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`The philosophy being fed to college aged people by various higher education hacks today is best summed up by the title of the book: “Do What You Love, The Money Will Follow.” Possibly? But who’s going to pay for it?
No one has warned people the dangers of student loans. Colleges and lenders have an unholy alliance to get young people into debt and to stay there. (Yes, this even includes Millersville).
Because student loan borrowers are not subject to bankruptcy protection, there is no oversight incentive for lenders who would normally perform due diligence to ensure that their loan is going to be repaid.
My attitude towards the subject would be completely different if every borrower were to pay back what they rightfully owe or have bankruptcy protection. The problem is that penalties added to defaulted loans are well beyond reason. I’m sure everyone can agree that someone shouldn’t borrow money they know they can’t pay back, but what is a fair punishment for that error in judgment? Today the punishment is perpetual debt.
And speaking of “judgment”, the student signing his or her life away isn’t even deemed mature enough to drink alcohol.
Ken Klipowicz
2006 Alumni