College doesn't pass the smell test to me. During the housing boom everyone was saying, hey, easy money, housing is a sure thing. That just doesn't smell right, and sure enough, the system was being temporarily propped up. College is the same way. If everyone is taking out 80k to get shit faced for 5 years it just doesn't smell right. Like housing, the system is being propped up in large part due to low interest rate loans among other things. Certain professions that have government backed monopolies (medicine, law) might be alright. But just like your housing deed, most every other degree won't hardly be worth the paper it's written on.
The loans aren't low interest rate, and the costs of education keep rising. Unfortunately, rising tuition rates aren't going to the professors.
Straight (no banks -- direct lending) department of education loans are 6.8% and 7.9% for the most common loans.
I'll pay over $95,000 in interest over 10 years on department of education student loans. I don't own a car or a house. I have no credit card debt. I came out of undergrad with $0 in debt.
