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
td
October 14th, 2012
4:23 pm
getalife
October 14th, 2012
4:09 pm
My message for the younger generation is pay attention to politics and vote for your future. Vote.
We agree on something. Young people need to realize if they do not vote for Mitt Romney to get this debt under control then they will not have a future.
cc
October 14th, 2012
4:24 pm
getalife, you are hopeless. Your lack of knowledge as to how the economy works, what drives it and what you derive from it when it works well is abundant. You fail to understand that dimocrats stifle the economy, and Obama has had much more of a damaging effect on it than any dimocrat president since Carter. There are reasons why the economy under Clinton did well, and one of those reasons is that a Republican House forced him into welfare reform and holding back the increase of the size of the federal government. Should Obama be re-elected (he won’t be), the economy will continue its downward spiral and many more jobs will disappear. My prayer is that dimocrat voters pay the heaviest price in such a scenario.
Halftrack
October 14th, 2012
4:40 pm
The only thing that makes the above article worse is the fiscal cliff the USA is about to edge over. All the taxes in Obummer care and the low tax rates now for 10 years from the Bush administration will go back up ( tax hike). Also the cost of transportation and other energy costs. Unless our Congress gets off their hands and get their thinking caps on, there won’t be any way that College will be an avenue of higher education for a lot of people. Only the necessities of existence will then be important.
barking frog
October 14th, 2012
4:58 pm
Young people should get
involved in politics as soon
as possible and stay involved
all their lives. Nothing gets
done without politics. More
participation by the public
could cure many of our
problems.
MarkV
October 14th, 2012
5:18 pm
It is quite amazing how many clairvoyants there are among the people commenting on this blog. They know so well what will happen if Obama is reelected that I am sure they will make a killing on the stock market by selling short.
I Report (-: You Whine )-: mmm, mmmm, mmmmm! Just sayin...
October 14th, 2012
5:21 pm
If you call what the dummycrats provide you with “a future,” your drug habit must only run you about $200 a week, just sayin…
Or $250, if you have six kids.
ragnar danneskjold
October 14th, 2012
5:40 pm
Just got out of Atlas Shrugged Part II, really well done. Think my message to the Class of 2013 would be to read Atlas Shrugged. Knowing how kids are now, perhaps it would be sufficient to have them watch the movies. My younger son read it in the 8th grade, his older brother never even started it.
ragnar danneskjold
October 14th, 2012
5:42 pm
Suspect even the movie would be beyond the comprehension of leftists.
MarkV
October 14th, 2012
5:51 pm
To force young people to read Atlas Shrugged would be against the Constitution, which prohibits cruel and unusual punishment.
getalife
October 14th, 2012
5:56 pm
They can fight for the wealthy that do not need any help from anyone and waste their lives or they can stand up and fight for who they are.
getalife
October 14th, 2012
5:57 pm
The movie bombed.
The obl movie will not.
October job report will be good.
md
October 14th, 2012
6:13 pm
I’d advise young people to live in mom and dads basement the first 2 years while going to a community college vs running off to these 4 yr institutions, staying drunk, not giving a crap about classes, having to take those classes again, and have debt out the wazoo because of that new found ill advised freedom of choice.
Beats the heck out of 5-6 years of student loans and then move into the basement………..it also might send these bigger schools a message that the kids will NOT be paying all these overpriced professors and administrators………..
I have to love the irony of these 1% liberal professors/administrators making it unaffordable for the 99%………….
cc
October 14th, 2012
6:32 pm
“October job report will be good.”
Yep, the way they’re cookin’ the books, it ought to be marvelous!
Speaking of cooking the books, Obama’s deportation of illegal aliens is a classic case! They count illegal aliens caught attempting to cross the Mexican/American border as ‘deported’ when they’re merely turned back.
Yes, Obama has cooked the books on the jobs created, unemployment, illegal aliens, the cost of ObamaCare, the number of jobs ‘saved’, the deficit and the amount he has added to the national debt. There isn’t much more left for him to lie about that involves numbers, but he’s doing a great job of lying on the Libyan 9/11 terrorist attack which killed four Americans.
