The Student Loan Crisis

I used the word “crisis” in the title simply because that’s been the fashionable thing to do for the longest time. I thought I’d pay a bit of attention to the crisis only because it’s got to be better than discussing Mueller which is way beyond boring.

Back about 1972, I was about to graduate high school primarily because the Cincinnati Reds offered free baseball tickets if you maintained an A average. I saw an awful lot of baseball games courtesy of the Reds. However, I foresaw a problem looming in my future which was that I somehow needed my own money to buy baseball tickets.

Since I was infatuated with electronics at the time, it seemed that my best course of action was to become an Electrical Engineer. Neither of my parents went to college so they weren’t much help in sorting all of this out. I wound up asking a bunch of people, went to the library, contacted some schools, and decided, yep, things that Electrical Engineers did were likely to earn me money for baseball tickets.

There was one wrinkle which was that my parents had no money to send me anywhere. That meant that I wasn’t going to school out of state. Forget it, not happening. It never occurred to me that anyone “owed” me the best education. In fact, no one owed me anything at all. If I couldn’t find a way to become an Electrical Engineer, there are plenty of other things I could do that represented honorable work in the field of electronics.

What I found, fortunately, was that the University of Cincinnati had a “co-op” program. It would take me five years instead of four because I would be working in the industry and making money which, if there was anything left after tuition and 4-ways (a little inside Cincinnati humor), I could go to baseball games!

During my senior year, a friend and I were taking a shortcut from some stupid humanities class to the engineering building through the financial aid office. It’s quite possible that we commented that a certain ethnic group seemed to be over represented. Coincidentally, the engineering bulletin announced that a limited number of fellowships were available to seniors. These were just student loans sponsored by a rich person (whose company I ironically wound up working for.) The loan was  $3,000 and I used it to take flying lessons.

When I graduated in 1977, the $3,000 was the complete sum total of my student debt.

I went through all of this because I thought this was NORMAL. Boy was I wrong.

It now seems that the argument is being made that colleges “defrauded” students by getting them to major in studies that produced no income. They were mean people who took advantage of young, naive, youngsters. There are people suggesting that colleges should use their endowment funds to forgive these people their debts.

Sorry. I’m not buying it. If you want to try a class action suit, knock yourselves out but I think you darn well knew what you were buying for your money.

Another common Democrat thread is that the government should provide free college for all and forgive all the debt. The people this directly and immediately hurts are the tradespeople. Are you listening AFL/CIO? The Democrats want your members to partially subsidize the education of people who may well earn more than your members or at the least become “management.”

What is the solution for the crisis? Here we go:

There isn’t a crisis and you were duped by a bunch of liberals who’ve now taken all your money now and into the future. Grow up, suck it up, and learn from it. Too bad your real education has cost you so much money!


Mark Rosneck

Written by Mark Rosneck

Site owner and bilagáana


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