[ExI] the formerly rich and their larvae...

Bryan Bishop kanzure at gmail.com
Tue Feb 12 03:56:01 UTC 2008

On Monday 11 February 2008, PJ Manney wrote:
> On Feb 11, 2008 8:04 AM, Tom Tobin <korpios at korpios.com> wrote:
> > A "bit" of debt?
> >
> > I'm in the hole to the tune of over $70,000 USD, and I didn't even
> > finish my graduate-level education.  This is from a *state* school
> We're considered rich by global standards.  But even we were
> concerned about the expenses we'd incur sending two kids to
> college/grad school in the 2010's-20's vs. the debt we'd/they'd incur
> if we didn't.  We're looking down the barrel of a minimum of $500,000
> to send two kids for undergraduate degrees at private institutions. 
> When we analyzed the numbers and observed the process involved in the
> college loan system, there was really no argument.

Interesting. I was born in 1990. In the very late 80s, my parents 
started to look at the market and make some investments to make sure 
I'd have some good college funding. But for some reason they have 
seemed to underestimate (and they had the means to fund it well enough 
with that much foresight). Under by about 50%. What went wrong? 
Granted, I am not expecting $250k for a private university as you 
mention there, but some public programs seem to nearly approach that. 
$40k/yr, undergrad, then there's the extra years if you want to stick 
around and if you don't get a stipend. Nasty - and luckily I am not 
opposed to cheaper institutions. I wonder what was the main difference 
in financial prediction here that has landed me in my situation, which 
isn't too bad, but also not the best given the level of foresight that 
my parents were attempting. I think they hired a financial planner 
instead of doing it themselves. Again, what went wrong? Is this common?

> And we've got smart kids.  Graduate degrees are not unlikely.  Now
> we're talking in the millions.  Who has that kind of money to pay to
> go to school?

The system is ridiculous. Maybe the solution is to just not pay.

> And to answer Amara's question about why we create a debtors' society
> with our young people -- It's obvious.  It's good business for
> financial institutions.  Get 'em young, keep 'em forever.  Our
> hamster wheel of debt is their profit.

What's with this commercialization of education, anyway?

- Bryan
Bryan Bishop

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