A life-time of Student Debt? Not Likely

     In discussions of Robin Wilson, one controversial issue is the enormous number of college students in debt. He thinks that borrowing will lead to their own financial disasters in their near future. On the other hand, Michael McPherson, an economist and president of the Spencer Foundation, argues that most students borrow a reasonable amount of money that they can pay back and are better off for going to college. He states that even though 2/3 of all students are in debt, 65% of them owe $20,000 or less, which is the starting price of a new Ford Escape, implying that the debt is not that high for a higher level of education. My own view is that the students know exactly what they are getting themselves into. Some will attend their dream college no matter what they will have to borrow in order to attend. Majority of the students do not complain about the loans and think it is worth it. Since the average college graduate earns on average $1 million dollars in their lifetime more than a non-college graduate, the $20,000 debt they face is worth it. And because the loans have low interest rates, it can't be a bad investment because you're basically borrowing "free money." I also think that most colleges are the same and therefore there is no need for me to pay a ridiculous amount of money to attend one college when I can get the same education at another college for a fraction of the price such as here at Rock Valley College.