Reply to What is a "donut hole family"?

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[quote=Anonymous][quote] Right, but again: Most everyone COULD afford the EXACT SAME THING a generation or two ago, with a little effort.

It hurts to tell a super high-performer that he can't even apply to elite schools because you can't pay for them. Is it a tragedy? No. But when you have a MEMORY of those schools being in fact, affordable when you were his age, it hurts.

That's it.

P.S. I agree re: gutting state budgets for higher ed.[/quote]

Colleges are charging what the market will pay. Undergraduate student loans drive up the price and end up knee capping many young people’s financial futures. IMHO it’s predatory lending to allow interest only loans with complicated payment/forgiveness schedules where borrowers often have limited or no financial education and experience at signing. Would like to see government step in by offering a GI type bill option (for teaching or other gov’t service jobs) rather than debt forgiveness which will incentivize continuation of the current problem.

FWIW my parents were solidly middle class/donut hole and couldn’t afford private college for 3 kids 30 years ago. Insisted we all go to in-state U which they paid for. I was a high performing student and wanted to apply elsewhere. Told them I’d get student loans. They were adamant I HAD to go to in-state school. Resented it at the time but graduated debt free, got a job and later went to grad school (paid for by my employer). This enabled me to buy my 1st place at 25 and later on afford private K-12 and college for my kids. I’m very grateful to my parents now for making that first big financial decision for me.[/quote]

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