The Seattle Times: Education: Today’s latte can add to tomorrow’s debt:
The consequences of latte-larded law-school debts are worrisome for the legal profession, she said, insidiously tilting career paths toward jobs that pay more but satisfy less.
“The amount of money you owe directly affects the professional choices you have,” [Erika Lim] said.
This whole article is interesting, but the meat of it is excerpted above (and of course, appears at the bottom of the piece): leaving aside the questions about good judgment and business sense the article raises, the real issue is creating a new class of indentured servants, as we saddle professionals who should be motivated to work in the public’s interest with so much debt that they are obligated to compromise those ideals to pay it down.
The student featured in the article would save a bundle by buying a good espresso machine: judging by this calculator, even those Francis Francis! machines (@ $800) look like a bargain. At $4/cup (including tip), 1 cup/day over 250 days and 3 years works out to $2812.50: invested at 6% interest, it grows to $2,984.62.
I’m all for socializing and networking — a big part of why one goes to a good school rather than just take the same classes anywhere — but I wonder of these young professionals know what choices they’re really making?
[composed and posted with ecto]