A recent New York Times op-ed shared a controversial view on educational loans: it is fine to borrow and never pay them back. A few days later, a rebuttal piece criticized author Lee Siegel and the New York Times for their “deeply irresponsible op-ed.” At College Coach, we are passionate about providing the best advice available with respect to college aid, and we felt we had to provide our own perspective for those families who might have read Siegel’s original piece.
We see no reason why families should take on huge amounts of debt for an undergraduate degree. Contrary to what Siegel assumes, lower and middle class families do not have to borrow huge amounts of money to get a good education. College Coach finance experts work with families every single day to determine how much they can afford and, if borrowing is going to be part of their college financing plan, how to be successful in repayment.