Tuesday, May 28, 2013

 

Borrowing is the new smoking

You can probably figure out what I am thinking of doing with my life by the subject matter of this article.  (I am trying my best to avoid confirmation bias, BTW.)  But that isn't why I am posting this.

The overwrought atmosphere has created irrationalities that prevent talented students from realizing their ambitions. Last spring we accepted an excellent student with a generous financial-aid package that left her with the need to borrow only $5,000 a year. She told us that she thought it would be “irresponsible” to borrow the money. She didn’t attend any law school. I think that was extremely shortsighted, but this prevailing attitude discourages bright students from attending law school.  [Emphasis added.]

Debt can be bad and I will yield to no one when it comes to chastising my fellow Americans for their severe shortsightedness when it came to accumulating debt over the past couple of decades.  That said this young lady has taken debt avoidance to an absurd level.  $15,000 for a law school education is very cheap and even in the worst case scenario she would pay that back in 5 years.  Of course, I don't know what debt she is carrying from undergrad and she might have a great job lined up now.  Still, I would jump at the chance to attend law school at that price.

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