@@
October 14th, 2012
6:43 pm
Arlen Spectre died!!??!!
carlosgvv
October 14th, 2012
6:49 pm
Guest – 1:17
If you read it carefully, their actual top 10 are as follows:
1. Finance
2. Marketing
3. Accounting
4. Anthropology
5. Economics
6. Geography
7. Sociology
8. Political Science
9. Education
10.Psychology
How do you know “their findings aren’t actually based on empirical data?
Shall I just take your word for this?
I made it clear what I meant by liberal arts and science. Do I have to simplify it even more?
You apparently lack basic reading and comprehension skills. Are you some 8th grade blogger trying to be a grown-up here?
MarkV
October 14th, 2012
6:50 pm
There is a simple test of rationality and sanity. Those who believe that the Administration has ”cooked the books” about unemployment are beyond help.
@@
October 14th, 2012
6:55 pm
You apparently lack basic reading and comprehension skills. Are you some 8th grade blogger trying to be a grown-up here?
those two insults are old and moldy.
Think fresh!!!
cc
October 14th, 2012
6:58 pm
@@:
Spectre? Really?
@@
October 14th, 2012
7:03 pm
cc:
Yep. He was 82.
cc
October 14th, 2012
7:05 pm
MarkV:
I know this is a waste of my time and energy, but . . . did you know they do not include those unemployment who still haven’t found employment after they dropped off the unemployment compensation roles? Do you not also know they make no allowance for the ‘under-employed’?
I’m sure you knew all that, didn’t you?
The last report did not have the unemployment claims for the whole state of California and thus did not square the ‘new jobs’ figure, but you already knew that, didn’t you?
cc
October 14th, 2012
7:06 pm
@@:
I believe I’ll hold a . . . wake!
MarkV
October 14th, 2012
7:20 pm
cc @7:05 pm
I realize that you are beyond help but do you realize that the BLS has been using the same methodology all the time? And when you are making the slanderous accusation of “cooking the books,” who are you accusing? The independent, professional people at the BLS?
td
October 14th, 2012
7:39 pm
MarkV
October 14th, 2012
7:20 pm
You mean the two chief economist for BLS that are huge Obama contributors? Now can you tell us how those samples are drawn each month?
While you are telling us about those samples how about addressing the fact that Obama has not asked for extensions to unemployment in over a year because he knew what the numbers would say right before the election with them not counting the people that has dropped off the rolls. Talk about how you are being manipulated.
MarkV
October 14th, 2012
7:45 pm
td @7:39 pm: ”You mean the two chief economist for BLS that are huge Obama contributors? Now can you tell us how those samples are drawn each month?”
This is all people like you can do. Make accusations with no evidence, and insult the huge number of professional people of all political persuasion that would have to be involved. It is disgusting, and I have no desire to discuss it with you and your ilk.
getalife
October 14th, 2012
8:10 pm
“Here is a list of companies we’ve confirmed are “Exporting America.” These are U.S. companies either sending American jobs overseas, or choosing to employ cheap overseas labor, instead of American workers.”
http://www.cnn.com/CNN/Programs/lou.dobbs.tonight/popups/exporting.america/content.html#o
Imagine if all these jobs are home.
getalife
October 14th, 2012
8:17 pm
cons,
Self reflect for a moment and tell the younger generation why you fight for the wealthy that does not need any help from any American.
Do tell.
td
October 14th, 2012
8:24 pm
MarkV
October 14th, 2012
7:45 pm
Well if you “professional” government people would stop maxing out your contribution limits to Democrats every time then there would be no appearance of impropriety.
The number 2 contributing group to Obama is the Government workers and they have a huge stake in this election because they know Romney is going to come in a cut their jobs. It is not a far stretch to then think they will cut a few corners to make Obama look as good as possible.
td
October 14th, 2012
8:28 pm
getalife
October 14th, 2012
8:10 pm
“Here is a list of companies we’ve confirmed are “Exporting America.” These are U.S. companies either sending American jobs overseas, or choosing to employ cheap overseas labor, instead of American workers.”
http://www.cnn.com/CNN/Programs/lou.dobbs.tonight/popups/exporting.america/content.html#o
Imagine if all these jobs are home.
