yeah fuckthat. It don't last very long when they call up ur loans.

The more debt college students have, the higher their self esteem - Yahoo! News

It turns out there is an upside to mounting college debt: self confidence! A new study shows that the higher a young person's debt, the more self-esteem he or she has.

Ohio State University researchers surveyed more than 3,000 adults aged 18 to 34 for the study, which is published in Social Science Research. Their study found that the more debt from college loans and credit cards individuals had in their name, the more control they felt over their lives. There is, however, a catch: People over the age of 28 started to show signs of stress and worry about their debt. The downshift in debtors' moods stems from the ongoing growth of their debt obligations over time--though it is of course also true that adults have a general propensity to worry more as they age.


The study's lead author, Rachel Dwyer, told the New York Times she thinks young people have come to view debt positively because they interpret it as an investment in their future.

Once they reach a certain age, however, paying back the debt replaces the pleasure of going to college. The authors concluded that the "stresses of debt mount with age."

The study also found that youth who come from poorer backgrounds are especially likely to have boosted self esteem the more debt they've taken out. Conversely, upper-class young people were not significantly affected by their debt loads.

The average college senior graduated with $23,186 in loans in 2008.

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It's the sunk cost fallacy. If you're heavily invested in something, you tend to persuade yourself that it's the best possible option.

I'd venture that the decline in enthusiasm comes about not only becuase the debt has grown, but also becuase by then they have a much better idea of how their probable future career path is going to play out than they did as recent graduates. Hence their assesment of whether the debt was worthwhile is more realistic and less tinged with optimism.

That's depressing.

I was going to suggest that natural optimists are more likely to borrow more.

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