Every once in awhile I stumble across a news article that irritates me. This one about a 52 year old person named Angel who owes over $480,000 in student debt contained multiple irritants.

First, the article refers to the person as ‘they,’ as if the person were legion. He, she, ze, it, don’t care, but dammit all, pick a lane!

Then, the passive helplessness of Angel:

“I was told as a kid that you need to get a college degree, you need to get an advanced degree if you want to get ahead in this world, and now I can’t even pursue that American Dream,” Angel told Insider. “I can’t even buy a house. I’m 52 years old. So, I mean, at what point do we say, ‘No, this isn’t right?’”

Any old “advanced degree” will not do to “get ahead in this world.” It has to be in a field that demands above-average remuneration. And the adults slinging such non-specific nonsense are partially responsible for putting so many young people down this path. The computer gods blessed us with spreadsheets over 30 years ago. Sitting an adolescent down in front of one a running some numbers on their plans should be a first step.

Rationalize the Student Loan Industry

Next step is getting the government out of the student loan business. Completely. Government has clearly demonstrated it cannot do anything as efficiently as the market can. And what private enterprise will loan hundreds of thousands of dollars to an 18 year old? Or a 26 year old still in school who doesn’t have a steady job? Not even loan sharks or sleazy payday lending shops will do that.

Read through the article. It mentions government losing track of payments and deferments. Also, in its vast beneficence, government will defer student loan payments in some situations, but the interest continues accumulating, to the surprise of the borrowers, leaving them worse off than before.

Colleges want students? Let the colleges come up with a student loan program, and put the colleges on the hook along with the student for repayment. The student loan debacle is one more trillion dollar government-created catastrophe, and as usual, ordinary people just trying to get ahead end up paying the price.

What say you?