I think many college students are lured into the student loan idea because of short-sightedness. While I was lucky to have my frugal teacher-mother pay for my private schooling, countless other friends turned to debt.
Some observations that I made while in college: Financial "Advisors" at the college talked of loans as casually as one would request ice cream on top of their apple crisp. "Oh, you'll find a good job after college and be able to repay the loan," was always the rationale given.
But no one ever talked about the true cost of the loan over 10, 15 and (gasp!) 30 years. No one ever talked about the student working an extraordinary number of hours to pay for college while in college.
My husband experienced the same thing at his optometry school, except on a larger scale. Not only were students encouraged to borrow money for tuition, but many borrowed to live in that higher rent neighborhood. After all, they were going to be "doctors."
No one told us that an average starting salary for private-practice optometrists was a mere $65K. No one told us that the higher paid, $130K positions were working 50-60 hour weeks at super-chains (think Wal-Mart).
We scrimpted. We rented cheaply at $445 per month, while my huband's friends paid up to $1000/month. We carpooled to each of our schools. We ate on about $200/month. And after our respective graduations, we faced a $130,000 mountain.
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