While college debt as a whole hits record levels – over $1.3 trillion – the median debt is much more reasonable:
The median amount was nearly $17,000, but nearly 20 percent of those households owed more than $50,000.
I would suggest a disproportionate amount of media attention goes to college students at highly ranked or high status institutions that amass a lot of debt while most college students have more manageable amounts of debt. Of course, any debt may be difficult to pay back but there is a big difference between the median – $15k – versus the 80th percentile – $50k.
If debt was such an issue, why do Americans keep going to the more expensive institutions? Are too many students and families unnecessarily striving for “the best” when a cheaper yet good education would likely do?