Last April we learned that student loan debt in the U.S. surpassed 1 trillion dollars (source). We also learned that Americans owe more on their student loans than on their credit cards or car loans (source). Why is this?
Many people assume that a college education is the key to prosperity and is therefore worth any cost. But that assumption is profoundly inaccurate. The video above breaks down the issue as clearly and as simply as I’ve ever seen it done (HT: Ad Fontes). It argues that Americans face a “Higher Education Bubble” that is just about to burst. I think it’s right. Whether you’re a parent or a student, you need to watch this video and consider how dangerous it is to go into debt—even for a college education.
Also, I would recommend listening to Albert Mohler’s commentary on this topic from last April. You can download it here or listen to it below.[audio:http://albertmohler.com/media/audio/totl/Podcast/20120405_TheBriefing.mp3]
The ancient wisdom is still true, “The borrower is the lenders slave” (Prov. 22:7). So don’t submit yourself to this master. He is a cruel one.