Wednesday, February 4, 2015
Morrigan came home from school the other day and told us they had been researching colleges, how to find one that suits your needs and fits your expectations. I'm not sure she enjoyed the McK version of university selection...
Us: Actually, it won't be hard at all. We have narrowed it down for you to in state public universities.
Morrigan: But I really liked one in Maryland.
Us: Then you'd better get to work on saving money or getting a scholarship. We planned for in state tuition.
Morrigan: But, but what if I get into Harvard?
Us: You'd better get a scholarship as well.
Morrigan: Would you be proud if I got in without a scholarship?
Us: Sure, but you can't go.
It is so hard to resist conventional wisdom when it comes to student loans. The government has made it all too easy for kids to go into mind numbing debt and we, as a society, have gone right along with it. The universities have no incentive for cost control. Our kids will end up suffering. It isn't unusual to have doctors starting at the hospital with loans in excess of $300,000. Even at a physician's salary, that is one hell of a mountain of debt to pay off.
The kids are not very happy with our limitations to their school selection. Let's hope when they are out of school debt free they will see the wisdom in it.