Most undergrads imagine they'll effortlessly pay off their loans when they start getting paid the big bucks; they're living in a state of denial, disregarding t

Most undergrads imagine they'll effortlessly pay off their loans when they start getting paid the big bucks; they're living in a state of denial, disregarding the implications of a tough job market and how many extra years of work their spending sprees have sentenced them to. But "facts do not cease to exist because they are ignored," as Aldous Huxley famously said. No, they don't. The facts are that your prospects as an English major are, on average, fairly dim. However, your assumption that everyone will be in your position after graduation is woefully self-absorbed. I have sympathy for my fellow students. I did many of the same things when I was an undergrad. Plus, escaping student debt -- no matter how frugal they try to be -- is nearly impossible. Even if they do resort to purchasing a large creepy van, most will still have to go tens of thousands of dollars into debt to pay for tuition. I think not. The idea of "thrift," once an American ideal, now seems almost quaint to many college students, particularly those at elite schools. The typical student today is not so frugal. Few know where the money they're spending is coming from and even fewer know how deep they're in debt. They're detached from the source of their money. That's because there is no source. They're getting paid by their future selves. And? He states this like it's prima facie ridiculous. The world runs on non-liquid assets and loans. If he thinks that he's somehow permanently escaped loans and debt he is going to have a rude awakening when he goes to buy a house and needs to take out a mortgage. Of course, he could always choose never to buy a house and live in a van for the rest of his life, but that completely ruins his idea of how "sensible" he is for avoiding college loans. In essence, if he enjoys living frugally and does it for internal reasons (Thoreau's ideal) then that is perfectly fine. However if he believes that he is somehow in a better living and financial situation than the rest of his peers he is simply deluding himself. Yes, college education is exorbitant and yes loans make take years, even decades, to pay off. However, the idea that loans are obviously a negative thing have no basis in math or economics. One can construct situations in which loans and debt result in disaster, sure, but one can also create similar situations that have no negative consequence. That is, it is not the loan itself which is prima facie negative, but the circumstances surrounding it.