It is Friday and Fridays are for fun. Some student loan debt is going to be forgiven and some folks are mighty upset about it.
I am fortunate in that I was able to work full-time while I was in college and could pay for my own education at a private college.
It took six years to graduate but it could have been worse. I did end up borrowing about $1200 which was not easy to pay back but I did pay it back.
My daughter has a Ph.D. She graduated with money in the bank. We split the cost of her college education with her and paid cash. She paid for her M.A. and Ph.D. by teaching. She even lived in France and taught there too for two school years.
College tuition is way too high and the money isn’t going to teacher pay. In fact, at the college level, most of the pay is poor even for people with PhDs. The friendly folks in college admissions departments tell parents and students not to worry about the cost because it will be offset by financial aid and student loans.
No one questions college tuition or the fact that it keeps going up. I think that as long as people are willing to pay it there is no limit to how much colleges will charge. As long as young people are willing to borrow money and go into debt they will go into debt. We should be concerned about all the tax dollars colleges are spending and where the money is going.
I’ll never regret getting an education. Yet I would not encourage a young person to go into debt to pay for a college education.
Employers ask for a college degree where none is needed. Asking for a degree has been a way to screen out job applicants because during the last 50 years or so it has been an employers market.
Vocational technical school isn’t cheap but if the goal is to get a job it is an option. Two-year associate’s degrees can lead to great careers. Starting a business is also an option. Start-up costs might be less than college tuition and can be paid off quickly. Small businesses contribute to economic growth and they are where innovation happens. No one ever asks me if I have a degree.
If you are feeling upset over some student loan forgiveness, take a few deep breaths or maybe go for a walk. It is going to be alright.
