Caveat borrower

We have three rules for our children, should they decide to take a year or two off from their studies:

1. Don't get arrested.
2. Don't procreate.
3. Don't get into debt.

I.E. don't let yourself go too far down a path from which there is no retreat, and for which you will be responsible for the rest of your lives.

All well and good, and the rules could just as well apply to students in college as well, we think. Which explains why we are not particularly happy about the news that the College Board is in the business of private loans for college students. Crippling debt is one of the most intractable problems that bedevils those of us who really care about students; private loans typically have higher interest rates and less forgiving payoff schedules than Federal loans. The College Board does not belong in this business.