An early message to the Class of 2013
Dear Class of 2013:
Next spring, much ink will be spilled with advice for you: to work hard, but not too hard; to laugh but also to cry; to love; and, perhaps most practically, to wear sunscreen.
I am not jumping the gun in writing to you now. If anything, I worry I’m too late.
In fact, if you are in the collegiate Class of 2013, I am too late. This message is for high school seniors. And that message is: Don’t wind up like Katie Brotherton.
Brotherton is a young woman from Cincinnati who last month wrote in her local newspaper that she’s overly indebted and rather hopeless, because she made bad decisions about her education.
OK, she didn’t write that last part. In her telling, she met “societal expectations” by earning bachelor’s and master’s degrees. But now she owes nearly $190,000, lives in her parents’ basement and “want[s] answers.”
She has a point, sort of. When she was in your place seven years ago, there might not have been anyone warning her against attending such expensive colleges or borrowing to pay for them.
Americans long have been told furthering their education is the path to prosperity, that the surest path involves attending the very best college they can get into, and, more or less, that the best college is the one that costs the most.
The first part is still true: You owe it to yourself to continue your education past high school. It’s the next two parts of the story that are coming into question.
Thirty years ago, it was different. Even 16 years ago, when I was a senior, and attending Harvard cost about $30,000 a year less than it does now, it was different. Since then, tuition has increased so sharply as to make the housing bubble and health-care inflation look like flat lines.
Is it still better to graduate from college than not? Yes: Housing prices peaked in 2006 and then plummeted, but people still pay for shelter.
But it does mean, if we could go back to 2005 and advise potential homebuyers, we would caution them about which house to buy, how much to spend on it, and not to believe home prices can only go up.
You, the Class of 2013, are like homebuyers circa 2005.
Yes, many of you should go to college. But you should also think deeply about which college and which major, including job prospects in that field. Others should consider technical school more strongly than they might have before now. In choosing a route, think very hard about the debt you stand to incur.
Washington politicians have made a big deal out of whether the federal student loan interest rate should return to 6.8 percent or remain 3.4 percent. On a $100,000 loan, that’s the difference between paying $1,151 a month or $984 a month … every month … for the next 10 years.
But halving the interest rate doesn’t make nearly as much difference as halving the principal: A $50,000 loan at 6.8 percent would bring a payment of $575 a month for 10 years.
You know what $576 a month (the difference between $1,151 and $575) would pay for? The better part of an apartment’s rent in Atlanta. Or a pretty nice new car. Over the course of 10 years, you could save up the down payment on a $350,000 house.
This is not a call to lower your educational ambitions. You still can, and should, try to make the most of your God-given talents. Nor is it a call to view everything in terms of money, only a reminder that money is the way you’ll have to pay back whatever you do borrow. Just ask Katie Brotherton.
– By Kyle Wingfield
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306 comments Add your comment
Rafe Hollister, suffering through Oblamer's ineptocracy
October 13th, 2012
8:07 pm
should be delegated down to the local level where it can be administered most effectively by local business
Del, so true, my mother would confirm. Her church provides for any have not who comes and asks. She said they not able to keep the account supplied with cash, until someone suggested they started following up on the donations. They now visit the ones they have donated to and ask how the money helped, see the results, roof leaking, where are the repairs? Just by asking a few questions, they now have a surplus in the account, as they have fewer requests.
JDW
October 13th, 2012
8:08 pm
@Rafe…”No one in America is without food”
You need to get out more. Do some volunteer work. Make some new acquaintances.
cc
October 13th, 2012
8:10 pm
Dusty, Del, Rafe, td and all fellow conservatives: Have a pleasant evening! I’m off to watch a little football.
td
October 13th, 2012
8:15 pm
JDW
October 13th, 2012
8:07 pm
I did not make it bud, cc did and I agree with him 100%.
It is only wrong for you socialist and the lazy that do not want to go out and take advantage of what is put before them. If people can come to this country, not speak English and make it then any natural born citizen has no excuse.
cc
October 13th, 2012
8:16 pm
JDW:
“Because you made it again and ITS JUST WRONG. IT WAS WRONG THEN, IT IS WRONG NOW AND WILL BE WRONG TOMORROW.”
