I was fortunate enough to work my way through school....meaning, I worked full time from the time I was 19 while going to school full time. By the time I was 21, I had a salaried job that included tuition reimbursement. I finished 2 degrees with $1300 of school debt. My wife finished her second degree with around $90k of debt and most of my friends are still holding onto about $20-30k. $30k accrues about $1900 of interest at 6.5% annually....that's nuts.
I think the other biggest issue is that student loans can so easily cover living expenses that I see a lot of students charging their cost of living instead of paying that out of pocket or working as they go. For those of you who have young kids, do them a favor and start a 529. I opened a few accounts this year and am trying to make it easier on them than my friends had it. I know how fortunate I was.
Remember when that was realistically possible? That you could pay for a good chunk of your tuition (not just living expense) by working entry level/menial jobs.
That's a good point, but as tuition has risen, and it being easy to get big loans, the costs of living near most colleges has ballooned quite a bit. And skeevy slumlords tend to be prevalent (so even if the costs are low, the situation often is bad such that you won't get any real stability in living environment). I also think schools push dorms since it's a way for them to pad their income as they've got to be pretty high margin for how much they cost, and since they can get people to roll that in with their tuition financing, it obfuscates it for a lot of people. And then when people get sick of doing that, they then have travel aspects (pay to get to school and to work, plus losing opportunity cost of commuting, meaning they'll lose out on time they can study and time they can work).
I will say though, that here in the Phoenix area, Tempe actually seems to have a decent amount of reasonable living options (nice places for what seems like decent cost). Although, also to be fair, that is compared to say Chandler and Scottsdale (both more affluent, and I think also both have a dearth of fairly wealthy retirees/snowbirds), so they might not really be that reasonable overall.