Re: Re: Re: Re: Re: Re: Re: Re: Making a living (and paying loans)


[ Follow Ups ] [ Post Followup ] [ TubeNet BBS ] [ FAQ ]

Posted by Joe Baker on September 22, 2003 at 14:19:18:

In Reply to: Re: Re: Re: Re: Re: Re: Re: Making a living (and paying loans) posted by Sean Chisham on September 21, 2003 at 19:38:24:

I didn't perceive anyone was saying that those who take out loans are "less worthy". I don't think that was the point at all. I am in the midst of getting ulcers and high blood pressure to see that my children graduate from college debt-free NOT because I want them to be more worthy, but because I want them to be more free. Debt robs us of our freedom (believe me, after a recent six-month stint unemployed, I can say this with authority!)

My ideal vision for my kids is to graduate from college with just what I had when I graduated: enough cash to cover carfare and peanut-butter until the first paycheck arrives, a car that runs acceptably well, and no encumbrances of any kind. I can't imagine what it must be like to look at your student loan balance and your starting annual salary, and realize that the former is a couple of times the latter.

With that said, I absolutely believe that there is a 'right' time to use student loans. While I am resolved to pay for my children's college without putting them into debt, my wife -- who has just returned to school part time, and is married to a fellow who already makes a pretty good living -- may be able to graduate a year sooner if she takes out $12,000 or so in student loans and cuts back accordingly on her work schedule. She could repay that $12,000 twice in increased pay in the first year out of college (she'll be a nurse), and we will have had less stress in the meantime. Note the major factor: a PLAN to pay off the loan quickly, without degrading our overall finances.

I don't know who said it, but to me the real question is simply whether the individual taking the loans A) comprehends what it will mean to repay them -- and what the consequences will be if they do not -- and B) has the character to do so no matter what. I fear that for MANY, probably MOST, but certainly NOT ALL 18-year-olds, this is not the case.

As for the 'social experiences' you missed by working, or the effect working had on your grades -- you probably missed nothing worthwhile. I spent two years of my college career fully supported by the folks (except for car and spending money I earned over the summers), and two and a half years working to pay my expenses. My best social experiences were with my co-workers (irresponsible kids do not make for scintillating company), and my best grades came when work forced me to make better use of my time.

Joe Baker, who thinks quite well of Sean, but who would usually consider student loans only as a last resort.


Follow Ups: