Every other ad seems to end with a bit about taxpayers footing the bill, and I can’t help but wonder if anyone out there still remembers the time of budgeting and staying within our limits? And that, quite naturally, brings me to the notion about needing vs. wanting, something that should apply to all purchases, including choice of college/university.
There is no shame in not being able to afford a high-priced education; the shame is choosing one you can’t afford, straddling yourself with a mountain of debt, and then hoping/assuming the tab will be forgiven or picked up by someone else, as in taxpayers.
As it is, student loan debt now stands at some $1.45 trillion, with Pennsylvania leading the pack. Students there carry an average debt load of $36,193, $800 more than second-place Rhode Island.
Here’s the rest of the 2019 story from studentloansresolved.com:
- Number of people who have student loans: 44 million
- Rate of delinquency: 11.4%
- Number of people who graduated with debt on a student loan: 63%
- Average debt on a student loan for the class of 2019: $28,450
- Month to month student debt installments: $393
While several Democrats contending for the presidency are calling for tuition-free public colleges, Elizabeth Warren is going them one better. If she has her way, taxpayers will pick up the tuition tab via her $406 billion student debt forgiveness plan.
No need to stick to a budget as plans are made. No worries about accountability and nothing to pay back…
Along with countless others, that might certainly appeal to South Bend, Indiana mayor Pete Buttigieg, who happens to also be running for president alongside of Warren.
As recently reported in the AP article, “Buttigieg’s High College Debt Draws Attention to the Issue,” he and his husband’s 20 loans total $131,296, according to his campaign spokesman, Chris Meagher. The financial disclosure Buttigieg filed with the Office of Government Ethics, however, indicated that their student loan debt was between $110,000 and $265,000.
- As for May, Americans held a collective $799 billion in credit card debt.
- On the federal side of things and “owned” by every man, woman, and child in America, the total national debt stands at more than $22,364,581,222,976. How much more is impossible to determine as the numbers on the U.S. debt clock spin way too fast to catch a hold of.
As our 31st President Herbert Hoover said way back in 1936: “Blessed are the young for they shall inherit the national debt.”
Perfect Strangers’ Balki Bartokomous put it this way: “I’m in debt. I am a true American.”
All the same, be well-advised:
- “It’s just math. It doesn’t matter how much you think you deserve it, you can either afford it or you can’t.” ~ Dr. Phil
- “Rather go to bed supperless, than rise in debt.” ~ Benjamin Franklin
- “Never spend your money before you have earned it.” ~ Thomas Jefferson
- “When you get in debt, you become a slave.” ~ Andrew Jackson
- “One of the greatest disservices you can do a man is to lend him money that he can’t pay back.” ~ Jesse Jones
And that’s the bottom line…