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.
Yup! Just had coffee this morning with 2 grads from one of our Southern Baptist Colleges. As a couple, together they have 6 figure college debt. Both majored in Psychology. That and $5 will get you a cup of coffee at Starbucks, provided you have a friend with you to pay the tax on a cup that costs $4.99.
The sad thing is, both of these recent grads are unemployed. One is planning on going back to get her teaching certificate so she can become a school teacher. Unless she is planning on teaching High School math, she will spend all that money for nothing. I have teachers in my church with 20 years experience and a graduate degree who are unemployed!
Even more sad, most college students are quite ignorant of the basic facts of history and literature. They cannot write, think, or produce a document anymore complex than an instant message on Facebook.
The saddest of all, these are the people who will take care of us when I am old.