Student debt is a burden that is faced by millions of Americans. However, some people are able to obtain their degrees without needing to borrow student loans. Many students receive academic and athletic scholarships, and some universities ensure that all students will graduate debt free despite their financial background. In addition, some people do not need to borrow student loans because their parents are fully paying for their educational costs. Although such individuals may feel bad that they did not need to face a burden so many people need to surmount in their lives, wealthy people shouldn’t feel guilty for not having to pay for educational costs.
Student loans come up in a lot of conversations I have with friends and colleagues. Although finances are a pretty taboo topic for most people, everyone can gripe with needing to pay back student loans. A few times in the past several years, I have conversed with some people about student loans, and noticed that certain individuals were not engaged in the discussions. A few years ago, I straight up asked one such person if he had student loans and he related that his parents paid for his educational expenses.
This person seemed almost embarrassed to admit that his parents paid for his tuition and costs! I asked this person why he seemed to feel guilty about having his educational costs paid for, and he related that he felt privileged that he had this benefit. In addition, he told me that he felt others might judge him if they found out that he did not have student loans, since he may viewed as a wealthy person who did not need to contend with the struggles many other people face.
However, wealthy people shouldn’t feel guilty about having their family pay for their educational costs. In many ways, individuals may be worse off because their parents paid for some or all of their educational expenses.
For instance, wealthy people shouldn’t feel guilty about not having to pay for educational costs, since their family’s financial status might have disqualified them from financial aid. As mentioned in a few prior articles, many colleges and some graduate school programs offer need-based financial aid to students in need. I myself received a substantial amount of financial aid to attend college and law school, and my student debt situation would have undoubtedly been worse had I not received this help.
However, wealthier individuals may not qualify for such initiatives, even if they are admitted into top schools that have such programs. This is because financial aid determinations are made by looking at the financial background of a student’s family. In a way, being poor actually benefited me, and wealthy people should not feel guilty about having their educational costs paid for by parents, since this actually could have disqualified them from programs that may have lowered their educational costs.
In addition, wealthy people shouldn’t feel guilty about student debt, since the experience of paying back student loans can have a positive impact on your life. This might be an unconventional idea to express, and people struggling to repay student debt might not understand how their experience is actually benefiting them. However, paying off student loans can give borrowers a powerful experience that can be useful to them as they meet other challenges throughout their lives.
While paying off student loans, I learned to save money in unbelievable ways so that I could devote the most amount of money possible to my student debt. I also learned how to earn extra money through side-hustles so that I could pay off my student loans as soon as possible. These skills have been extremely important to me as I surmounted other challenges in my life, and I don’t think I would have been able to start my own business if I did not learn how to cut expenses and earn extra money from side-hustles.
Furthermore, wealthy people shouldn’t feel guilty about student loans, since paying off student debt gives people a strong life narrative and connects people with a common experience. Most people who attend college need to deal with student loans, and the struggles of student debt is extremely relatable for a number of people. In addition, repaying student debt shows others that you are able to be disciplined and make sacrifices to pursue a goal. People without student loans are not able to connect in this way to other people who have student debt or prove their mettle in ways that are possible when you repay student loans. As someone who is several years removed from their student debt journey, I can relate firsthand how important the crucible of paying off student loans can be for those who have experienced it.
Of course, I’m not saying that life would not be easier for individuals if they did not have student loans. However, there are still a number of reasons why wealthy people should not feel guilty about having their parents pay for educational costs. From a practical perspective, the financial background of wealthy individuals could disqualify them from financial aid programs. In addition, paying off student debt is a unique experience that can have a number of positive benefits. As a result, wealthier individuals can kind of feel jilted that they never got the chance to prove their mettle, and connect with a common experience, if their parents paid for their educational costs.