On Wednesday (Oct 26) The College Board said “about 56% of bachelor’s degree recipients at public schools graduated with debt averaging about $22,000. From private nonprofit universities, 65% graduated with debt averaging about $28,000.” AP via Seattle Post Intelligencer and University Business (A Guide to Obama’s Student Loan Plan)
Here’s a web article: Cool Cars under $30,000. Check out this Pontiac Solstice, turbocharged 260-hp GXP version – under $28,000.
In fact, most off the cars listed (Ford Mustang Coupe, Jeep Wrangler, Mazda MX-5 Miata, MINI Cooper S Convertible, Subaru Impreza) – were under $28,000.
One of the first purchases a student often
makes upon graduation from college is a new car. Many finance this, taking out a car loan which they expects to pay off in three or five years. No one really bats an eye at a car loan. There’s no public outcry to
the government to help young persons manage this astronomical debt. No special bills are proposed in congress. People consider the car an investment, they finance that purchase, and pay for the car. They don’t get 10 years or 20 years to pay off the loan. It isn’t on a sliding scale based on their salary. I know not everyone buys a $28,000 car – but many vehicles are a significant investment.
Why is $28,000 in college debt – for a college education which is (or should be) four years of unparalleled learning, exposure to new ideas, foundation building for future excellence, career impacting networking, international study – viewed as this unmanageable albatross around the necks of our young people?
The right college education will launch a person to their next step – graduate school, career, service. It is an investment that’s worth increases exponentially as time passes. Unlike a car which will stop working and, in fact, decrease in value – a college education will serve students for their entire lives.
A Ford Mustang or an Augustana education – is there really even a question in anyone’s mind which is more valuable? Which is worth the investment? Bring on the $28,000 in loan, I say – and bring on a successful future.