“Lisa J. B. Peterson, a financial planner with Lantern Financial in Boston, specializes in counseling young couples and has heard this story before. About half the people she sees are both bringing significant debt to the relationship, and about a quarter of the others have one person who has a pile of student loans.”
Its arguable that the reason education costs are as high as they are is due in part to government guaranteed students loans. With the exception of a couple of recent court cases it seems the only control mechanism in the system is an unhappy taxpayer left with the bill. Not a very effective control, so we create an oversight organization to attempt order through tyranny.
There is no compelling incentive for universities to control tuition costs, as students will simply borrow more monopoly money and the banks will trip over themselves to give it to them with visions of shareholder profits rolling in at prime + 6 or something ridiculous all guaranteed by governments in general.
So there are two solutions; make education affordable, like many progressive countries already do, by recognizing a net gain in an educated citizenry and the removal of education from the privilege of the wealthy. The second solution is to restrict the guaranteeing of student loans – the banks will stop lending money and tuition cost will fall to an affordable level.
How Debt Can Destroy a Budding Relationship by New York Times
Nobody likes unpleasant surprises, but when Allison Brooke Eastman’s fiancé found out four months ago just how high her student loan debt was, he had a particularly strong reaction: he broke off the engagement within three days.
Ms. Eastman said she had told him early on in their relationship that she had over $100,000 of debt. But, she said, even she didn’t know what the true balance was; like a car buyer who focuses on only the monthly payment, she wrote 12 checks a year for about $1,100 each, the minimum possible. She didn’t focus on the bottom line, she said, because it was so profoundly depressing.
But as the couple got closer to their wedding day, she took out all the paperwork and it became clear that her total debt was actually about $170,000. “He accused me of lying,” said Ms. Eastman, 31, a San Francisco X-ray technician and part-time photographer who had run up much of the balance studying for a bachelor’s degree in photography. “But if I was lying, I was lying to myself, not to him. I didn’t really want to know the full amount.”
The Austrian Economics school’s perspective on making tuition affordable