Like most of us I tend to write about “people like me” vaguely defined. Is that actually a problem?
I don’t know what “people like you” look like. I have no idea about your socioeconomic status or where you live or what sub-cultures you hang out in (except for LW).
It is a problem insofar you produce numbers which don’t seem to be based on much and, as it turns out, it’s quite unclear to whom they apply—and then proceed to make an argument on the basis of those numbers.
The current student loan limit is $25k
No, it is not. Even if you look at only Federal loans, the limit is over $57K.
you produce numbers which don’t seem to be based on much
The numbers are based on the article’s estimate with an attempt to account for the opportunity costs of parenting in terms of time as well as college. The argument is also not very sensitive to particular numbers. Even at $150k it would still be larger than any other expense I have. I would like better data, and intend to continue keeping track of all our spending as we have a kid, which will at least help people coming along a few years later.
Even if you look at only Federal loans, the limit is over $57K.
That’s for independent students, right? But I think here we’re talking about dependents. There are both yearly and total limits, it’s only $57k if you take more than four years by which point tuition goes up even more. The $25k number I gave is the dependent limits summed over four years ($5.5k + $6.5k + $7.5k + $7.5k). But: (a) this is all way less than the $232k total and (b) not a very good predictor of what it would look like in 20 years.
I don’t know what “people like you” look like. I have no idea about your socioeconomic status or where you live or what sub-cultures you hang out in (except for LW).
It is a problem insofar you produce numbers which don’t seem to be based on much and, as it turns out, it’s quite unclear to whom they apply—and then proceed to make an argument on the basis of those numbers.
No, it is not. Even if you look at only Federal loans, the limit is over $57K.
The numbers are based on the article’s estimate with an attempt to account for the opportunity costs of parenting in terms of time as well as college. The argument is also not very sensitive to particular numbers. Even at $150k it would still be larger than any other expense I have. I would like better data, and intend to continue keeping track of all our spending as we have a kid, which will at least help people coming along a few years later.
That’s for independent students, right? But I think here we’re talking about dependents. There are both yearly and total limits, it’s only $57k if you take more than four years by which point tuition goes up even more. The $25k number I gave is the dependent limits summed over four years ($5.5k + $6.5k + $7.5k + $7.5k). But: (a) this is all way less than the $232k total and (b) not a very good predictor of what it would look like in 20 years.