<p>^^^</p>
<p>I agree with that - somewhat - as long as the debt is small. I don’t like this mentality of “I want to go where I want to go, and therefore I’ll borrow as much as it takes to go there.” (Which is what I often hear on CC and elsewhere.) </p>
<p>Some people are borrowing $15k or more per year for undergrad. That total $60k debt will result in a monthly payment of about $700 per month for 10 LONG years. That’s about $8500 a year out of person’s annual income.</p>
<p>Large students loans for undergrad can result in 10 long years of absolutely crushing debt during the years (ages 23-33) when a person is supposed to be “moving on” with his life - buying a home, marrying, starting a family. Simply having such debt might limit one’s ability to even marry; many people would not want to “marry into” that kind of debt. And, imagine, if a person marries someone with similar school debt? </p>
<p>A married couple, who has combined monthly student loans of $1500 or more, is going to have some serious money issues unless they are making a huge amount of money (unlikely for people under the age of 33). </p>
<p>Big student loans for med school and similar can be somewhat justifiable because of the earning potential to repay such loans. Although my sister who borrowed $60k for grad school (she’s a therapist), will say that repayment was crushing because it took awhile for her to really be making the “big bucks”.</p>
<p>However, most newly minted BS grads aren’t pulling in the salaries to repay big student loans while also paying for his own living expenses. Many parents who are co-signing for such loans may find themselves with 20-somethings living with them for a long time, because those kids can’t afford to pay rent and pay their student loans.</p>