This message is relentlessly pounded into their heads for their first 18 years, and so by the time high school graduation rolls around for many of them it would be unthinkable to do anything else. And instead of doing a cost/benefit analysis on various schools, we tell our young people to go to the best college that they can possibly get into and to not worry about what it will cost. We assure them that a great job will be there after they graduate and that great job will allow them to easily pay off any student loans that they have accumulated. Of course most college graduates don't end up getting great jobs, but many of them do end up being financially crippled for decades by student loan debt.
In all of American history, we have never seen anything quite like this student loan debt bubble. Since 2007, the total amount of student loan debt in America has nearly tripled.
Let me repeat that again.
Since 2007, the total amount of student loan debt in America has nearly tripled.