Can’t Afford It
The rich rules over the poor, And the borrower is servant to the lender. Proverbs 22:7
No one helped her with the math.
A high school senior, great grades, and a good athlete. Perfect college material – except for the money. “Don’t worry,” the guidance counselor advised, “we’ll help you get financial aid.”
Six years later, while guests at the same wedding, she tells me she “feels duped.” No one had explained to her what it would cost when she had earned the degree. Her student loan payments were so high that she couldn’t afford to buy a car or rent an apartment.
As sad as that story is (and there are millions like it), it does not justify the government “forgiving” any portion of her debt. According to an article at CNBC (https://www.cnbc.com/2019/04/23/elizabeth-warren-and-2020-election-democrats-propose-student-loan-relief.html) Americans owe $1.57 TRILLION in student debt! Another article, (https://www.yahoo.com/finance/news/student-loan-crisis-borrowers-dont-understand-costs-193650429.html) says that despite unpayable amounts, the students continue to pile it on. Are they piling on in anticipation of forgiveness?
This is one more socialistic option being touted by Presidential hopefuls.
I get it. This debt has stymied the ability of many millennials to get a good start in adult life. I do not know how many feel duped and how many knowingly went into the debt believing it would be easy.
Who are we allowing to advise our children? Why would no one think to do the math for them? I know one young woman who came out of college with $90,000 in debt with a social work degree. There are no numbers that would make that combination add up.
Christian parents, please talk to your children. Paying room and board to live on the campus of a big name university is not the only way to get an education. This generation has more affordable choices now than ever before. On-line courses and living at home after high school allow for a greater ability to “pay as they go” so they can afford to pay the bills and maybe even get married after college!
Apprenticeships, trade schools, on the job experience, and self-taught scholars are no longer things of the past. Wise students are seeing that the numbers just do not add up to take on the loans. And, waiting for the government to bail them out is just irresponsible behavior from an entitled generation.
Let’s insist that this government money would be better spent in a myriad of ways. In fact, if it is available, why not have the Federal government pay down its own $21 Trillion debt first?
Perhaps, then, as we tell the coming generation about the mighty deeds of God, let’s tell them about the foolishness of men who do not consider the consequences of their actions until it is payback time.
Socialism creates an environment where the government takes over the responsibility of the citizen. Some of it, like forgiving loans or making college “free,” sound great. But, do the math. It is gonna cost us so much money and so much freedom that we just cannot afford it.
We are being duped. We cannot afford to believe that the people who accrued $21 Trillion of their own debt are trustworthy to help our adult children get rid of theirs.
Love the wisdom given here, Beth! College isnt the answer for everyone!
Thanks, Julie, I appreciate the encouragement!
At the small Christian school where I teach, a student approached me today bemoaning that he’d had to wait until 12th grade to get all the insight offered from Dave Ramsey. He’d been working since 9th grade and is sad that he hadn’t managed his earnings better.
I told him not many ninth graders have jobs..
Dave Ramsey’s wisdom in the classroom.
Our college system is broken. And it’s crippling the finances of young people who think they have to have it to be successful.
Great message. God bless!
I think parents are going to have to take some responsibility and be pro-active about teaching these things to kids. Of course, they are going to have to take the Ramsey-like courses themselves because it seems people just have not been taught to do the math first. Thanks for the comment.
It’s heartbreaking to hear about how much debt kids come out of college with today. You’re right, parents do need to help their kids be wise when it comes to money and debt. It’s also tough because universities cost so much it would take years to get through college without some aid. We’ve been grappling over some of these issues with our kids nearing their high school graduations.
Thought-provoking post, Beth!
Jeanne, One of our greatest financial regrets is that we did not insist that our kids do 2 years of community college or a local university that they could commute to and then get their degree where they choose. Today, they could even do that on-line. There are options today but we have to be willing to go against the tide. Your children will thank you later!
Giant wake up call for sure. You are right on so many levels, something has to be done. Colleges are more like businesses then education facilities. I think of all the students who fail out of their courses and still owe the money, its a financial nightmare for sure. I am sharing this and encouraging others to do the same. God Bless!
I feel so strongly that high schools have mandatory financial education for teens. Debt is such a problem (for teens AND adults of all ages), and so many people live beyond their means and worry about it “later,” and then later comes. College is important, BUT college doesn’t have to mean an expensive school.
I don’t know how to resolve the college debt crisis. It is almost impossible for many of these students to get out from under the burden.
Debt can cause many problems today and in the future. Thank you for sharing this message.
Thanks, Stephen! I pray we will wake up to it.
Jessica, I understand your thinking but I believe that before God this is a parental responsibility. We have allowed the government schools to take on a huge role in our kids lives (replacing parents). The Church should teach biblical economics so we can pass on right thinking regarding money, debt, and education. Thanks for commenting.
Yvonne, I think we have to start thinking differently about education and how important the name of the university is on the diploma. Those who are in debt now have a big problem. I pray we will educate those coming behind them and learn from the mess we are in now.
This describes a reality few people – especially college students – want to face today.
Thank you for this well-written post.
You’re welcome Ava, Thank you for the encouragement.
Forgiving student loans is not the answer, but something needs to be done about the astronomical cost of higher education. I was forced to drop out of school to put my (now ex) husband through school and now cannot afford to go back without taking out a loan, even to attend a community college. I make enough to scrape by but have saved nothing for retirement, and I’m 43 years old. I can contribute nothing to my own daughter’s college education and she’s a sophomore.
I think our education system in general has not kept up with what it takes for students to become successful adults. For instance, I don’t understand why algebra and trigonometry are recommended while personal finance courses aren’t mandatory. I get what loan forgiveness is supposed to do. But I think the real issue is that there is an economic disparity between those who can go to college without debt and those who can’t. I’m not sure that loan forgiveness will do anything to close that disparity. Great points and thank you for sharing.
Amen! Debt is such a burden and there does seem to be a disconnect today about spending. It is as if young people and even older people are living in one large video game. We need to wake up!
“One large video games.” I love this analogy! It is true. Thanks.
Afi, I hear what you are saying but think it is appropriate for schools to teach trig, algebra, and biology but leave the more personal finances and even sex education to parents. It seems that parents are taking a pass on teaching anything at all and expecting schools to take over their responsibility. Especially as Christians, we should be teaching our children the biblical view of finances.
Sorry Candice, It sounds like you have had a rough time. One of the points I am trying to make is that there are options that are not as expensive as a traditional college degree. All of them cost because there are costs involved in offering them. For your daughter, it might be necessary for her to live at home, work and go to school so she can “pay as she goes.” You contribute by giving her a place to live.
Do you know about “Dual Enrollment” in community colleges for high school juniors and seniors. I think for my son (a few years ago) the cost was only $20/course. My son started college with 15 credits. She would have to ask her guidance counselor if such a program exists for her.
I pray the Lord will provide for both of you as you look into alternative ways to progress.