College Debt: The Financial Burden Many Students Can’t Afford

Last spring I was driving a recent college graduate to lunch to celebrate the completion of his degree. He had a very difficult four years of college and was excited about the next chapter of his life story. I asked him if he was graduating with much debt. “I’m one of the lucky ones,” he responded. “I’m only graduating with $50,000 of debt from student loans. Many of my friends have a lot more debt than me!”

What? I almost drove the car off the road. $50,000! I knew the type of degree he had earned, and I knew of his plans for graduate school. I couldn’t imagine being 22 years old, carrying that much debt. And he is one of the lucky ones?

This conversation was eye opening. It made me more attentive to the reality of debt most college students face. To my surprise, many of the students and parents I have talked with since that memorable car ride are unaware of the crippling burden that college debt can bring. A college degree can increase earning potential, to be sure, but not enough students and parents are talking about what kind of debt is good debt. Certainly, college is about much more than getting a degree to get a job. And we do need to be careful about how we measure the economic value of education. There is more to learning than the ability to receive a higher pay check. But students and parents need to be practical and wise as well, asking: “Is this particular degree worth the cost?”

Financial debt is not only an economic burden. Debt carries with it a spiritual dimension as well. The weight of debt can greatly hinder spiritual growth and the opportunity to follow God’s call. Take time to talk to teens about financial stewardship, especially as it relates to choosing a college and a major. Help them graduate high school with a financial plan in place, making wise decisions about how to invest the next four years of their young lives.