I guess td was laboring under the false assumption that you could actually read. It was I who made the comment about which you have been scolding td. I guess that is to be expected from a liberal.
td
October 13th, 2012
8:19 pm
cc
October 13th, 2012
8:16 pm
JDW just can not deal with the thought that people have to be responsible for themselves and not the government responsible for the peoples basic needs. Total socialist.
Gravy Train
October 13th, 2012
8:27 pm
Circle the wagons
Raise the white flag
Plutocrats laugh all the way to the bank
While ditto-heads carry their bag
Gravy Train
October 13th, 2012
8:29 pm
Circle the wagons
Clear the path
Plutocrats are cashing in
Because ditto-heads have no math
JDW
October 13th, 2012
8:31 pm
@td…” Total socialist”
Yep that’s me..20 years in corporate America. President of two companies. Unblemished record of hitting the numbers. Yep I am a socialist in the vein of Gates and Buffett. Not that rich but am one of those that should pay more.
Dusty
October 13th, 2012
8:33 pm
JDW
Please give us your first hand account of helping the starving in our country.
I believe there may be hungry people in our country. That is because they do not use the facilities and programs available to them. Almost every church I know about has a food pantry or a connection to a community food bank. Children are fed at school, many of them for breakfast and lunch. We all know about other government programs such as food stamps, etc.
Not only are churches reaching out to the needy among numerous other programs, they reach around the world (Would you like to hear about Lutheran World Relief and others?)
To make needy people in the USA a political “bone’ is almost rediculous. With millions beyond our shores dying from malnutrition and starvation, it is hardly plausible to talk about “starving Americans” when one of our biggest national health problems is obesity.
JDW
October 13th, 2012
8:40 pm
Well Dusty, I spent most of today packing meals for them. Last week we launched a program that provides kids coming into homeless shelters welcome kits of books and toys. We do a program a week along with helping host via the church homeless families with young children.
I can also give you 20 years international experience. See before I lived overseas and learned I was just as clueless as many of those here, but I learned.
td
October 13th, 2012
8:41 pm
JDW
October 13th, 2012
8:31 pm
Yes and I am a small business owner and knows what is like to pull a payroll out of you butt by begging my local banker for a 30 day loan or by putting a 2nd mortgage on my house when times are hard and know what it is like to pay the government an extreme amount of money before I can pay myself. I know what is like to have a good employee that has to leave because I had to pay for some stupid new regulation guideline instead of being able to give him the raise he earned.
You may have been able to hit you production numbers but you sure do not know how to do math. If you did then you would know that if we taxed those evil rich like you at a 100% level then we would not even be able to balance the budget much less pay down the debt. Yes, you are a socialist.
Rafe Hollister, suffering through Oblamer's ineptocracy
October 13th, 2012
8:46 pm
JDW
Dusty at 8:33 said it better than I could. I have poor friends, none are starving, but they sure could use some of your money to help with the rent, since you said you are “one of those who could pay more”.
JDW
October 13th, 2012
8:53 pm
@td…”Yes, you are a socialist.”
And you need to learn the definition of words before you start tossing them around like you know what you are talking about.
As for the rest of your bit…
Bankers can be a pain, but if you have a solid plan at the end of the day they want to give you money if they can make money from the exchange.
If you are paying taxes before paying yourself you need a better accountant because it doesn’t work that way.
You might think you lost that employee solely because of money but fact is that isn’t why most people leave…it is a convenient excuse.
As for the “evil rich” and the debt…I kind of liked the 90’s and think that ought to be the model…not Snake Oil from Mittens.
Rafe Hollister, suffering through Oblamer's ineptocracy
October 13th, 2012
8:53 pm
Well, off to watch LSU thump the Chickens.
I will leave Kyle’s Poet Laureate, Dusty to parry with JDW over America’s hungry/obese.
