Student loans and coffee habits.
This is a very interesting article from the Washington Post detailing the ways in which today's college and graduate students pad their already-huge student loans with extra funds to finance their three-dollar-a-day specialty coffee habit.
I will readily admit to having a daily coffee habit, although not one that is quite so expensive (closer to two dollars per day). I will also admit to having used student loans in the past to pay for living expenses beyond tuition, but I like to think that this was for things like rent and groceries, not fun trips to Starbucks.
The article itself seems to conclude that it's going to be very difficult to convince students to see the big picture: that sacrificing their coffee luxury today means saving thousands of dollars in the future. It's not news that students today are taking out more loans than past generations and starting their adult lives heavily in debt. College is a whole lot more expensive than it used to be. But we've also come a long way from the days of my grandfather, who, according to the stories my mother told me, lived on nothing but cheese crackers while he was in college. Should it follow that because so many of us are living on borrowed money that we are not entitled to small luxuries like a daily latte? On one level, I'm tempted to say a resounding yes. There's something to be said for paying your dues and all of that. Once you get out of school and get a real, paying job, you can enjoy all the lattes you want without doing serious damage to your credit rating (I guess; I'm still in school).
On the other hand, though, those student loans are going to be a part of my life for a very long time. The article makes the argument that taking out extra money for lattes is more than a drop in the bucket, and I don't disagree that it doesn't make sense to dig yourself in deeper than you need to. But maybe a cheaper coffee habit would be better than foregoing it all together. It's going to take me twenty years to pay off those loans; I might as well enjoy a cup of coffee along the way.
Switch to a nice au lait, college students. Similar flavor but cheaper than a latte.
I will readily admit to having a daily coffee habit, although not one that is quite so expensive (closer to two dollars per day). I will also admit to having used student loans in the past to pay for living expenses beyond tuition, but I like to think that this was for things like rent and groceries, not fun trips to Starbucks.
The article itself seems to conclude that it's going to be very difficult to convince students to see the big picture: that sacrificing their coffee luxury today means saving thousands of dollars in the future. It's not news that students today are taking out more loans than past generations and starting their adult lives heavily in debt. College is a whole lot more expensive than it used to be. But we've also come a long way from the days of my grandfather, who, according to the stories my mother told me, lived on nothing but cheese crackers while he was in college. Should it follow that because so many of us are living on borrowed money that we are not entitled to small luxuries like a daily latte? On one level, I'm tempted to say a resounding yes. There's something to be said for paying your dues and all of that. Once you get out of school and get a real, paying job, you can enjoy all the lattes you want without doing serious damage to your credit rating (I guess; I'm still in school).
On the other hand, though, those student loans are going to be a part of my life for a very long time. The article makes the argument that taking out extra money for lattes is more than a drop in the bucket, and I don't disagree that it doesn't make sense to dig yourself in deeper than you need to. But maybe a cheaper coffee habit would be better than foregoing it all together. It's going to take me twenty years to pay off those loans; I might as well enjoy a cup of coffee along the way.
Switch to a nice au lait, college students. Similar flavor but cheaper than a latte.
put here by Anonymous at 10:26 AM
4 Comments:
I'm already $9700 (CDN) in debt, and I haven't even entered a lecture hall.
The joys of paying to learn.
Damn, Peter! Sorry to hear that.
I have around $70K-$80K in my name, in addition to Frankie's debts. We're screwed.
Luckily, we've learned to live richly on a little money, so we'll be Okay.
And anyway, I've always thought it was well worth it. I've never been sorry.
It'll pay off, Peter:)
Yeah, I'm not complaining too much.
I mean, I decided to do get a loan in the first place.
THat's a shitload, but then again EVERYONE is in debt.
You know, something with your line
The joys of paying to learn.
Would be a cool T-shirt/coffee mug.
Something like:
College tuition: $20,000.
Binders, paper and pens: $560.
Beer: $12,000
The joys of paying to learn: priceless.
Or a really ratty shirt that says, "The joys of paying to learn," on it.
LOL
It's a great line:)
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