My Response For Why The Student Debt Financial Problem Is Primarily A Parent Issue.

“AARP is worried about student loans.” 
This is my reply, after reading the post on facebook.
Luis Camillo Almeida Genius, this is an issue, yes. This is what I see though: Everybody under the sun is complaining that college is expensive. I agree, it is. However, there are way too many kids these days who live life as an adult while pursuing a college education. Examples of extra expenses they have that maybe they shouldn’t have are: Adult housing, car payments, insurance, gas, smartphone bills, luxury gadgets, brand clothes, food, fancy trips, beer money… Now, let’s estimate the former and see if this crisis is only a college or student problem. We live in a luxury apartment complex but I have been a college professor for 10 years and can afford that. Some of my neighbors are students. It costs 1K to live in this complex a month. At the bare minimum, these kids are paying $500 per month to live here. That’s $6000 a year. In order to live in our complex, they need a car. Most of the cars I see on most campuses I’ve worked in my life are new or nearly new cars. I estimate a payment of at least $250 a month. Well, that’s $3000 a year. We all know that to be able to drive a car, one must have insurance. Kids driving cars at age 20 will pay high premiums until they reach the age of 25. I bet they are paying 150 dollars or so a month in car insurance a month. That’s $1800 a year. Ladies and gentleman, no car can be driven without gas. I bet they spend 2 to 3 tanks of gas a month. Let’s estimate a $80 a month in gas bill or $960 a year in gas. Smartphones are awesome but they aren’t cheap. I bet most students spend $80 a month on smartphone bills. That’s $960 a year. I see tablets, fancy laptops, DSLR cameras, and name it all over the campuses I’ve worked in my career. These gadgets aren’t cheap. I am going to estimate that students, on average, spend $120 bucks or so in these “extra cool things” each month. That’s about $1500 a year. Now, this one shouldn’t come as a shocker. Most college students these days dress well. Buying that A&E isn’t that cheap. I bet that folks are spending at minimum $25 a month in clothing if we average the yearly clothing expenses. So, $500 for clothe expenses. Food! Yes, this one nickel and dime them badly. Are students cooking their own food to save on this cost? Or are college students eating out (without a meal plan) in most colleges and universities? How about starbucks? and such? Bro, I will estimate $500 in food expenses for the average student and I think I’m grossly under estimating this one. Food total –> $6000.
Luis Camillo Almeida Fancy trips… spring break, studying abroad, going back home away from school many times a year… This one is tough to estimate… on average, I will estimate in $1000 a year. Beer money. I know, not all students drink alcohol but the majority do. I bet that a $200 bill a month on alcoholic drinks wouldn’t cover what kids spend on this these days. So beer expense: $2500.
SO, let’s calculate the total extra expenses: 6000+3000+1800+960+960+1500+500+6000+1000+ 2500 = 24220 a year. Let’s multiple that by five which is the average time students complete a college education: $121,000! There are a three things we can conclude from these simple posts here on facebook. 1) College tuition is far from being the only burden in the contemporary “student loan crisis” rhetoric we have these days. 2) Students are living life as an adult in college and most will be living life a student for life. 3) The actual problem IS NOT a STUDENT problem. It is a PARENT problem for allowing them to make such poor life decisions at this age.
Luis Camillo Almeida I’m going to make this very clear in here. Gen z, millennials… aren’t any different from us when were we young. So STOP BLAMING THEM! The issue, ladies and gentleman, is that most of us (older people) suck at making them accountable for their actions and understand the value of money. The problem is you, bro. Don’t blame the kids or colleges and universities (only) for this serious crisis.