Student Loan Debt and the Culture of Borrowing

People ask "Is this enjoyable?" but not "Is this affordable?" Students burdened with debt have followed their country's lead, and now turn to it for answers. Unfortunately, it's carrying the biggest burden of all.

The government doesn't just encourage irresponsible borrowing through example. It's much more explicit. Our leaders convince negligent borrowers not to feel responsible, and assure them their consequences are the nation's to pay.

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When President Barack Obama spoke at the University of Colorado Denver in October, he asked students: ""How do we make college more affordable, and how do we reduce your burden?" He told them: "Americans know that we need to do something about" student loan debt, adding that rising college costs are "forcing students to take out more loans and rack up more debt."

And the crowd cheered.

This type of rhetoric prevents people from feeling responsible for their own actions. Obama told the students he understands the economy was "forcing" them to take out the loans takes the blame off of the borrowers. The word "force" implies that the "forced" person had absolutely no choice in the matter, and is, therefore, not responsible for the results.

So who is responsible? Obama answered this question when he said Americans "need to do something about it." He assured students nationwide that the obligation to solve their financial problems belongs to the country, the government, and the taxpayers.

Too many Americans have become like the spoiled daughters of the Nanny State-except the federal government is the once-rich dad who can no longer afford to put their mistakes on his credit card.

I know personally the depression of financial limits impeding dreams. After undergrad, I was accepted into the Columbia University School of Journalism in New York City - widely respected as the best journalism school in the nation. It had been a lifelong dream to attend the school. I flew to the open house, registered for classes, and paid the $1,000 fee to secure my spot in the class.

Then reality set in.

The one-year program, while no doubt valuable, would have put me more than $70,000 in debt. When I finally looked past the glamour of hanging an Ivy League diploma on my wall, I realized I simply could not afford it. This amount would be impossible to pay back on a young journalist's salary.

My decision to decline elicited remarks from friends and family that represent our culture of borrowing: "Oh, just go, don't worry about it!" and "Someone will take care of it!" and "Oh, but you can take out a loan!" ... Actually, I'd have to take out several.