We need to be more pragmatic than ever nowA particular parent with a debt of forty lakhs works as a Principal of a leading school in a relatively backward (educationally) district of Tamil Nadu. His daughter has scored some percentage of marks in the NEET examination, but her present position is that the girl can be admitted to a medical college that would charge the father a near 40 lakhs in terms of fees alone. All other expenses would add up to at least another eight lakhs.
Whatever the man has saved would vanish if he admits her to that college. The girl has a sister who would also pass plus two next year. Hence, the father is as confused as ever.
But his matriculate wife is not. She is crystal clear. No way, she says, that she would say yes to the 40 lakhs being spent. Her stand is to let her daughter prepare and do very well in the next NEET examination and study in a Govt college, where the fees are very reasonable; it may take a while but let the girl do it.
It is time for each of us to stay tuned to larger realities like the mother. We just cannot borrow beyond our means. Debt can simply tear us apart. Like this gentleman who keeps paying only the interest as of now and is unable to clear even a bit of the principal. It is time to tighten our belts.