Entitlement Part II

Last week in this space I felt, or at least I hoped, I waxed rather eloquently about the recent “Varsity Blues” college admission scandal, whereupon a virtual national network of bribes, testing irregularities and fabricated athletic achievements were doled out like the buffet at Golden Corral in order for the children of hedge funders and celebrities to gain admission to some of the country’s most prestigious colleges.

Again, I was not only astonished by the scope of these egregious acts, but rather some of the attitudes of the children of these parents who are now going to either serve jail time for or pay out astronomical amounts in fines and prepare to perform public service.

Which brings me to sort of an ancillary topic – accumulation of college debt and this ongoing call for “student debt forgiveness.”

How many times have you recently seen the media interview some clueless student who purports to be the leader of this or that movement, demanding free college tuition and elimination of all school debt loans? “Student loan forgiveness,” they call it. They insist a college education is literally a birthright and should be free.

But then in the next breath, admit they have absolutely no clue on how to pay for it.

For the moment, let’s take the cry for loan forgiveness and apply it to say, purchasing a car.

This weekend my spouse and I embarked on that tedious journey known as car shopping. Considering our modest budget, we went the practical route – test driving such models as Honda, Volkswagen, Subaru etc. We heard no less than five separate sales pitches to the point where they sounded the same.

But what if we visited a Bentley dealership instead?

For those unfamiliar with this iconic brand, the basic model begins at about $200k and goes up from there. So, what if I decide to purchase one and pay the $4,000 per month financing charge. I agree to all the small print and legal guidelines and merrily drive my super luxury automobile home.

You know kind of like the same conditions you agree to when you apply for student loans.

Two months go by and suddenly I can’t make the payments. The bank calls repeatedly but I say, “look, I needed a car. It’s practically a birthright. It shouldn’t matter what brand it is. I should have loan forgiveness.”

I’m sure that argument wouldn’t gain a lot of traction with any credit officer.

See my point?

Sorry, my children are responsibly paying off their respective school loans, so I’m immune to those who whine because they either can’t or don’t want to.

Sorry, college is not a birthright nor is owning a Bentley.

And loans are just that. Loans.