Dem committees attack House Republicans on student loans

[wercal]

7. I'm going to give you the same examples I have given my co-worker

A friend of mine worked full time and went to night school to get pre-requisites out of the way...and even had to care for a new baby during this time. Next, he worked like crazy, to save up enough cash to go for 18 months, heavy course load, and get an engineering degree. He's now much more successful than me, and I really admire him for sticking to his plan.

My own case - I used the Army, and paid them back via 5 years of my life.

My brother - went to a school nobody has ever heard of, on an athletic scholarship (in soccer of all things), and lived at home most of the time.

My sister - lived with my dad, alternated between working and going to school, finished when she was 29 years old.

There is ALWAYS a way. (BTW wouldn't your theroretical wiz kid be eligible for some academic scholarship money?, which is another route).

Now you have a reaction very similar to others I have talked to....and you take umbrage at my suggestion to only use student aid for student related expenses. And, in typical fashion, you set up a hyperbolic situation that can only be solved by using student loans as a credit card (living on the street).

But here's what you haven't done: explain to me how I'm wrong. If I told you that I had racked up $40k in credit card debt, to pay the rent and buy groceries, while going to school, would you think that was a wise decision?

I hope not.

Its a terrible decision...and I am only punishing my own self by doing that (btw, I speak from experience as someone who has dug out of $55k in credit debt). Trust me - you are punishing the hell out of your own self by doing this.

So, how is racking up $40k in student loan debt, for expenses not related to tuition and books, any better?

Its not. Its worse, since you can't discharge these in bankruptcy.

Here's another way of looking at it - education is an investment. You can expect a return on every dollar spent for tuition. Is pizza an investment? No. It consumer spending. You should never borrow for consumer spending - again, I have experience in this area.

So what if you can't afford to eat? Well, to steal a quote, 'Horrors upon HORRORS!!!!' - take a semester off, and work as many part time jobs as you can find.

Back to my co-worker, with $200k plus in debt for his wife's school. He's in his mid 40's (so is his wife). He is slowly starting to see things my way...as he is beginning to understand that he will never have any possessions. He will never own a house...he will always have beater cars....all because his wife's education bill/consumer credit bill will eat away at his income until he is close to retirement age. And here is the real kicker...a genuine 'horror'...he has effectively stolen his children's future. He has put himself to be in a position to never be able to assist his children with educational expense in any way whatsoever. They will be past college age before he pays off these debts.

Anyway, I'm not being heartless when I tell people not to use loans as a credit card. Quite the reverse actually. I elongated thing by giving 5 years to the Army...my sister spent 7 years longer than she normally would...this is unacceptable to some people. All I can say is - think about how many years are lost, when you are in debt beyond your wildest dreams, and on a 15 year payoff plan.