Anyone can understand why many students want to go to college: The Census Bureau says that on average, a person with a college degree will earn anywhere from $500,000 to $1 million more over a lifetime than a person without a degree will earn.
While there are certainly other productive possibilities after high school — such as joining the military — college is a path to higher earnings for millions of young people.
But what about all the debt that so many students pile up in their pursuit of a degree? Varying estimates say U.S. student debt now totals from $750 billion to more than $1 trillion.
That is more than total U.S. credit card debt!
Of course, a student loan is a wiser investment than filling up a credit card with frivolous purchases. An education is a springboard to better things, whereas pricey clothes and electronic gizmos may not be.