21 Quotes From Henry Ford On

Business, Leadership And Life

Erika Andersen

Last summer, my husband and I bought a house. We got married a few

months prior, and I knew that more space would be critical to the success
of our relationship. A one-bedroom condo would create problems as we
figured out how to be husband and wife. We needed more space, so we
started the long home-buying roller coaster process. And even though
we both make good money, we could not afford a home using only our
savings and monthly income. We had to get a mortgage. A loan. A big
one.

And no one ever cautioned us against it. No one told us that we were
dreaming too big. No one told us that people like us just rented. In fact, a
few people told us to borrow more money for our home. The plan was to
make an investment in ourselves, in our community, and in our future. A
mortgage wasnʼt a necessary evil. It wasnʼt evil at all. It was a good thing.

So tell me, why is this conversation about mortgages so different from

those about student loans?

If weʼre being honest, itʼs not. Both are loans to pay for something that
most of us cannot afford without borrowing money or at least some kind
of aggressive payment plan. Both are investments in oneʼs self. And both
are really expensive. And yet we as a society have vilified student loans
and galvanized mortgages.
Every few months—even weeks sometimes—I see another headline with
something like, “Avocado Toast and Student Loans: Why Millennials Just
Wonʼt Grow Up” or the worst ones, “Is College Worth It? Not Anymore.”

Itʼs been a long time since there has been a sentiment about not buying
houses or cars with a loan. So what gives? Why are we so scared of
student loans?

The fact of the matter is former college students (and their families) are
paying off massive amounts of debt, to the tune of over $1.5 trillion. And
it stinks. Itʼs not great for the economy, itʼs not great for a lot of
industries, and itʼs not great for the students. But that isnʼt my point here.
This isnʼt another easy piece about the perils of debt. That story has
already been written over and over, and honestly, I live it every day.

Once a month when I write my check (just kidding...Millennials don't write

checks), I think about all my husband and I could do if we just didnʼt have
our student loan payments. We certainly would have bought a bigger
house. We might have had a kid by now. We probably would have gone
on safari in South Africa. But all of these things will wait. Not might wait
or could wait, but will wait. We will eventually do all of those things.
When? Iʼm not sure.

But I am positive without a shadow of a doubt that if we had not gone to

college—and therefore did not have this debt—that we wouldnʼt even be
thinking about any of these things. We wouldnʼt own a house in our
neighborhood. We wouldnʼt plan for our next trip to Europe, and frankly,
we wouldnʼt even know each other. Our degrees opened doors that led
both of us to the White House. We can both point to specific
opportunities from our college days that set us directly on this path. And
for that, I donʼt hate my student loans. Instead, I encourage students to
use them.

Look, debt stinks, no matter what. But most of us are going to have to
borrow money for something. Hopefully, it will be to experience things we
love. And I loved college. And I love my house. And I love my career. I
donʼt love my student loan, but I wouldnʼt have any of those other things
without it.

The point here: college is worth it. Itʼs worth all of it. The high price tag
over the course of the four, five, or six years it takes to complete a degree
is ridiculous and hard to truly justify, and we need to work with state
governments, Congress, and higher education institutions to do better.
But that price tag doesnʼt mean a student shouldnʼt attend college. It
means he or she should learn everything possible about financing an
education for less or even for free. It means holding colleges accountable
for growing costs and shrinking institutional aid. It means offering
substantive internships at which students can earn academic credit
hours while being paid for their labor. It means making colleges and
college experiences truly student-centered. It means using those student
loan dollars more wisely and distributing it more equitably. It means
investing in the students who need it the most by making sure they
graduate with a degree that gives them the opportunity to start a career
that actually allows them to pay back their loans and still live the
American dream.

What it does not mean is telling certain students that college isnʼt a good
idea, because that is simply incorrect. College is a smart decision.
Teaching students how to spend their money, save their money, and
protect their credit is an even better idea. And holding higher education
accountable is really the best thing all of us can do. Iʼm sure the real
estate market would appreciate it, too.