Going to college is a risky business. Only one in three who matriculate, manage to graduate, and get a well-paying professional job.
I have written ad nauseum about managing student loan debt. (See notes.)
However, I’ve read a couple articles recently on the subject that, I think, justifies visiting the topic again.
“College ruined my life. I had to escape this debtors’ prison.”
This is from a thirty-nine year old college grad who absconded, i.e. left the country, to duck out on $30K in student loan debt.
He is in trouble with the Department of Education, and, potentially, the IRS.
The author of the article portrays the poor guy as a victim, who was the target of indoctrination from the age of four, that going to college would, unfailingly, lead to financial success. OK, I’ll give him a break on that one.
But, the fellow wasn’t a gullible teenager when he matriculated.
He “dropped the ball” because:
He didn’t have a four-year financial plan, and he ended up needing $30,000 in student loans to “balance the books.”
His major, Public Relations, wasn’t marketable.
Being unlucky didn’t help matters. He graduated into the headwinds of The Great Recession of 2008.
Emigrating would seem to be an extreme reaction to avoid a monthly $400 student loan bill, and I doubt that this is all that common.
Consider this a cautionary tale.
The second article is about student loans and minority students.
This was a “wake up call” for me.

Study: Student Loans Weigh the Heaviest on Black and Hispanic Students

I recommend you read the article, and take a close look at the graphs.
Making a success out of college is really difficult. Parents of high school students need to do their homework before they send their teenagers off to college.
The barriers to college success are even harder to overcome for blacks and Hispanics.

Notes

https://www.quora.com/How-much-student-debt-is-too-much/answer/Thomas-B-Walsh