<p>Agree about trying to avoid debt if at all possible. My husband is a CPA and he has lots of clients who are struggling under large amounts of college debt. These are people well into their 30’s - not just right out of school. Even his physician clients often struggle. He has one client right now where both spouses are physicians and both had loans for medical school and they are barely scraping by. This is why my husband is adamant that son will not graduate with debt. It can set the stage for years of a reduced standard of living. </p>
<p>There is a difference, IMHO, in having to acquire debt to even go to college vs. acquiring debt to go to a very expensive school, especially when there are other good alternatives.</p>
<p>In an perfect world, every child would go to their ‘perfect fit’ school without having to take on debt or subjecting their families to financial hardship. But that’s not reality. IMHO, the next best alternative is to find a financial safety and make it work. Large state universities have a myriad of opportunities to find the right group of friends and the right academic fit. A lot of it comes down to student motivation. We have also been concerned that if son went to State U, where the average GPA and SAT scores are way below his, that he wouldn’t be challenged or fit in but we have had several really good counselors (both private and at the school) point out that a motivated student can get a stellar education at most any school if they put a little effort into it. Maybe it won’t be handed to them on a silver platter but it’s still available. Many professors will take a motivated student under their wings and make sure they are challenged. Most State U have honors programs which allow a small school experience within a large university setting.</p>
<p>Although I’m all for education first, career development second, at the end of the day, all adults need to be able to support themselves throughout their adult life. In reality, this is what most people go to college for - the ability to have a career that will lead to a decent standard of living. In some respects, a student taking on a lot of unnecessary debt may be, at least temporarily, defeating that purpose.</p>
<p>Unfortunately, the whole ‘debt as a way of life’ has become the norm for many Americans. It is shocking how many people (both college educated and not) depend on credit cards and loans to cover what they think they ‘deserve’ to have, even when they don’t have the cash to buy it. Sure, they can make the payments (today) but it becomes a very slippery slope when you get into an economy where people are being laid-off left and right. Those who have little debt and high savings can weather the storm. Those who leveraged themselves to the limit are now struggling mightily. </p>
<p>Since my husband sees this kind of thing daily with his clients, he has been adamant through out our marriage that we don’t take on debt (outside of our house). After the economical crisis of the last 18 months, I really appreciate the wisdom in this.</p>