Student loans have been a big topic regarding debt. Many people believe that student loans are bad. Some statistics state that there are over 40 million people with student loan debt. I’ve listened to podcasts, read articles and watched YouTube streams of people upset at the government at the government about the student loans. Let’s discuss this debt and who’s fault this is.
When we are in high school those of us that wanted to go to college had our dream schools. We had thoughts about what college life would be like. There would be parties, opportunity to meet new people and high paying jobs when done. All we had to do was pay for it.
Student loan debt is currently estimated to be about $1 Trillion and the President is being asked by some to forgive the debt. Who’s responsible?
PARENTS
Should our parents have had the responsibility to talk to us about debt and our future income potential? Many of our parents familiar with debt by having credit cards, car loans, mortgages, and other forms of debt.
HIGH SCHOOLS
Should the responsibility have come from our high schools? Schools are made to educate us. The role of the high school Cap Advisor is to guide students and their parents through the college admissions, scholarships, and financial aid processes. I don’t remember being guided on student loans, interest rates and if my future salary is worth the tuition in high school.
COLLEGES
Should the responsibility be the college? Our first semester in college there wasn’t a class to educate us on student loan amounts, student loan payments, and is it worth it.
STUDENTS
Is the student responsible? How many kids used student loans to buy clothes, TVs, cell phones or go on trips? What about the responsible students with massive student loan debts? Did they research career options, companies, and salaries before choosing a major? Did the student research in-State vs out of State tuition?
There is a lot to cover here. These are a few things to think about. Please have conversations with your kids, nieces, nephews, and friends to help them avoid a costly mistake. We want ourselves and the future generation to avoid being Broke and Clueless.