Just heard Dave Ramsey on the radio on our way back home from Portland. After fielding what he said was his fifth or sixth call from people with more than $100,000 in student loan debt (!!!!), he lost it.
What were you thinking when you got those loans? You borrowed $100,000 for a degree in Divinity – which trains you for a job that pays around $40,000? You borrowed more than $100,000 to pay for four years at a Christian college for a degree in psychology and decided to be a stay at home mom??? Did you know you can’t even get a job related to psychology without at least a masters?
Where are the parents? These young people will be in debt bondage for years and years, whether they go back to work or continue to stay at home. Of course, they also have credit card debt, a mortgage, and owe money on a car.
They are seriously lacking in common sense, basic morality and education. They will never get out of their debt swamp, unless they part with some of the STUFF they have acquired, seemingly without ever considering when or how they would pay off the debt. Some had a grandma or aunt who was going to “help” them with a $10,000 or $20,000 gift. Drop in the bucket.
They need discipline, not help. Was no one in their family or church even attempting to teach them the meaning of debt? Too many people today have no understanding about what all that seemingly free stuff means.
They didn’t have to pay directly for high school, so going to college when someone probably filled out their student loan forms for them seemed just as free. They get out of college, get married, and expect to have everything their parents have immediately.
And another thing – college isn’t what it used to be. The trend toward easy A grades, less and less rigor and less and less content has been constant since the late 1960s.
Getting food stamps, unemployment benefits, welfare plays into that mindset. At some point we will have to get hold of this problem, or our debt crisis will make Greece look like a walk in the park.
Dave Ramsey and Clark Howard can’t do it all by themselves. You all will have to step up and attack the student loan problem by discouraging that irresponsible behavior on the part of everyone you know even considering such a step.