THE ENTITLEMENT MENTALITY OF STUDENTS

Loan Debt Has Consequences

Back Story

When I bought a house in 1986, the market was down and I borrowed my 20% down payment from family.  Even in tough times, I made my payments every month and we celebrated when I had paid off that debt.  I never considered non-payment an option.

When I chose a college, I looked for quality AND affordability.  Back then, I could pay for myself with a scholarship and year-round jobs while living at home to save even more.  I didn’t want to encumber myself with debt and graduated owing nothing.  Even as I planned to go to medical school, I didn’t consider debt a good option.

Today

The almost logarithmic increase in college costs follows directly the increase in student loan availability.  Not a coincidence, schools know few people are paying the full cost anyway, so are less conscious of the tradeoffs.  More kids are being pushed into college and a large number are not considering what the value of college is to their later career aspirations.  The cost of a Harvard education doesn’t make sense if your studies only qualify you for a lower income future.

But kids (and their parents) aren’t considering these important calculations.  “A college education is our right.  It’s something we must do.”  Meanwhile, kids who are less interested in school and would be successful in the trades, eschew these career options, pushed by their parents into fields that sound more prestigious.  And yet, we need electricians, plumbers, contractors and more.  The careful assessment that previous generations made regarding college value versus cost simply isn’t happening.  Kids feel entitled to the “college experience,” whatever that is.

Entitlement

Baby Boomers, growing up with WWII parents, seem to believe that the best way to raise a child is to indulge them.  I get it—it’s a lot more fun to buy kids stuff and take them to Disneyland every year than to be the tough parent.  I was luckier.  My parents made me earn half the money for special items, like my first contact lenses.  We had chores and were encouraged to seek out work.  When major budget decisions arose, my parents involved us, so we understood the value of money, saving and deferring desires.

Student loan money is a finite pot (or should be).  If people don’t pay it back, the next group will have less available.  Back in the day, many people put off college until they could pay for it.  Now, you’re going to 13th grade as soon as possible, even while your maturity level isn’t where it should be to plan your future.

Biden’s approach to continued loan deferrals hurts all those lending money (and if it’s the government, it hurts every tax payer).  And when you think of money as “free,” you don’t consider whether you can earn back enough to pay the loan off.  This is why so many young people support Democrats and their concept of “free college.”  But why should it be free if it gives you valuable support for your future career?  And how can it be free when you have to pay teachers and administrators and support college infrastructure?  At some point, someone has to pay.

The worst of this is that it mostly benefits the rich.  Many poor people never consider college and those who do wisely start with community college, later transferring to a state college where the fees are more reasonable.  Often, they are the ones paying back the debt having been raised in a family where every dollar’s value is weighed carefully.  The high-ticket colleges, like Harvard, Stanford, Yale, etc., are the choice of wealthier parents and kids.  Why shouldn’t they be paying off these loans?  What message are we sending to this generation about obligations and the value of their word?

The Problem with Entitlements

When you believe you deserve everything with no effort on your part, you put obligations on other people to deliver on your desires.  Nothing is free.  When you fail to pay a loan, there is less money for the next group, but the same people who do this also expect everyone else to “save the planet” and other lofty, but undefined goals while they put no burden on themselves.  This is the generation who lambasts their parents for not recycling enough, while they indulge in iPads, phones and gaming devices that despoil the planet of rare earth elements and suck up energy.

Entitled people hold themselves above others, clearly understanding the obligations the rest of the world has to them, but refusing to accept their own responsibility.  They don’t feel like working their way to a goal.  They can’t stand hearing something that might upset their worldview.  They want others to solve the problem of climate change while unwilling to make personal sacrifices.  Others must do the work.

It's time to hold young adults’ feet to the fire and make them understand that freedom and rights come with obligations and responsibility. Start with student loan debt and insist that every student pay it off fully.  Only from personal experience can you gain the status of a dues-paying citizen.