We Must Hate our Children
'Unbelievably, interest rates on federally subsidized loans are doubling today, from 3.4 to 6.8 percent. As Congress bickers over alternatives, even Democrats are backing “market-based” plans that aren’t as bad as GOP ideas, but aren’t good either. I hope they can find a way to lower interest rates, but the real scandal isn’t the rate hike. The real scandal is that we take for granted that young people must go into debt – at whatever interest rate – to pay for college.
'Of course, the truly lucky kids – those blessed wealthy members of the Lucky Sperm Club – sail through higher education without debt. But today, even upper-middle-class kids are having to take out loans, as the average annual cost of a four-year public university soars above $22,000, while private schools are over $50,000. Who the hell thinks this is a good idea?'