Now this is funny as h3ll coming from you libs. This was a crusade taken on by Lou Dobbs that got him fired because it was making Obama look to bad.
@@
October 14th, 2012
8:29 pm
Getalife:
…tell the younger generation why you fight for the wealthy that does not need any help from any American.
Most of the younger generation are looking to become wealthy. When they do, they’ll vote conservative.
getalife
October 14th, 2012
8:35 pm
@@,
That does not answer the question.
Not them . You.
Tell them why you fight for Americans that never need your help.
getalife
October 14th, 2012
8:37 pm
td,
dobbs hated bush like he hates immigrates.
The hate got him hired at fox where he belongs.
getalife
October 14th, 2012
8:43 pm
I would tell them I fight for them to have cheaper interest rates on their college loans. I fight for them to level the playing field to give them a shot at the American dream. I fight for good paying jobs in our country not China.
Guest
October 14th, 2012
8:46 pm
@ carlosgvv
Verbatim from CampusGrotto:
Top 10 Majors:
1.Business – Business Administration and Management is the most popular selected major. Business also includes finance, marketing, and accounting, which has a high demand right out of college. This can get you a good paying job right from the start, especially with a business degree from a top business school.
2.Social Sciences and History – This includes anthropology, economics, geography, sociology and political science.
3.Education – Elementary Education is the most popular, as many of these majors go on to be K-12 classroom teachers.
4.Psychology – There seems to be two types of Psych majors. Those who are really into psych and those who see psych as an easy major and therefore an easy way to graduation. Many psych majors don’t technically go on to work in the psych field, but other related careers where the skills of such major can come in handy (ex: human resources, public relations, market research and sales).
5.Nursing – The nursing field is competitive, and some programs may have wait lists. However, you are pretty much guaranteed a job when majoring in nursing due to the severe shortage of nurses.
6.Communications – also includes journalism, communications is one of the fastest growing majors in college.
7.Biology – Biology majors do a lot of research and development and work in a laboratory or the field. Common employers of biology majors include: hospitals, national & state parks, universities, pharmaceutical companies, research firms, aquariums and zoos.
8.Engineering – A major that usually produces a high salaried job from the start. But, plan on taking very aggressive math and science courses with this major.
9.English – An English major can be involved in copywriting, editing and teaching, but not just limited to that. Also a good gateway degree to graduate school, or law school.
10.Computer Science – A highly technical field involving a lot of advanced math and computer courses. Though, many universities have seen sharp drops in their computer science majors
The CATEGORY of business–which includes business administration and management, finance, marketing, and accounting–is ranked most popular. This doesn’t mean business administration and management, finance, marketing, and accounting are ranked first, second, third, and fourth overall as individual majors. Ditto for social sciences and history. If one “major” comprises half a dozen or more fields of study, of course it’ll appear popular.
“How do you know ‘their findings aren’t actually based on empirical data’? Shall I just take your word for this?”
How do you know that they are? Shall I just take your word for this? By your logic, any ranking that’s unsubstantiated would be accurate.
md
October 14th, 2012
8:54 pm
“Self reflect for a moment and tell the younger generation why you fight for the wealthy that does not need any help from any American.”
Maybe one can tell the younger generation why one thinks the wealthy are not paying their “fair” share when they already pay most of the income taxes in this country.
For me, it comes down to choices, we ALL live here and should ALL have to pay regardless of what we make as our own choices play a very large role in what we make but what we make does not diminish each of our responsibilities to society……….
Why should an individual that never wants to make much money not have to help pay for society just because they choose not to participate??
fair and balanced
October 14th, 2012
8:55 pm
Two days of comments and nobody has picked up on the fact that Kyle Wingfield has written an excellent campaign piece for President Obama. Obama has championed funneling higher education dollars into community college and vocational training partnerships:
“”"”President Barack Obama on Monday proposed substantial new spending on education with a $69.8 billion education budget heavily focused on boosting vocational training, both at the high-school and college level.Overall, Obama asked for an increase of 2.5 percent, or $1.7 billion, in discretionary spending on education as part of his fiscal 2013 budget proposal to Congress.
