Health & Fitness
BLOG: The Student Debt Burden ... Whose Fault Is It?
Whom to blame for the massive student loan debt? The first lesson to teach a college student is BEFORE college, and that is that we are all responsible for our OWN actions.
Those who know me know that the only reasons I would read the New York Times or watch MSNBC are to get the view "from the other side." This week, I have come across several alarming trends in our culture: The "blame game" is alive and well.
The Times' Room for Debate blog asks experts what can be done to ease the college debt burden on students. Education Sector's Kevin Carey thinks colleges themselves should take some responsibility. "Right now, a mediocre private college that encourages a student to borrow $100,000 to get a B.A. in art history bears no consequences when that student defaults on her loan, can’t get a mortgage, delays starting a family, and endures constant harassment from collection agents." Ownership of some of this debt would force colleges to think twice about offering students such damaging financial aid packages, says Carey.
WHAT?!??!??? You mean these poor students are so naive and financially illiterate that they didn't KNOW what they were doing when they had an adult with good credit co-sign for them? Let me get this straight:
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1. The STUDENT applies for the college.
2. The college lists their cost of attendance on the college website (mandated by law).
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3. If the student didn't qualify for need-based financial aid, or didn't even apply, then there are only three ways to pay for college: savings, income or loans.
4. If the student ropes a friend or family member into co-signing on a loan, how is that the college's fault? Unless the student has good credit, they can't take out a big student loan. And most students out of high school in this area have no job, no income, no assets and no credit. By law, the Stafford Loan is the only entitlement loan for students, and that is capped at 31k throughout the undergrad career.
5. If the student is going to college with a goal to earn a living in his chosen field or major, then choosing a marketable major is pretty important, yes?
Our goal here at GetCollegeFunding, a non-profit, is to match the students to the best fit (financially, academically, culturally) in colleges while guarding the parents' retirement. And while he never advocate jeopardizing the family financial health, there are those who will jump off the cliff anyway, and get in WAY OVER THEIR HEADS. That is not the college's fault, or the bank's fault.
The first lesson to teach a college student is BEFORE college, and that is that we are all responsible for our OWN actions.
