I saw a post on LinkedIn in which the poster shared that his son got a college acceptance letter, but the son felt guilty about how it might affect the family finances. The poster shared the following question: Parents and Students – how have you managed this experience, dealt with any guilt, and yet maintained your excitement for the incredible experience ahead of you? My answer: How did we manage the experience? We always emphasized education in the Epps household. My son worked very hard in high school, got admitted to his dream college. What would we say at that point? “Congratulations, son! As a reward for your efforts, we’re going to allow you to take on student loan debt that will haunt you for the rest of your life”? Maybe “immoral” is too strong a word for that but I have a deep negative feeling about parents letting kids… Read more →
EppsNet Archive: Student Loans
An Alternative Approach to Student Loan Relief
The Supreme Court just struck down Biden's disastrous student loan forgiveness program. We have a bad habit in America of paying people to do the exact opposite of what we want them to do: more $$ to stay at home than to work, more $$ to be a single mother than married, more $$… pic.twitter.com/kexfAig09l — Vivek Ramaswamy (@VivekGRamaswamy) June 30, 2023 I knew Biden wasn’t allowed to do this. Here’s the good news. You can just flip those signs over, write a new begging message on the back, and go stand on a freeway offramp. Read more →
Schadenfreude
Now that a federal appeals court has blocked the Biden student debt relief program, I have to admit that I really like to see people make terrible decisions and have to face the consequences, like taking on a colossal debt load in order to obtain a college degree with no commensurate value. I bet the Germans have a word for that. Germans have a word for everything. Read more →
Student Loan Prediction
I don’t think that’s a good prediction but it’s probably a good idea to make the prediction for the benefit of gullible idiots, aka voters. How much is loan forgiveness going to cost? $400 billion, something like that? Unless I’m very much mistaken, the president can’t just decide to spend $400 billion without the consent of Congress, which he doesn’t have. That’s not the way the system works. Time will tell . . . Read more →
A Couple of Thoughts on Student Loan Debt
I’ve taken out mortgage loans, auto loans, acquired some credit card debt . . . am I forgetting anything? But I’ve never acquired debt and not paid it back. It never occurred to me to do that. Transferring student loan debt seems like subsidizing irresponsibility. What happens when you subsidize something? You get more of it. I saw the Secretary of Education being interviewed and although I don’t remember his exact words, he seemed to blame the whole thing on the COVID pandemic. He said it was his job (or the government’s job) to make sure that people can bounce back from that and not be crushed by their student loan payments. I’d like to ask him where he got the idea that it’s the job of the federal government to make sure that citizens don’t suffer financial hardships. In the early days of our country, many people… Read more →
Student Loan Debt Sets Record
U.S. Student Loan Debt Sets Record, Doubling Since Recession — Bloomberg What happened to parents saving up to pay for college? Is that not a thing anymore? I don’t find it morally defensible to encourage a kid to incorporate academics into his or her life from an early age, to emphasize the importance of education, then when the kid is admitted to college to say “Congratulations, here’s your student loan application. Have fun paying that off till you’re 60.” Read more →