The DeHavilland Blog

Wednesday, October 19, 2011

The cost of college

There is a great debate as to whether everyone should go to college. I'm not writing to weigh in on that debate (though I am squarely against it), but rather to note one of the implications that must be considered: The rise in student loan debt.

According to this post at ZeroHedge, the total amount of student loan debt outstanding has, for the first time, exceeded total outstanding credit card debt; at $830 billion, it is the single largest category of unsecured debt in the country today. And remember that it cannot be discharged via bankruptcy; once you take the money, you're going to pay it back or face penalties, garnishments, and the like until it is resolved.

So as we talk about sending more and more kids to college, which has increased in cost much faster than inflation (or even medicine), consider the debt we're saddling them with along the way.

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