By that, I mean we have so many opportunities before us that we can grow very impwatient about getting what we want.
Debt Can Be A Psychological Burden
Most of us have experienced the pressure of bills that are due with barely (or not) enough funds to cover them. While this may have been a relatively brief period for us, as we paid down the balances, consider young 20-somethings who see no light at the end of their student loan tunnels.
By Dave Berry, Co-founder College Confidentialhttps://studentloanhero.com/featured/psychological-effects-of-debt-survey-results/ By Shannon Isler
Sometimes, the first time a kid has to face financial limits on his/her choices is when choosing a college. That can be quite a shock to those whose parents previously provided every need and want with no apparent cost limits.
The shock can be even worse if the parents delay the cost reckoning until April of senior year, perhaps because they want to delay telling the kid that s/he will face cost limits for the first time. Or the parents themselves have debt based spending habits and encourage more debt
Quoted from @ucbalumnus
An engineer I know is struggling because his daughter wants to go to the same school her boyfriend already attends, even though it is more expensive. She has gotten some great offers at other colleges. Her dad has a spreadsheet and has shown her how much more debt she will be in, but she doesn't seem to get it.
I have a max number in my head of loans (~60K over 4 years) which I will allow her to take on.
If she is going into medicine, law, advanced technology, advanced politics, and so forth, where college pedigree is a MASSIVE factor in terms of job options post graduation, and they tend to more than pay for the debt, more money can justifiably be borrowed.