Home » Categories » Lifestyle » Opinions » Lending Companies Believe College Students are Stupid and Lazy

Posted Wednesday, December 12, 2007
View All Blog Posts submitted by Alf Gordon

There's a commercial on some of our local radio stations lately that really bothers me.  It starts with a young man saying his tuition for his second semester of college is paid for, but he doesn't have the money for tickets to fly home, a new computer, or rent.  He's followed by a young lady informing the listener her classes are paid for but she doesn't have the money to pay for transportation to and from school.  The final speaker is the narrator, who is only too happy to let listeners know that they can get easily-obtainable loans for their extra expenses by calling a phone number.  I've seen similar ads on television, claiming that students can get up to $40,000 in loans for their college and living expenses.

 

After hearing/seeing these ads a few times, I have made an assumption or two.  (Yes, I know what happens when you assume...but humor me here for a minute.)  These companies imply through their ads that college students are either clueless when it comes to budgeting, stupid when it comes to spending, or lazy when it comes to earning.

 

For instance, take a look at the male student in the ad mentioned above.  Yes, he paid his expenses for the next semester, but he didn't figure in the cost of the incidentals.  He needs plane tickets to go home (for Thanksgiving?  For Christmas?  For both??).  He needs a new computer (what's wrong with his current one?  Did it die?  Or does he just want something better?).  He needs to pay his rent (why he's not living in the dorms and including that as part of his expenses is never mentioned).  The female student has paid for all of her classes but can't afford a bus pass to get to and from class (how much are bus passes these days?).

 

What did these two do with the money that they had to live on for the full year?  Did they do poor planning when budgeting their expenses?  Did they underestimate their cost of living?  Did they make poor choices concerning their living conditions (dorm versus apartment, campus meals versus eating out, bus versus car)?  Did they have enough money to begin with, and just get excited about that lump sum and not follow their budget, spending their money on parties and trips and nonessentials?

 

More to the point, do they believe that they can go to school full-time and do nothing else?  Is it beneath them to go get a JOB and actually EARN the money they need to live on?  Or did that never cross their minds?  (Reminds me of the episode of "The Cosby Show" when Denise comes home after her first year of college and complains when her parents suggest she get a job, claiming she should be able to enjoy her summer vacation.)

 

The ads never state the reasons behind the money shortage, and they certainly never state any alternatives to taking out a loan.  That makes sense.  After all, if you could get money without using the company's services, the company wouldn't make any money.  Besides, isn't this easier than going to work full-time and going to school full-time?  That would certainly take away from study time in particular, and the whole "college experience" in general.  (By the way, the correct pronunciation for "college experience" is "par-tay".)

 

As a former full-time student and full-time employee supporting a family (twice!), I don't have much sympathy for these students.  However, I realize there are unique situations.  I would just like to warn any young people who might be considering this option.  Life as an adult can be busy and is not always fun.  You do not get things for free.  The easy way is not always the best way.  Taking out a loan means you're paying (via interest) for the privilege of not having to work now.  Believe me, you'll be working later to pay that loan off.  The interest rates will not be low, and the terms will benefit the lending company, not you.  In this day and age of credit concern, dinging your credit in this way is not good for you down the road.

 

Besides, do you really want to give your business to a company that thinks you're too stupid or too lazy to take care of yourself?