“I believe the core reason families are willing to take on such debt is out of fear that their child will face diminished prospects in life if they don’t keep up competitively with their peers,” explained Colin Drake, a personal finance expert and founder of Drake Wealth Management. “Ironically, saddling students with hundreds of thousands of dollars of debt may be the very thing which diminishes their prospects in life.”
“Spicer warned that if things don’t change, we’ll likely reach a tipping point where families recognize the return on education is no longer compelling. “We may see more high school graduates taking more time to live in the ‘real world,’ better discover and refine their career ambitions, and then return to invest in education they more clearly believe will be worth it,” he said.”