MarkV
October 13th, 2012
8:54 pm
Dusty @ 7:53 pm
Dusty,
Where did you get the idea that I make comments here to make friends and influence people?
I was a little hard on Kyle today, but I am getting tired of his twisting what people say and use that as a foundation for an expression of his political philosophy. I hope to write a better comment on the subject of this article, because education is one of my interests, but it will have to wait until later.
G’nite.
JDW
October 13th, 2012
9:01 pm
@Rafe…”Well, off to watch LSU thump the Chickens.”
That would be nice but those damn Chickens are not getting with the program
Dusty
October 13th, 2012
9:12 pm
JDW
Your service at church is commendable. But would you say that even the homeless people were “starving”? I was under the impression that you thought many Americans were starving (thus would need more government help which only Obama would provide). Was I wrong?
Oh yes, I believe that every Christian should help needy people to their fullest extent. That is a personal commitment. When the matters of government are depleted by services which should be done by by non-governmental agencies, I think we have gone beyond personal commitment.into the realm of communistic care.
American citizens are the most generous in the world. I think they have reached the zenith of caring for fellow citizens. The need for fair and equal government for all, rich or poor,should not be depleted by any program. We have reached the time for a decision on that matter. .
Dusty
October 13th, 2012
9:21 pm
WOW RAFE!! My head is swelling! Kyle’s Poet Laureate! That ’s the nicest compliment I’ve had in a long long time.( and I bet it made others laugh!) Thank you very much.
JDW
October 13th, 2012
9:24 pm
@Dusty…malnourished might be a better choice of words.
Americans of the past were generous. This country took a turn for the worse that was started by the Gingrich led Republicans in 1994. The Republican Leadership of today is small minded and dangerous.
Our middle class is disappearing. If we follow their lead we will be left with the modern version of16th century France.
Dusty
October 13th, 2012
9:39 pm
Mark V
Of course you make comments here to influence people. Don’t we all post just to pass along our “great intelligence” to the ignorant world? (That’s a joke, honey!)
Well, folks do listen a little better when not called liars. Were you the one in sixth grade who proclaimed “Liar! Lair! House on fire!”? Come on now. Were you?
Anyway, I look forward to reading your new comments on education.
Goodnight.
JDW
October 13th, 2012
9:39 pm
@Dusty…”The need for fair and equal government for all, rich or poor,should not be depleted by any program. We have reached the time for a decision on that matter”
Alright its halftime…damn Chickens need to roll over…I can switch to a keyboard.
We have a problem in this country…we spend more than we take in by about $1 trillion. We have to solve that problem and there are two ways.
First we have the Republican position, which BTW does not solve the problem. Cut taxes by $5 Trillion, try to pay for it with limiting deductions and hope like hell against all evidence to the contrary that we grow our way out. We tried that twice. Clinton cleaned up Reagan’s mess and our current dilemma remains unsolved. Current Republicans also tweak Social Security and toss Medicare to the Vouchers.
Then we have the Democratic positions, which BTW does not solve the problem. Raise taxes back to the 1990’s level on the more wealthy and cut the gap. Make some stride on controlling health care costs. Tweak Social Security. Then hope like hell we eventually grow our way out.
The answer is, as always in the middle and as voters we don’t have the luxury of a candidate that actually solves the problem. For my money the Dems take one step forward while the Republicans take two steps back. Our best hope is that Obama is elected and the Dems control the Senate but not the House ( though it would be helpful if they made some gains). That should bring the Republicans to the table to negotiate a framework along the lines of the Clinton era combined with a Simpson Bowles type framework that will solve the problem…until of course someone (ahem George W. Bush) screws it up again.
td
October 13th, 2012
9:51 pm
JDW
October 13th, 2012
9:24 pm
I have to call your statements about starving and malnourished due to the government is full of crap. My wife works for DFCS and I did for a couple years (many moons ago) and can tell you that the amount of Food Stamps, WIC, school lunch and breakfast program and churches make our poor more well nourished the most of the middle class is the rest of the world. If you make no money and have a family of 4 in America then you receive $573 per month is FS, if you have a child under one then you get about $200 per month in WIC and how much is Breakfast and lunch worth at our schools? Now tell us how much a middle class worker in China makes per month?
