Old Lesson: All Student Loans Are "Good Debt"
Personally, I would never tell anyone to not go to college if they have the option, from a self-betterment/learn about the world/read lots of books angle. But when it comes to cold hard financial facts, an expensive four-year college education might not actually make the most economic sense, particularly if it's going to mean embarking on grown-up life with an oppressive load of debt. As Robert Kiyosaki, the author of the best-selling Rich Dad, Poor Dad series, told me, in today's world college isn't always a financially sound investment. Kiyosaki said, "It's tough to know—on the front end, when a student is taking on school loan debt—what the ROI [return on investment] will be. Will the degree he or she earns at a cost of $100,000 in school load debt land them a $200,000 a year job? Or a $50,000 job? For many students, school loan debt is an albatross around their necks as they begin their adult lives." (Then again, if they go to a liberal arts school, they'll get the albatross reference.) So the idea is, from a financial standpoint, young people may want to think carefully about their future career prospects before taking out loan for a super-pricey education.