When Does College Cost Too Much?

September 2, 2010 by Joel Milani

Is college worth it?

The question is as old as higher education itself (or at least as old as my parents): Will the benefits of attending college outweigh the cost, and how long does it take to break even?

To set the scene, YSGTS Managing Editor Paul Richlovsky put together a comprehensive collection of articles, as well as his own ideas on what he called the “skip college debate.”

The debate is centered around money, as many debates are. One side points to crushing student loan debt as evidence that some students should not be pressured into attending college when other, more practical career options would be more beneficial in the long run. It’s hard to argue against that point, especially after looking at student loan debt averages by state, illustrated in an infographic put together by the personal finance site mint.com (click on the image to enlarge):

It’s staggering to think of the piles of debt that students are graduating with, especially considering the challenges they’ll face finding employment in this bleak job market. But six-figure debt doesn’t have to be a reality for every college graduate.

One of the most effective paths to financial stability after college is learning how financial aid works, and making it work for you. I’ll post a financial aid overview video below, which gives a brief look at the basic financial aid options. If you want to learn more, we have free detailed financial aid guides and resources in our site’s Paying for College section.

Keep in mind that if you want to go to college, there are ways to minimize the amount of debt you end up with. From attending a community college for a year or two, to putting some extra effort into your scholarship search, higher education is often available at a very reasonable price.