Now if people choose not to get government assistance then why should we care? Should we force them too? How many people come and get food from our churches so that they can sell their FS (EBT cards) for 50 cents on the dollar or for drugs?
If you see children hungry and you are not reporting that to DFCS then you are to blame for their hunger.
td
October 13th, 2012
10:01 pm
JDW
October 13th, 2012
9:39 pm
“Raise taxes back to the 1990’s level on the more wealthy and cut the gap.”
There is that math problem again. If you raise taxes on everyone making $250,000 per year back to the Clinton era rates then you only raise $80 billion per year on a $1 trillion deficit. In other words you are taking care of 6 days worth of excess government spending.
You forgot to mention that there is a third way and the way we must go and that is to cut spending. Repeal Obamacare brings in more money per year then raising taxes on the rich. There is already a plan that will balance the budget and it is called the Penny plan. Go look it up and study it a little. It basically says to stop all automatic increases in the Federal budget for 6 years and then actually cut (not decrease the amount of projected increases) 1 penny or 1% per year for 6 years and the budget will be balanced. If each department can not find 1% per year in waste, fraud and abuse then there is something wrong with the department.
Bruno
October 13th, 2012
10:06 pm
This country took a turn for the worse that was started by the Gingrich led Republicans in 1994. The Republican Leadership of today is small minded and dangerous.
Somehow your demonization of Republicans/conservatives overlooks the fact that, as a group, conservatives are far more generous with their time and money than liberals are. The only thing that Libs seem to be good as is using others misfortune to score cheap political points.
Libs = Talkers, Cons = Doers.
Dusty
October 13th, 2012
10:07 pm
JDW
What country do you consider more generous than the USA? I don’t believe there is one. And what in the world makes you want to blame Gingrich for any and every problem? He is an intelligent and highly gifted man who knew how to make a balanced government budget.
Of course he was imperfect in many human ways, but still a leader. Believe me, we are all aware of imperfect leaders of every political persuasion. But to pick one and only one is hardly cognizant, ’specially one who now has no influence or power.
Considering America’s indebtedness, I would say that fiscal problems are wrecking our country. It is not only what happened in the past but what has happened recently. You have obviously ignored the past four years.
The guillotines are not ready but we must get our finances in shape with those who are more able to do it. I have hope for the future because we live in a free country where changes are legal and necessity will lead us to make them. I look forward to that day.
G’nite…
Tiberius - pulling the tail of the left AND right when needed
October 14th, 2012
5:22 am
“Like it or not, people like me are the future.”
Stupid, liberal bigots are our future?
Who knew?
Tiberius - pulling the tail of the left AND right when needed
October 14th, 2012
5:30 am
“Our middle class is disappearing.”
Great sound bite, JDW, but WHERE is it disappearing to?
Government statistics show that the “poor” (percentage of people living in poverty) hasn’t really changed in the nearly 50 years since Lyndon Johnson’s Great Society programs. So the first thing is that all these government programs that have been instituted to help the poor have largely failed to move the needle on eradicating poverty.
The second point is that if the middle class is, indeed disappearing, and the percentage of people living in poverty hasn’t changed, where did they go?
The only direction is up, JDW.
So the next time you read that DNC talking point, go out and thank an employer for providing the job that enabled that middle class person to move up in life.
Tool.
@@
October 14th, 2012
8:18 am
….they are hopelessly full of 1950s crap…
And AmVet’s full of the 1960s crap.
Poor Johnny one-note
yelled willy nilly
Until he was bleu in the face
For holding one note was his ace
zzzzzzzzzzzzzzzzzzzzzzzzzz
cc
October 14th, 2012
9:05 am
@@@8:18 am:
Eureka! I do believe you have found the truth!
Rafe Hollister, suffering through Oblamer's ineptocracy
October 14th, 2012
9:34 am
@@ you are too late, a great poem,but Dusty has already been nominated as Poet Laureate.
