One of the biggest problems today is student loan debt. It’s such a problem that one of the last things a parent wants to hear is “Dad, I just got into Harvard.” It’s the dreaded phrase that basically means you’re not trading in that ten year old prius.
But it is not cool being a poor student. Because school loves to give out loans. They will give you money for anything. If you tell them you like sociology. They’ll just tell you, “Great, we like money. Sign these documents. Here’s your mountain of debt.”
Debt is fine as long as you can get rid of it. But there is no way to discharge this debt. You claim bankruptcy and the loan department will tell you to get a job. You get a job for eight dollars an hour and the loan department will tell you we’ll take five. Three dollars an hour is enough to keep living off of ramen. You look good thin.
The straight dope: School is important. But a school is a product that you buy. The loan department never tells you by the time you pay back your debt, you’ve actually paid back twice the amount you borrowed. Go to school, but don’t go into debt (you can’t get out of).