Free Stuff!

 So POTUS, who I really like, executed a bald faced political move yesterday -- signed a regulation that forgives $10K of student debt to borrowers making less than $100K per year. Dr. Barry and I joked about it last night -- we were saps for paying off ours in its entirety. And that's ok.

When I first heard about the debt relief, I recalled a "Simpsons" episode, where Grandpa mistakenly received a lot of money in his bank account. When Marge asked how he didn't notice -- he replied "The Democrats are in power -- I assumed that's how it's supposed to be!"

I guess I'm just a sardonic Democrat, like my Dad was. He was probably more liberal than I am, but had a jaundiced eye about entitlement programs. I recall one beautiful Spring day -- my Mom asked him to take the day off, and he begged off, saying "Hey -- I don't just have to support MY family, you know. There are at least 20 Puerto Ricans in the South Bronx on welfare who don't want to work -- I have to support them, too!"

Yes -- he was politically incorrect, but happily paid more than his fare share. 

I was lucky in college -- I had a half tuition scholarship, and in those days, at least my freshman year, tuition at UM was $2400 per year. It rose, and by my senior year, the Director of the Honors Program, Jim Ash, thanked me for my work as a student leader by arranging for a full scholarship for my senior year. I was so thankful -- Mom was a widow by then, and I was sensitive about spending her money.

When law school began, Mom said that she and Dad always planned to pay for my grad school, but I refused. I took out the maximum federal student loans at the time, which were $7500 per year, and my last year, still fell a bit short, even though I had worked as a summer intern, and two time English Comp teacher. The law school gave me an additional $3k loan, but at, I think, 12% interest.

Wifey and I made one of our first major financial decisions together -- we used wedding gift money to pay off that high interest private loan. And the GSL and NDSL? I unhappily paid them back each month -- keeping Mazdas and a less than top level houses so I could do so.

I was fortunate -- Hurricane Andrew gave me the money to pay off my loans in their entirety in 1993 -- so it took only 7 years to pay back my obligation to the government. Man -- had President Clinton said "No worries, Dave, I forgive the debt" I would have been VERY happy. But it didn't work out that way.

I get it -- mid term elections are less than 3 months away, and my party wants to give some pork to young, and sometimes not young, voters. I've been reading that there are plenty of Boomers with remaining student loan debt.

Meanwhile, college tuition, especially private college tuition, skyrockets. And why shouldn't it? Many of the universities have huge endowments, and if the students and families are more eager to borrow to get a degree from a fancy school, it'll just get more expensive.

I guess I am just a cranky old guy. I guess I'll just keep working -- now I have to support the student loan deadbeats!