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One person making unwise financial decisions is a dummy. A generation of people being systematically lured into making unwise financial decisions is a racket.

One person making unwise financial decisions is a dummy. A generation of people being systematically lured into making unwise financial decisions is a racket. How do people rationalize putting young people into debt slavery instead of having them spend their earnings in the free market, stimulating the economy?

lbotos 8y ago
>How do people rationalize putting young people into debt slavery instead of having them spend their earnings in the free market, stimulating the economy? Because they (the people rationalizing) didn't realize the game has changed since they left college (or their lack of access to college)
Mirioron 8y ago
Because they already spent it "on the free market" they just thought going to an expensive university was a good idea. The blame lies as much with all the people telling students that they must go to university as it does with the students themselves.
porpoisely 8y ago
The government says a 18 year old is too immature to legally purchase beer. But a $30K loan which they can't bankrupt out of, they sure are mature enough for that. It's getting teenagers to sign away a significant part of their 20s to indentured servitude.
- Mirioron 8y ago
  That's different though. Alcohol has negative effects on development and your brain continues to develop until you're about 25. So the reason to limit alcohol isn't that they can't handle it, but rather that it's bad for them physically.
- pnw_hazor 8y ago
  Colleges already provide an entire department or two of professionals to guide their students through the process. This is why schools should bear more of the risk. They are ones that are recommending that the kids takes the loans and help them select majors. I couldn't believe how much financial aid (all loans) I was offered for law school. (I took about 10% of what was offered.)
  - tamalesfan 8y ago
    "Colleges already provide an entire department or two of professionals" I don't think we've actually run out that string however; you have to go a long, long way before academe recognizes the futility of throwing more 'guidance' at the problem.
  - hurryskurry 8y ago
    I never had someone recommend a major to me, or recommend I take on loans. Law school tuition is insane, I can only imagine if you paid for your room and board and tuition with loans and that was only 10% of the aid offered you must have been offered like 500k.
    - pnw_hazor 8y ago
      I went to LS at night while holding down a programming job. Quitting my day job would have made the opportunity cost way too high to consider LS. Still had to pay mortgage and family expenses while my wife was a stay-at-home mom.

lbotos 8y ago

>How do people rationalize putting young people into debt slavery instead of having them spend their earnings in the free market, stimulating the economy? Because they (the people rationalizing) didn't realize the game has changed since they left college (or their lack of access to college)

Mirioron 8y ago

Because they already spent it "on the free market" they just thought going to an expensive university was a good idea. The blame lies as much with all the people telling students that they must go to university as it does with the students themselves.

porpoisely 8y ago

The government says a 18 year old is too immature to legally purchase beer. But a $30K loan which they can't bankrupt out of, they sure are mature enough for that. It's getting teenagers to sign away a significant part of their 20s to indentured servitude.

Mirioron 8y ago
That's different though. Alcohol has negative effects on development and your brain continues to develop until you're about 25. So the reason to limit alcohol isn't that they can't handle it, but rather that it's bad for them physically.
pnw_hazor 8y ago
Colleges already provide an entire department or two of professionals to guide their students through the process. This is why schools should bear more of the risk. They are ones that are recommending that the kids takes the loans and help them select majors. I couldn't believe how much financial aid (all loans) I was offered for law school. (I took about 10% of what was offered.)
- tamalesfan 8y ago
  "Colleges already provide an entire department or two of professionals" I don't think we've actually run out that string however; you have to go a long, long way before academe recognizes the futility of throwing more 'guidance' at the problem.
- hurryskurry 8y ago
  I never had someone recommend a major to me, or recommend I take on loans. Law school tuition is insane, I can only imagine if you paid for your room and board and tuition with loans and that was only 10% of the aid offered you must have been offered like 500k.
  - pnw_hazor 8y ago
    I went to LS at night while holding down a programming job. Quitting my day job would have made the opportunity cost way too high to consider LS. Still had to pay mortgage and family expenses while my wife was a stay-at-home mom.