From Volcaino :
Aloha from the Island of Maui. The purpose of this part of our website is to highlight the talented young men and women here on our Island.
These “Maui Kids” are either enrolled in High School or have started College already. Just like the kids that I spent a lot of time training in Theaters all over this country, they will all be burdened with Student loan debt for a time period that will last longer than their current lives.
The young man who filmed and edited the Video above is another example of how we treat our children. Antonio is 15 years old and a High School Freshman. As you can see by his videos, his talent vastly exceeds his years. I recently interviewed Antonio about his college dreams. Antonio is an Honor Roll Student whose parents are both educators. They have raised him the proper way. A polite intelligent young man who has dreams of pursuing his love of using his camera to express his feelings. His plan is to attend Full Sail University in Winter Park Florida to study Video Production and Film Making.
When I asked Antonio if he had started to save money toward his college education, he told me yes. Being the honest young man that he is, he paused for a second and then admitted, “but I will probably use it for a car.” Ahh! Life gets in the way again. My next question was about the cost of the school he wanted to attend. He responded by telling me that it would cost him “around 50 Grand a year.” He impressed me again when he continued, “but I plan to get my Basics done at a two year school to try and save my parents some money.” He told me he thought that he would come out of College with a total debt of $100,000. When I asked how long he thought it would take for him to pay off that debt, his answer almost made me cry. He said he thought it would take around 15-20 years.
My reaction was that of an old man who had paid off a few mortgages in his life. I knew that an amortized debt of $100,000 dollars could be paid off in 15-20 years if you did not have any other responsibilities, such as eating or life in general. This scares the hell out of me, and that takes a lot. Why do we do this to our kids?
The first Home that my wife and I bought cost $160,000. That was 1986. My parents who were living here on Maui at that time, had to share that debt as well as live with us. I know how long it takes to pay off a Mortgage. Most people NEVER pay one off. They sell the house and leverage more debt. Unfortunately, you can’t do that with Student Loan Debt.
I am not here to harsh Antonio’s mellow, but carrying that kind of debt puts a huge financial anchor right on our kids backs. There has to be a solution. Please help us find it or these kids will never have the same “opportunities” as my generation.