Although it’s hard to know where to start with this, maybe I should not be too surprised. After all, most adults older than 50 have failed to save nearly enough for retirement. Nor have enough parents with six-figure incomes saved sufficiently for their child’s college education, although they had some 18 years to prepare for the event.
Enter the federal government, riding to the rescue with easy access to student loans, and all is resolved — at least for the moment. But it now sounds like parents who don’t understand their own finances are passing along that particular gene to their children. As reported by Bloomberg, a recent study indicates that very few students know how much they owe on student loans, whether their loans are public or private, the loan interest rate, the period for repayment, or what will happen to them if they fail to repay.
I don’t know, maybe they are too busy with microaggressions and trigger warnings to take the time to think about their own financial situation. Or maybe it’s all just too difficult for them to understand.
Perhaps this is the real reason Bernie Sanders advocates free tuition for all — it’s just easier that way.