|Are student loans bad debt? Photo: Tom Peck|
It's sometimes called the anti-dowry because unlike a dowry, which in some cultures helps a young couple get set up in life, a student loan debt can delay marriage, family, and home ownership.
Let's look at some salient findings and facts from the article.
- Student loans cannot be discharged by bankruptsy.
- Students who borrow from for-profit colleges especially likely to default.
- College graduates earn more over their lifetime.
- College graduates are less likely to be unemployed.
- President and Mrs. Obama finished their educations with a combined $120,000 of debt.
The Times reports that some economists are concerned that the scary stories of college debt will discourage people from attending college. But, college debt is seen by other experts as "good debt."
If you need to take on a loan to take on college, do it. Do it with careful deliberation and don't be part of the lost generation of young people who either forsake an education or spend too much on one. How do you know what's too much? We'll explore in future posts.