Value, College, & Student Loans

If it’s free, it isn’t valued. If you give something away “freely” to anyone/everyone, then whatever you are giving away loses its value. It’s economics 101…supply is high/scarcity is low, so demand is low. Not only that, but we typically want to stand out amongst our peers. “I have X, Y, and Z”…we compare ourselves to others. When everyone has what you have, it no longer makes you feel special, because it no longer differentiates you between anyone else.

This is why I don’t think college should be free. I love higher education. I encourage anyone to get a degree after high school. But college isn’t for everyone. And giving away free college is not the answer. Suddenly, a college education will mean “nothing” in the workplace because everyone will have one.

On a related note, I have mixed feelings about student loan forgiveness. I’ve paid off my student loans, but I did that by working throughout college 25+ hours per week, then after graduating, putting as much extra as I could toward that debt. To do so, I had to sacrifice other things. I didn’t go out eating or drinking with my friends as often as I liked, but we found other (cheaper) alternatives to hang out and have fun. I lived below my means, spending less than I made.

Everything in life has a trade off. If you want that college degree, great! But if you can’t afford it? Well, just like with anything else in life, if someone else loans you money, they’ll expect to get a return on their investment (getting their principal back with interest). If you agreed to borrow money from someone to buy something you couldn’t afford, then you should pay them back. It’s part of the deal that you agreed to. Just because you don’t like the deal doesn’t mean that you don’t have to keep your end of it. Stay true to your word and pay off your debts. Don’t expect a free handout, which only hurts our government and teaches you that someone will be there to bail you out when you make poor life choices.

Sacrifice. Be an adult. Live on a budget. Keep your promises.