Peer Pressure in Generation Debt

Posted by: Meredith K. | Dec 20,2007


I’m tempted to not link to yet another article outlining current problems with student debt.  OK, here it is, you pressured me into it:

“In New York State, 66 percent of students in 2006 graduated with student loans averaging $21,092, according to the Project on Student Debt. Nationally, over the past decade, the average student debt has risen from $9,250 to $19,200—a 58 percent increase factoring inflation.”

The reason I was loathe to link to it was that I was struck with the sudden thought that the reason so many students are getting into serious debt is because everyone else is doing it.  By pointing out that article, I’m not sending out a warning signal, but somehow helping to rationalize students’ massive, irresponsible spending.  

Debt is a hugely growing problem with post-grads, and it may be justified by the sheer numbers of students in debt.  It’s like the Bob Dylan song (which might end up offending someone): “I would not feel so all alone, everybody must get stoned.”  If your friends are in debt, it makes your own debt trouble more reasonable.  To take that drug analogy a little further, it’s pretty much the same: young people are peer pressured into experimenting with drugs.  Debt problems could have the same snowball effect.  

So what’s the solution?  Basically, be an individual, don’t be a part of the herd.  Just because your best friend is willing to take on massive debt, that is no reason for you to do it yourself.  He or she may be in an entirely different situation.  Maybe he will get more help from his parents, maybe he’ll land a job with a huge starting salary, maybe he’ll win the lottery.  Debt is very personal because each person will handle their debt differently.  Your debt is going to be with you for years into the future, well after you may have even lost touch with your college roommate or friends in college.  

The more articles there are about the college debt crisis, the more some students might think, “Oh well, other people are doing it, it can’t be that bad.”  But realize that such a huge debt burden can lead to bankruptcy, a low credit rating, and empty bank account, so it’s nothing to enter into lightly.    

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