Perspective: The college admissions scandal isn’t just about rich, entitled people
Another sort of March Madness emerges this time of year. And it's not pretty, either. By Michelle Singletary Michelle Singletary Personal finance columnist Email Bio Follow Columnist March 21 at 6:31 PM Please, let’s stop pretending that the college cheating scandal is just an indictment of overindulgent, wealthy helicopter parents.
Certain madness takes over this time of year — between late March and early April — when the college acceptance letters are sent out. Hearts are elated if children are accepted to prestigious public and private universities. Then comes the financial reality: Going to these dream colleges often means taking on substantial student loans.Outstanding student loan debt at the end of last year was $1.5 trillion. Education debt ranks second in consumer debt nationwide behind mortgages.
Dripping with disdain, parents and students say that if the acceptance to an elite college doesn't happen, there is always the “safety school.” What's financially sound and safe about struggling under the weight of enough debt to equal the price of a home? “It’s where she really wanted to go, and she worked hard to get into Michigan,” the mom said with pride.
It's the “elite edge” that drives many parents and students to put themselves in financial jeopardy, Bruni pointed out.[If college is ahead, so are hard choices]Just 9 percent of graduates said the school network has been very helpful or helpful to them in the job market, according to Gallup, which released the findings earlier this year.
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