.JPG)
It's no surprise that student debt is at an all time high. And while I do not regret the loans I took out to attend Harding, after reading this article on USA Today College I had to take a moment to sit back and wonder what we're paying for, and what is the deciding factor when choosing a university.
Upscale dining options (which, unfortunately Harding was sorely lacking), movie theaters, state of the art workout facilities, dorm rooms that are nicer than your parents house and perfectly manicured lawns are becoming the norm. In fact, some schools are spending millions of dollars because the facilities, not the academics or student life, are the main deciding factor when recruiting freshmen.
Now, I conveniently lived in a newly renovated dorm and/or apartment three of my four years. I lucked out. But the other university I was looking at had all of the bells and whistles that grab a 17-year-old's attention. At that age, I wasn't thinking about the extra $10,000 a year I would have to pay for that all-you-can eat cereal bar.
It makes me wonder if we put lavish amenities as a top priority in other areas of our lives. Do we have to have that designer bag, which the label clearly visible for all the world to see? Or maybe it's taking selfies at all of the 2014 must-visit destinations to prove how much of a globe trotter we are?
Maybe it's time to step back and look where our money and priorities are focused and ask ourselves, "When I'm still paying for this 10 years later, would I still make this decision/purchase?"
10 comments:
Awesome thoughts, Jess! I am going to be a senior in college and I have definitely been thinking about the choices I make with my money, loans, etc. and realizing that a lot of the things we value as a society are lavish things. Maybe we need to reevaluate some of our decisions. Maybe all we need is balance in our choices. Thanks for sharing this!
xo, gina
I consider myself one of the lucky ones to walk away with as little student loan debt as I did. Technically I could have walked out of undergrad debt free had I not graduated a year early and wiped out the savings my parents put back for me (scholarships paid for the vast majority of my degree). And like you, I didn't pick my university for the amenities, in fact, I picked the one that gave me the cheapest out of pocket ride :) I'm all about the champagne taste on a beer budget philosophy. You can have the nice things without the painful cost, whether education, fashion, or travel experiences if you take the time to decide what's important and how to get it for less (if possible).
Travel-wise, so long as you aren't staying at 5 star resorts and all, those experiences are always worth the cost :)
It's so interesting to think about this. For instance, I am currently a rising senior (eep!!!) at a small liberal arts school in Boston. I'm a part of the second largest major in the school, but a LOT of my tuition money goes to the largest major (visual media arts - all their cameras, equipment, etc). I wish there was a way to have more control over where my (huge) chunk of money goes, but regardless, I always tell people that it is often a GOOD thing to be a part of a big major at your particular college - it means they're probably spending the most money on you!
Wow-I've never heard of that before. You really have you love what you're doing to justify it.
Totally agree, and travel costs can completely be justified because the memories definitely last long after the trip is over.
I just made my first loan payment this month and it made me stop and think too.
You're absolutely right. The students are getting what they want and it is interesting to see what they/we considered a priority (i still kind of have the student mindset :) )
Thanks! Since I just made my first loan payment I was really thinking about it. When I first started school the thought never would have crossed my mind.
I think it's so easy to justify any college decision you make, because the numbers are all theoretical. It's not until you graduate and start paying on your loans - and not just paying, but looking them full in the face - that you get an idea of what you actually spent the last four years doing to yourself. I don't have a huge loan myself, but knowing that paying a reasonable amount for my budget per month toward my debt, even being above the minimum payment, will still take me until the end of 2016 to wipe out makes me crazy inside.
I just made my first payment last month and it definitely became a reality. I'm hoping that after a little while I will be able to start making more than the minimum payment so I can be done with it sooner.
Post a Comment