JDW Indeed the chickens were thumped and plucked, hooray! You seem to like Clinton a great deal, but you do know that most of his success, occurred after he abandoned the notion of big Government and embraced some GOP positions of lowering taxes and growing the economy. I believe he said the “era of big Government is over”. I will not get into the unsustainable explosion of the dot com bubble that infused his government with revenue, many would argue that this accounted for much of his success.
Romney is talking about those things, lowering taxes and growing government, Obama is talking about “fairness” and making the rich pay more in taxes. I think we will achieve more success with encouraging growth by lowering tax rates for all and eliminating all these tax breaks, where the government tries to pick winners and losers, and more times than not picks the losers.
@@
October 14th, 2012
9:56 am
Rafe:
Mine was a musical interlude for our resident “ninner-ninnerloper.”
(ISH)
TRUTH
October 14th, 2012
9:57 am
Actually, good piece, Kyle. (And, welcome back from the European nuptials you attended…). Although the push has been on to attend college/university for years, we now have grads WHO CAN’T FIND WORK, because corporations have decided to move their productions off-shore for cheaper labor, the banks have shut down loaning to new biz start-ups, and if you can find venture capital, good luck (and tell us where!!).
The GOP wants dumb citizens so they can continue to shove the archaic policies down our throat and justify not paying fair wages to those of us with the education and skills, and send those opportunities abroad. SHAMEFUL. Crazier, its not the President’s fault for private biz doing so.
Wake up, folks. The GOP are obstructionists!!
Jus’ sayin’…
carlosgvv
October 14th, 2012
10:43 am
Guest – 4:57
http://www.campusgrotto.com/most-popular-college-majors
Apparently, you’ve never heard of the academic term “Arts and Sciences”.
I wonder why that is?
Tiberius - pulling the tail of the left AND right when needed
October 14th, 2012
10:43 am
Let’s just say that anyone who uses the word “truth” in their blog name rarely, if ever, posts any.
cc
October 14th, 2012
10:51 am
TRUTH@9:57 am:
The TRUTH is that business will do what is in the best interests of the owner/shareholders. The purpose of business is not to pay inflated wages and furnish infinite benefits to union goons. Taxation is another factor that must be considered. If a business must move off-shore in order to return a decent profit, it certainly will do exactly that. Business start-ups are very slow because no one in their right mind would attempt to begin a business now with the knowledge that Obama and his political worshippers have targeted you for higher taxes and created a very uncertain future.
“Crazier, its not the President’s fault for private biz doing so.”
Oh, yes, it IS the president’s fault. Any sane, thinking person recognizes that fact.
bluecoat
October 14th, 2012
11:32 am
CC you reek a heap.We need to tax the rich more.Put more stringent rules and regulations on these companies that pollute our air and streams.
Rafe Hollister, suffering through Oblamer's ineptocracy
October 14th, 2012
11:45 am
@@
Great lyrics, but hard to dance to!
cc
October 14th, 2012
11:47 am
“We need to tax the rich more.”
Yep, and watch the “rich” stop investing in companies and corporations. That will be a boost to the economy!
“Put more stringent rules and regulations on these companies that pollute our air and streams.”
There aren’t enough regulations in place now? By all means, let’s add some more . . . and watch these companies close or move off-shore to avoid having to pay the personnel necessary just to do the damn paperwork for the federal government.
Do you have any idea what government regulations cost businesses now just to comply with the necessary paperwork?
Get back to me when you have investigated this aspect of your wonderful idea.
Rafe Hollister, suffering through Oblamer's ineptocracy
October 14th, 2012
11:48 am
bluecoat
CC you reek a heap.We need to tax the rich more.Put more stringent rules and regulations on these companies that pollute our air and streams
So, you want to move more industry and rich people overseas? I thought the goal was to bring jobs and money back home?
bluecoat
October 14th, 2012
11:56 am
Showing concern for the union GOONS being paid inflated wages,and infinite benefits.Then giving no thought to paying politicans high salaries,perks,expense,and infinite benefits,shows how any sane thinking person recognizes that fact.
cc
October 14th, 2012
12:09 pm
bluecoat@11:56 am:
Why not stick to one subject at a time? Why do I get the impression that you fail to understand how a free market economy works and the necessity for a concern to be competitive in pricing?
bluecoat
October 14th, 2012
12:46 pm
I thought we were on the same subject.You r’s want the corps. to pay less tax and get richer.I want the union”Goons” and middle class to be paid a fair wage.I have no problem with making money.Just don’t exploit the people to do it.
