When a future higher-education student hears the terms “student loans” and “debt,” the general reaction is immediate fear and dread. Why? The answer is because, too often, the media portrays only the student loan horror stories and not the fact that most people learn to manage their loans responsibly. Though some say that student loans today are too high and crippling to graduates, Robin Wilson suggests in her article “A Lifetime of Student Debt? Not Likely” that student loans are both manageable and useful as long as potential borrowers are willing to choose an affordable school, consider their future job’s earning potential, and live frugally.
Many people assume that borrowing money for a student loan is synonymous with signing a death warrant, but Wilson argues that, in actuality, student loans are a smart investment worth making. She quotes Anthony P. Carnevale, the director of Georgetown University, who says, “From an economist’s point of view, debt is the very best way to pay for education because you’re shifting the cost forward until you’ll be earning more money. You borrow cheap money. It’s a really good bargain” (qtd. in Wilson 260). Wilson explains this “cheap money” as the lower-than-most interest rates that student loans carry (259). By quoting this in her article, Wilson agrees that student loans are beneficial to students just entering the workforce and justifies using loans to pay off debt.
Wilson claims that one of the reasons students end up with student loans that are staggeringly high is that they choose secondary schools they cannot afford. She explains, “More often, the problem among students who go heavily into debt is that they are determined to attend their dream college, no matter that cost” (257). Going to a certain school may be an aspiration for some, but Wilson points out that a more expensive option may not be worth the pricetag.
Another point Wilson makes in her article is that when considering borrowing money or attending school at a certain price, a student needs to think about what kind of degree he or she will be receiving and how much earning potential jobs using that degree will have. According to Wilson, “... some students enroll in high-priced for-profit programs only to learn later that their certificates or degrees are not as useful on the job market as they had expected” (263-264). This shows how she believes that students who end up in large amounts of debt do not think of what salaries their future jobs will earn ahead of time; this quote also implies her belief that more forethought could remedy the issue and make loans more realistic.
In addition to thinking ahead and choosing a practical school, Wilson contends that being willing to live frugally is an important aspect of managing student loan debt. In her article, she quotes Robert A. Sevier, vice president of a higher-education marketing firm in Cedar Rapids, thinks that overborrowing for student loans is similar to overborrowing for a home; he states, “People live outside their means” (266). Using this quote as a launch pad, Wilson then goes on to prove how living within one’s means is possible by showcasing real-life instances of people living comfortably with student loans. Through these examples, she demonstrates that living a financially conservative lifestyle is both possible and wise.
In the article “A Lifetime of Student Debt? Not Likely,” author Robin Wilson argues that student loans are advantageous and feasible when borrowers are willing to choose a realistically-priced school, consider their future professions earning potentials, and live financially conservative lifestyles. Wilson’s article points out that many who take out student loans are able to pay them off. This, in turn, can show future higher-education students that they need not worry about insurmountable debt as long as they learn early on to make financially responsible decisions.
Many people assume that borrowing money for a student loan is synonymous with signing a death warrant, but Wilson argues that, in actuality, student loans are a smart investment worth making. She quotes Anthony P. Carnevale, the director of Georgetown University, who says, “From an economist’s point of view, debt is the very best way to pay for education because you’re shifting the cost forward until you’ll be earning more money. You borrow cheap money. It’s a really good bargain” (qtd. in Wilson 260). Wilson explains this “cheap money” as the lower-than-most interest rates that student loans carry (259). By quoting this in her article, Wilson agrees that student loans are beneficial to students just entering the workforce and justifies using loans to pay off debt.
Wilson claims that one of the reasons students end up with student loans that are staggeringly high is that they choose secondary schools they cannot afford. She explains, “More often, the problem among students who go heavily into debt is that they are determined to attend their dream college, no matter that cost” (257). Going to a certain school may be an aspiration for some, but Wilson points out that a more expensive option may not be worth the pricetag.
Another point Wilson makes in her article is that when considering borrowing money or attending school at a certain price, a student needs to think about what kind of degree he or she will be receiving and how much earning potential jobs using that degree will have. According to Wilson, “... some students enroll in high-priced for-profit programs only to learn later that their certificates or degrees are not as useful on the job market as they had expected” (263-264). This shows how she believes that students who end up in large amounts of debt do not think of what salaries their future jobs will earn ahead of time; this quote also implies her belief that more forethought could remedy the issue and make loans more realistic.
In addition to thinking ahead and choosing a practical school, Wilson contends that being willing to live frugally is an important aspect of managing student loan debt. In her article, she quotes Robert A. Sevier, vice president of a higher-education marketing firm in Cedar Rapids, thinks that overborrowing for student loans is similar to overborrowing for a home; he states, “People live outside their means” (266). Using this quote as a launch pad, Wilson then goes on to prove how living within one’s means is possible by showcasing real-life instances of people living comfortably with student loans. Through these examples, she demonstrates that living a financially conservative lifestyle is both possible and wise.
In the article “A Lifetime of Student Debt? Not Likely,” author Robin Wilson argues that student loans are advantageous and feasible when borrowers are willing to choose a realistically-priced school, consider their future professions earning potentials, and live financially conservative lifestyles. Wilson’s article points out that many who take out student loans are able to pay them off. This, in turn, can show future higher-education students that they need not worry about insurmountable debt as long as they learn early on to make financially responsible decisions.
Works Cited
Wilson, Robin. "A Lifetime of Student Debt? Not Likely?." They Say I Say With Readings. By Gerald Graff and Cathy Birkenstein. Ed. Russel Durst. 2E ed. New York: W.W. Norton & Company, 2012. 179-189. Print