There's thrifty and then there's immoral

Robert Reich blogs about college loans:

The average young person now graduating from college anywhere in America has to repay almost $22,000 of student loans. That's a record, partly because college costs have continued to rise even during the downturn, because states are cutting their support for public universities, and because other sources of college funding have taken big hits -- like home equity loans and 529 plans that allowed families to sock money away for college.

That is a lot, but I don't want to talk about whether it's "too much" in any sense. Instead, I want to rant a moment about something I found out about a former co-worker.

Her daughter is going to college in the fall. She wanted Carnegie-Mellon, but they didn't offer her a scholarship, so instead she's going to St Mary's - on a very comprehensive plan.

Her parents have invested for her college for fifteen years now. They did well; they have $500 K socked away. But they made her choose the college that gave her the best scholarship deal.

What that means is simple. Not only are they keeping their daughter out of the school she really wants to attend, they are denying some kid whose parents weren't able to sock away that kind of money, who don't earn half a million together a year, a chance to go to St Mary's. And they don't care.

Frankly, I find that outrageous, immoral, and reprehensible. I guess it's a good thing we don't work together anymore.