Wednesday, June 22, 2011

Just Say No to Private Debt

Some grads are saddled with $100K debt just for a lousy four-year degree. It's crazy. I'm glad I never got on the debt treadmill. It never ends, even in death, which is difficult to fathom. Does the loan company harvest organs?

Four year degrees lead to nothing. I wish it weren't so, because I really enjoyed college. Every class I took was a pleasure. Nothing compares to the thrill of learning.

The trouble is, everybody has a degree these days. Instead of resulting in gainful employment, a degree has become just another hurdle the wannabe worker must jump, like graduating high school. From what I read in the history books, it used to be that people began their careers at the age of eighteen. It used to be employers were dazzled by a worker that could read. If that worker could also write, Zappo! Instant promotion to management! Those were the days, alas. Now we have people with Master's degrees managing a McDonald's.

The value of a degree would increase to its vaunted 19th century status if the number of degree holders decreased or if the owners stopped exporting jobs to cheap labor countries, but neither scenario is likely to happen.

I recommend that no student take on private debt for any reason. If your plans require it, then change your plans. Now, government debt is different. Big brother is cool. He won't rape you. He will give you tax breaks and reasonable interest rates and just generally be a nice guy. Private lenders are evil. They will do and say shifty things in order to enhance shareholder value. Your death is of no consequence. They will harvest your organs to pay off your debt. So yeah, I'm a socialist or whatever, but that's my advice to college kids.
by igor 04:20 4 replies by igor 09:32 0 comments

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