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I forgave the balance of my daughter’s student loan with my own inheritance which would be in keeping with my parents wishes if not directives. The Life Scholarship monies had paid for most of her BSN, launching her on her career in health care but she amassed another 100k while at MUSC. She enhanced her income opportunities immensely but would have had to carry a huge financial burden and as she explained one evening, get a second job. Now, this is not right. On the one hand education is not freely given and should not be freely taken. Students must be invested in their higher education but that education should be designed to provide an equally lucrative career. I asked about a potential government bailout before I put my daughter first and because we are not suffering I don’t expect a reimbursement, as has been some of the current argument. But incremental steps that should have already been and should be in place are to make student loan interest tax deductible. That, to me would just be common sense. Also make student loans as accountable as home or auto loans. What is the collateral in so far as the calculated value of the education? I know that’s a tricky one because many many non grads make it big; Ellen Degeneres, Steve Jobs even Bill Gates, but many degrees simply to not adequately prepare the average student with the marketable skills needed to pay the loan back. Institutions can make the loans knowing that the law will require payback even if it’s virtually impossible. So there is no easy answer and if there is, I don’t have it. Personally, I believe in technical training wherein maybe loans should be secured though the businesses that need trained and skilled workers. I want to go to Harvard, apply though Microsoft as your mentor, partner, employment provider. I want to go to MUSC, apply through the corresponding hospitals. I want to be a social worker, teacher, mechanic etc. build in some level of reciprocal accountability.
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