What would you buy that would financially cripple you for life?
At the end of a graduation celebration on Sunday night, Shaquille Lampley returned to his dorm room on campus, opened the computer and stared at his student loan estimates. They totaled more than $200,000 in loans taken out by his mother, covering six years in school. “I just kept looking at the number and thinking to myself, this would cripple me for life,” said Mr. Lampley, 24, who earned a degree in sociology. “I am so grateful and still in shock about this gift, and now I have so many questions about how this will be processed.”
According to the above article “only 53 percent of full-time, first-time students finish their undergraduate studies at Morehouse within six years.”
There is no indication the above degree was a masters, so should someone be questioning the time and money it takes to get a degree?
And beyond that why are we accepting costs that end up ruining the financial lives of individuals?
Certainly the $200,000 was not a surprise to this student. What was he and his mother thinking during the last six years? Sociology is a broad field. It can take you from social worker to lawyer, is there a plan?
These few hundred graduates lucked out, but the time, cost and lack of planning for debt after obtaining a college degree is still a problem that isn’t being solved simply by debt forgiveness or even more government (taxpayer) funded college.