This morning before I started work on the final draft of this series of posts, I saw that the media painted grandparents as victims of evil student debt.
AnnaMaria Andriotis writing for the Wall Street Journal’s Smart Money said, “Tens of thousands of retirees have fallen behind on student loans—and the feds are coming after their Social Security benefits.”
I’m sure that many reading this will disagree with me but in my opinion, if grandpa signed for the loan and the payments come from Social Security, too bad. I do not care what the reason was for the loan. In most of these cases, parents/grandparents cosigned for the student loan of a child or grandchild in college. I have a sister-in-law that co-signed for $60,000 in student loans for her oldest son so he could attend Stanford (he spent some of this borrowed money on a trip to Europe).
If that had been my son, he would have started at a community college for the first two years and then transfered to a state college to earn his BA, and because I am a former US Marine and Vietnam veteran, the tuition would have been zero in California—one of the benefits of putting your life-on-the-line for your country.
If common sense were involved and the grandparent/parent wasn’t sure the child was making smart choices in college, what happened to the word “NO, I won’t sign! Get a job!”?
And then kick them out of the house or cut them off without a dime.
My parents grew up during the Great Depression and when I graduated from high school, I was told, go to college or pay rent, so I made a third choice and joined the US Marines and went straight to Vietnam after boot camp.
Maybe student loans are debt slavery (aren’t all loans a form of debt slavery?), but the grandparents/parents signed away their financial freedom and the law says it was legal.
Dragging grandparents into this debate is another example of the recent media hate binge against college education and student loans. From what I have read and heard and then discovered on my own, this has been mostly one sided—in short, propaganda but for what purpose?
Do not believe what you are reading/hearing from the media and in Blogs. This issue is complicated and not easy to explain, but there are other numbers that tell a different story.
For example, in 1972, the population of the United States was almost 212 million. Today it is more than 310 million—an increase of 46%.
On August 2, 2012, there were 17.5 million students attending US colleges and Universities (private and public).
However, in 1973, there were 6.8 million students attending college (private and public)—an increase of 257% since 1973. In addition, in 2009-10, 270,666 of those college students were military veterans attending college on a GI Bill (anyone may join the military and take advantage of whatever GI Bill is available for education).
Continued August 15, 2012 in Student College Loans – Evil or Not? Part 2
Lloyd Lofthouse is the award-winning author of The Concubine Saga.
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