@@
October 14th, 2012
1:13 pm
Must be a man thing.
Guest
October 14th, 2012
1:17 pm
@ carlosgvv
Hahaha! CampusGrotto? Are you kidding? Hardly a credible source, seeing as how their findings aren’t actually based on empirical data. And you don’t even get the rankings right: CampusGrotto claims, without explanation, that the top ten most popular “categories” of majors are business, social sciences and history, psychology, nursing, communications, biology, engineering, English, and computer science.
Plenty of math and science in that mix.
To you second comment, from Merriam-Webster: “In modern colleges and universities, the liberal arts include the study of literature, languages, philosophy, history, mathematics, and science.”
I suspect you’re ignorantly conflating “liberal arts” with “humanities.”
cc
October 14th, 2012
1:26 pm
@@, that is not this man’s thing!
getalife
October 14th, 2012
1:44 pm
I never read Dowd at the NYT until she wrote about the neocons in mitt’s foreign policy team.
Sadly, not many writers are writing about neocons so Iraq is the forgotten disaster and doomed to repeat it..
” Ryan ended up simply parroting Senor, who made his name as spokesman for the botched Iraq occupation. That’s a scary thing unless you want to go back to the messianic mind-set of imprinting our “values” in the Islamic world, an attitude that brought us interminable wars and trillion-dollar deficits.
Ryan echoed the bankrupt neocon philosophy of going to war to prevent war. With Iran, he said, the best thing to do is threaten war. “The key is to do this peacefully,” he said, sounding as woolly as Paul Wolfowitz. Ryan didn’t seem to understand what much of the world does: The administration has worked with allies to strengthen sanctions, which have turned Iran into an economic basket case.
Biden also boxed Ryan into looking as though he wants to send more American troops to Afghanistan and to intervene in Syria, which isn’t so appealing to war-weary America.
Ronald Reagan knew how to bluster for peace. Neocons do not. When they run the show, threatening a war is followed by going to war and that is followed by bollixing up the war and that is followed by our troops’ dying at war and money-pit nation-building to end the war, and that is followed by economic disaster for America.” Dowd NYT.
cc
October 14th, 2012
2:25 pm
getalife, here’s your response . . .
“People who haven’t been paying attention were surprised to learn of this week’s debate moderator’s (Martha Raddatz) close connection to the President. He was a guest at one of her three weddings and a she was invited to his wedding and a visitor to the vice-president’s home just months ago. Other bloggers have made lists of the substantial number of media figures married to Administration appointees and Democratic Party figures. I don’t know why this should be surprising. The incestuous relationship between the media and the Democrats is of such longstanding that you could say the Capitol is like Deliverance with better clothes and haircuts.”
“In this week’s dueling banjos (vice presidential debate) she played her role, working in tandem with vice President Biden to block Congressman Paul Ryan from having an uninterrupted sentence of consequence. Still, Biden could not exercise even a modicum of restraint and his constant heckling, inappropriate laughing and smirking, certainly brought to mind Lonnie, the inbred banjo playing boy in the movie.”
“Despite the best efforts of these two, Congressman Ryan held his own and suggested a maturity and gravitas no one in the present administration has.”
getalife
October 14th, 2012
4:06 pm
I stand with our Vice President to tell the world the gop are full of crap and only vote for the wealthy that needs no help. I fight for the middle class to save SS, Medicare, Medicaid and all programs that help the people that do need help. Join us and vote D.
getalife
October 14th, 2012
4:09 pm
My message for the younger generation is pay attention to politics and vote for your future. Vote.