures to reduce tuition this becomes even a better idea!

"it's five o'clock somewhere"
Signed: Mr Buffett
Go PITT & CSU Rams!

 

[CrazyPaco]

I don't know if this scheme will work but Pitt's bigger problem is that the cost to attend is much too high compared to similar schools. Undergraduate degrees should not be the same kind of financial commitment as investing in real estate.

The sticker price of the cost to attendance at Pitt actually isn't that high compared to peers. Now, by sticker price, I mean the out-of-state cost, which at just under $45K is easily comparable to out-of-state public costs at schools like UCLA ($64K), UNC ($50K), or Ohio State ($46K), or even a downright bargain compared to other major out-of-state private research universities ones like BU (~$70K) or Tulane ($71K). In-state students get a discounted rate, so that really isn't sticker price. As far as comparison to other major public universities, it is impossible to compare Pennsylvania's public research universities to ones in other states because PA is near the bottom of public subsidization in the US, which is why Pitt, PSU, and Temple are all so high. Unfortunately, that means PA's citizens are stuck choosing among these three high priced research university offerings.

As a general statement about the cost of higher education in the US, I absolutely agree. There are many reasons for that which probably is a whole different thread.

 

[MarshallGoldberg]

Is there any other state that has the unique situation we do with Pitt/Penn State/Temple vs. PASSHE? I wish Pittsburgh had a PASSHE school, it would be great for, say, education majors who may not be able to afford or get into Pitt but shouldn't have to drive an hour to IUP or Slippery Rock.

 

[CrazyPaco]

Is there any other state that has the unique situation we do with Pitt/Penn State/Temple vs. PASSHE? I wish Pittsburgh had a PASSHE school, it would be great for, say, education majors who may not be able to afford or get into Pitt but shouldn't have to drive an hour to IUP or Slippery Rock.

There are a few other private-public hybrids, but nothing the the Commonwealth System to which Pitt belongs. It is construed very uniquely. Pitt and Temple are similar, but even within that system, PSU is administratively construed differently because of its different history as a land grant that was historically tied much more closely to the state. They all receive non-preferred appropriations though and effectively privately governed and owned.

 

[MarshallGoldberg]

There are a few other private-public hybrids, but nothing the the Commonwealth System to which Pitt belongs. It is construed very uniquely. Pitt and Temple are similar, but even within that system, PSU is administratively construed differently because of its different history as a land grant that was historically tied much more closely to the state. They all receive non-preferred appropriations though and effectively privately governed and owned.

Right. It puts us in the unique positive situation that we have three very good "hybrid" schools (I don't know enough about Lincoln to comment) that are historically and currently somewhat more expensive than many large state universities and operate more like a private -- and opposed to just one large state-styled school in some other states -- but then we have the PASSHE schools dotting many rural parts of the state. It's hard to explain to people who aren't from PA and leads to partially misleading national newspaper articles that come out every year about how we have the most expensive higher ed system.

 

[CrazyPaco]

Right. It puts us in the unique positive situation that we have three very good "hybrid" schools (I don't know enough about Lincoln to comment) that are historically and currently somewhat more expensive than many large state universities and operate more like a private -- and opposed to just one large state-styled school in some other states -- but then we have the PASSHE schools dotting many rural parts of the state. It's hard to explain to people who aren't from PA and leads to partially misleading national newspaper articles that come out every year about how we have the most expensive higher ed system.

The two systems are sort of like in California how they have the UC system and the Cal St. system, except both of those systems are fully public.

 

[MarshallGoldberg]

Interesting history of the costs of their three state systems (third being community colleges, which apparently have their fees set by the state) in California:

https://www.abc10.com/article/news/...story-of-fees-and-budget-issues/103-465128027