Words to the wise

Karl Denninger tells it like it is:

Don't Believe Your College: They'll Fail You, Then Sue You

As I've pointed out to a number of High Schoolers contemplating going to college and taking out loans, there are statutory penalties that apply if you default.  In the case of Perkins loans these amount to an additional 30% of the principal, increasing to 40% on a second collection attempt and another 40% on top of that if they sue.

That basically doubles the amount you owe.

Of course colleges don't talk about this before you matriculate.  After all, "education" as offered in these edifices is only partial, and the representations, both expressed and implied are many -- but the warranties few.

My advice to young adults stands: DO NOT BORROW MONEY TO GO TO COLLEGE.

Too many young people have been brainwashed into thinking they need a "college education" when a judicious choice of a trad school would be a much smarter path.

A bachelor's degree in any liberal art is fine - if you are independently wealthy. There are only so many openings for master's or doctorates in non-technical fields like archeology or anthropology.

Don't get me started on "political science" or any of the "minority studies" tracks...