I sat down to work on our family budget yesterday and it was… unpleasant.
I am not a math person. I’m not a person who thinks well in this way. I worked extremely hard to get an A in basic college algebra. It takes considerable effort and a lot of repetition for me to do math right, and even then, my brain trends towards the unrealistically optimistic. I’m a “round up” kind of gal. I had been working on a budget for awhile, here and there, using estimations of biweekly payments, etc etc — estimations that I thought were very conservative. But, I was off by about $600, which is a lot of money to “find” in an already dramatically scaled back “Lauren quit grad school and ruined our lives” plan.
I’m not the only one facing the harsh reality of the real world economy, versus the grad school economy. A much-circulated Chronicle article about PhDs on food stamps makes it clear that whether you finish or not, the transition from grad school economics to real world economics is devastating to a lot of people. And if you have the stomach to read the comments, you’ll note that many of them are a variation on the theme of “They got what they deserved” or “How could they be so stupid?” or “What part of ‘loan’ did they not understand?”
And it’s true, it’s insane that we all fell for it and made chronically bad choices when it comes to economics. But, here’s the thing: everyone else was doing it. First of all, insane willingness to take on debt has staggeringly obvious precedence in every facet of American life from the housing bubble to the net bubble to the national debt. PhDs aren’t the only ones being blithering idiots in a culture predicated on getting what you want right now and paying for it, literally and figuratively, later on.
But beyond that, I think in grad school there is a special economic culture; or at least, I felt like I was part of a strange little world in which there were different economic expectations and rules. The sort of unspoken rule I — and many of my peers — operated on went along the lines of, “If I’m going to be paying this debt off for the rest of my life, the amount of debt I’m in really doesn’t matter.” Continue reading