The idea of a loan is simple. You borrow something, and you pay it back — sometimes with a little extra.
If my neighbor loans me his truck, I give it back to him, often with a full tank of gas or a six-pack of his favorite beverage. I could give it back to him with an empty tank and no quench-thirsters, but the likelihood of him letting me use it again would then lessen greatly. That’s just the way life works, right?
This is why I continue to be amazed at the idea of forgiving student loans, or, on a much smaller scale, forgiving late fees at a library. What are we teaching young people about actions and consequences? And what are we teaching them about loans and how to pay them back?
I understand that some students have an enormous amount of student debt, and I understand that the brains of youth are not yet fully developed. Even so, the entire concept of a loan is not complicated.
Colleges and universities do have some responsibility in all this, but it is the much smaller share. I recall my first two years at Waldorf College where the folks in the business office assisted me in thinking through how to pay for my tuition and fees. They helped me work through my financial aid, scholarships, personal contributions and work study. Then, after that, we looked at how much I would need to borrow. That made sense to me, and I had very little debt.
In my final two years at Buena Vista College, the folks in the business office started off the financial discussion with the maximum amount I could personally borrow. I questioned why that was not done at the end of the financial aid discussion rather than the beginning. “That’s not how we do it here,” I was told. “Well, that’s irresponsible,” I replied. That comment certainly didn’t help my situation with any additional aid, but I was being honest, and I still feel that way today. Colleges and universities could, and should, help young people by working with them to have the least amount of debt as humanly possible. The recent announcement of a 4.25% tuition hike at our state universities is not going to help with this.
Meanwhile, some colleges and universities are helping students manage debt better, and kudos to them. Even so, that doesn’t shirk the responsibility of debt away from the debtor. Ultimately, we all need to realize we have a responsibility to pay back what we borrow. It is a lesson best learned in our youth rather than with our neighbors and their trucks later in life.
Have a wonderful Wednesday, and thanks for reading.
Shane Goodman
President and Publisher
Big Green Umbrella Media
shane@dmcityview.com
515-953-4822, ext. 305 | 
