A few weeks ago the NY Times had an article that I think is worth reading (click on the link). It speaks to the dilemma that many people find themselves in when they take out large loans to go to a 'top' college and then find themselves unprepared to repay the investment. I found the article to be a frank analysis of the issues faced by both students and colleges when it comes to navigating making college affordable.
On the one hand, loans are a realistic part of most financial aid packages. As, I would argue, they should be. But taking large loans, in the case of Cortney Munna (picture above) that end up totaling $100,000 is probably a bad decision in the long term. Colleges too are put in a precarious position because the majority of institutions do prefer to keep Financial Aid and Admissions relatively autonomous. As colleges strive at admit students based on their potential for success academically, they then open the door to offering admission to students that can only realistically attend with a significant loan. With the luck of finding a stable and well paying job and some financial restraint, loans are not always a bad thing. But as we are seeing now with a tight economy, people really must look themselves in the mirror and look even more closely into their finances to see what loan repayment will really look like.
I am convinced there are ways to make college affordable. But that does mean sometimes being open to trying a school that is 'off the beaten path' and willing to offer a lower total price tag. Or, at the very least, being committed to staying financially solvent after graduation with a combination of other life sacrifices that make loan payments feasible.
Image by Noah Berger, NY Times
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