Facts that stood out to me the most:
- 44% of graduates will delay buying a house because of their student loans (we did)
- 28% will delay having children because of their student loans
- Public tuition runs an average of $62,421
Although I'm generally not a big fan of debt, I would venture to say that student loans can be justified because:
- As the article says, you will end up making $800k more overall than your non-bachelor-degree-holding counterpart. That could be worth up to a certain amount of debt...
- You are specializing in a field that actually DOES make more money with a college degree. I would seriously, seriously avoid debt if you're going to school for a social work degree or something else that is known to commonly make under $30k.
- Interest rates are really great on most student loans (ours were 4.25% and 6%)
- Upon graduating, it is extremely easy and even natural to continue "living like college students" and pay down your debt.
I am really enjoying managing our money and all it took was a few years of hard work, then a couple of years of reasonable decisions. Now we can have fun with our money and hardly ever worry about it again! Give it a shot.