CNN.com has a feature on student loan horror stories. Among those included in the story are Lisa and Heather Harden-Stone, who have a combined $380,000 in student loan debt. Heather, who has a masters degree in environmental studies, said, “I really had no idea of the true cost of college. I just signed what I needed to sign and had no idea how much in loans I was taking out.”
Are we to feel sorry for her? Apparently, she mindlessly took on increasing amounts of debt without thinking of the implications. And now that she has to repay those loans, she laments the situation that she finds herself in.
Far too many people think that a college degree is the secret to success and happiness. They incur an insane amount of debt getting a degree that provides no practical benefit.
Consider Samaiyah Robinson, who still owes $107,000 more than a decade after graduating from Seton Hall. “I feel like I probably won’t pay these student loans off in my lifetime, but I’ve got a degree from Seton Hall and it looks pretty good on my resume,” she said.
Yes, a degree from Seton Hall probably does look good on her resume. So? Is her goal to have a good looking resume or to live a happy and productive life? And what purpose does a good looking resume serve if not to help one live a happy and productive life?
I am not opposed to education, but it is pretty clear that these people are not being educated. They pursue a degree at any cost, without giving a moment’s thought to anything else. And when the reality of their decisions finally hits home, they become the subject of news stories and taxpayer bailouts. (No mention of taxpayer bailouts was made in the story, but don’t be surprised if that becomes an issue in the near future. Lots of voters have student loans that they’d like to make go away by the “magic” of federal bailouts.)
If someone wants to rack up a mountain of debt getting a useless degree, that is their choice. But they should not moan about their decisions, nor should they expect anyone else to pay for their bad choices.
As an example of a rational and responsible approach, the last individual in the story is Joshua Morss, who turned down an opportunity to go to Cornell because of the expense. His advice: “Do everything you can to avoid student loans, because it hangs around forever.”
Sadly, “forever” is a concept that few people today understand. The real horror in these stories isn’t the debt that these individuals have accumulated, but the seemingly clueless manner in which they did so.