The centerpiece of the education budget was an $8 billion Community College to Career Fund, which aims to train 2 million workers for jobs in fields such as high-tech manufacturing, clean energy and healthcare.The initiative would encourage partnerships between two-year colleges and local businesses to identify in-demand skills and develop courses that help build them. It would also finance online and in-person training for up to 600,000 aspiring entrepreneurs.
The fund would require congressional approval, which is far from assured. In 2009, when Obama called for an aggressive $12 billion investment in community colleges Congress allocated just $2 billion.”"”"”"”"”"”"
http://www.reuters.com/article/2012/02/13/us-usa-budget-education-idUSTRE81C1Z620120213
So how many job training programs have the cons actually sponsored?????????????And Romney’s solution is what????????? – tax cuts for the rich.
md
October 14th, 2012
8:56 pm
“dobbs hated bush like he hates immigrates.”
Dobbs is married to a Latino you silly goose…….which is why he has a problem with those that have no regard for our system……….
getalife
October 14th, 2012
8:59 pm
Nice dodge md.
It is a tough question that calls for self reflection that cons can’t answer.
I have asked many cons and most reply by but Obama, blah, blah, blah.
So, you did better than them but failed like the rest.
md
October 14th, 2012
9:00 pm
“President Barack Obama on Monday proposed substantial new spending”
“Spending” being the operative word…….Greece “invested” heavily, until it ran out of money…..now it wants to see if Germany will let them spend some of theirs……..
getalife
October 14th, 2012
9:02 pm
md,
I know, I watched dobbs on cnn and he hates immigrants. His wife bosses him around at home so he takes it out at the office.
getalife
October 14th, 2012
9:05 pm
md,
Yes our President proposes but it is congress that spends the money.
congress built the deficit yet they get a free pass and you blame the President.
Weird and bizarre. Makes no sense md. Do you have any common sense?
md
October 14th, 2012
9:06 pm
No get, I recognize it’s not a valid question……how can it be if they are already paying the lions share of the revenue??
I’d say we should ALL be on their side if we had any ethics and character……..or does the word “fair” not really apply?
How can you justify 50% of the population NOT paying income tax when we choose everything we do??
How can a street thug not have an equal responsibility to society?
How can a garbage man that never betters himself not have an equal responsibility to society?
How can an individual that chooses to be a high school drop out not have an equal responsibility to society?
Just because they made the CHOICES to not make more money??
I don’t think so……….
getalife
October 14th, 2012
9:09 pm
mitt does not give any details to pay for his tax cut on the wealthy because he wants the middle class to pay 8 grand to pay for it. 8 grand, do you have 8 grand to give to government? That is what you are voting for. Is mitt worth 8 grand a vote? Wake up.
getalife
October 14th, 2012
9:10 pm
md,
It is about you.
Think and try again.
getalife
October 14th, 2012
9:15 pm
It’s simple question md.
You can do it.
Just tell the truth why you fight for Americans that need no help.
It is a personal answer.
Dusty
October 14th, 2012
9:26 pm
getalife,
I am disappointed in you. You believe that discrimination is OK in the USA.
Rich Americans have the same equality and freedom that all Americans have. No where in our constitution does it say that citizenship is curtailed or changed by riches or poverty, age or ability. . We are equal in the rights of citizenship.
So why do you wish to discriminate against rich people? You call for it almost every day. It isn’t fair or legal.
md
October 14th, 2012
9:27 pm
Because I have morals get…..and i KNOW that WE choose everything we do. So sorry, I’m not joining your crusade to have others pay for my share of anything……..
getalife
October 14th, 2012
9:57 pm
Morals is not helping others that need no help nd.
Lets try another simple question.
Why will you pay 8 grand to pay for another tax cut for the wealthy?
Is a vote for mitt worth 8 grand?
You have skin in this game.
getalife
October 14th, 2012
9:58 pm
Dusty,
It is not about me. I don’t help others that do not need it. It is about you.
Can you answer it?
td
October 14th, 2012
9:59 pm
getalife
October 14th, 2012
9:57 pm
What in the heck are you talking about? Who is paying 8 grand? What kind of lib junk are you buying now.
getalife
October 14th, 2012
10:13 pm
td,
Economists say it not me.
Are you willing to pay 8 grand to pay for another tax cut for the wealthy if you are middle class?