Born amidst the crack epidemic in America, if you were a child of the 80s (like me) you were constantly warned about the dangers of drugs. Nancy Regan famously told schoolchildren in Oakland, that if they were offered drugs they should, “Just Say No!” Several years later public schools across the country were inviting police officers into the classroom to teach the Drug Abuse Resistance Education (DARE) program.
“Drugs take away the dream from every child’s heart and replace it with a nightmare, and it’s time we in America stand up and replace those dreams.” – Nancy Reagan
My school participated in the DARE program and it was mandatory for all 5th graders. What was I taught in DARE? Drugs make you too fat, too skinny, ugly (your teeth will fall out!), stupid, homeless and broke. The basic takeaway? Avoid drugs at all cost – they will ruin your life!
I know there are critics of the DARE program. But whether you believe the DARE curriculum is effective in preventing drug abuse or not, at least it got us talking about the problem. Unfortunately, we can’t say the same about the student loan debt epidemic in this country.
To the best of my knowledge, there were no student loan or personal finance seminars offered at my undergraduate university. I can’t recall any advisement groups that explained the dangers of borrowing too much money or any informational sessions explaining my responsibilities as a borrower. I do recall completing a mandatory online survey prior to borrowing from the feds-I can’t recall which loan that was, but I do know they told me I’d have to pay back the money “or else.”
We “DARE”d people not to do drugs, in the 80s and 90s (is DARE sill around, I’m not even sure?). So why can’t we DARE (DEBT Abuse Resistance Education), students to stop taking out educational loans they can’t afford?
Drugs & Student Loan Debt-Are There Similarities?
- Some drugs and some loans are socially acceptable, but it doesn’t mean they’re a good idea. Alcohol and tobacco are both legal drugs in the US, but that doesn’t make them any less dangerous or less addictive. 1 in 5 deaths in the United States is related to cigarette use. Similarly, student loans can be very dangerous. Just because student loans are generally perceived as “good debt” in our society doesn’t mean they don’t ruin peoples’ lives. Just ask someone with $120k of student loan debt who has recently been laid off.
- You start casually, but quickly become addicted. Marijuana is often considered the “gateway drug” to other more serious drugs. I like to think of student loans as the “gateway” debt. You start with a small subsidized loan. You pay for your tuition and then buy a laptop that you “need” with the extra money. You are amazed by how easy it was to get the loan so you take out another or apply for a credit card. You listen to your broke friends who tell you that taking out loans is “no big deal” and before you know it your $50k in student loan debt and you haven’t even finished your degree.
- Admitting you have a problem is difficult. Many people with a chemical addiction are in denial. They think they can stop using if they chose to. Unfortunately it’s not always a matter of willpower. Same goes for student loan debt. Because student loans are seen as a “necessary evil” by some people, it’s hard to admit that you’re in over your head.
One of the biggest stressors facing young people today? A mountain of student debt! Replace the word, “drugs” with the word “debt” in Nancy Reagan’s quote on the left hand side of this post. Pretty powerful, no?
Should colleges offer a curriculum that teaches students about the risks associated with student loan debt?
**Please note that this post was written with no intention to mock or minimize chemical addiction, which impacts the lives of so many**
Image:Xurbie DonkeyHotey