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His advise certainly might be considered relevant to today's students situation, though? What does not paying back a loan and advising others consider the same have to do with making one's kids sick?
His advice is absolutely relevant. The story he tells to support this advice is not relevant. It's not even complete and the parallels he draws between himself and the students of today are false. I find it crass to couple his choice to pursue three ivy league degrees thirty years ago with the impossible task of pursuing one degree today.