A college degree: to pay or not to pay?

Having worked in higher education for awhile, I've seen the outrage over increasing tuition costs, particularly at Florida's public universities.

Today, Mark Cuban linked to an article describing the student loan industry as the next "financial stability issue," comparing it to the housing market crash. My response got yet another recent graduate complaining about the rising tuition cost being the problem.

I am not an economist. I never took anything beyond a basic micro economics course, and I certainly don't claim to be a finance whiz by any stretch of the imagination.

However, I get highly irritated when students and their parents keep complaining about the rising cost of college tuition.

You are still opening your wallet and paying for it, often with student loans. Simple supply and demand from Microeconomics would demonstrate that, since students and their parents continue clamoring to be accepted to and matriculate at these universities, the cost is just fine.

If it costs too much, take fewer classes and work or save more to pay for it, rather than putting yourself in a financial hole with thousands of dollars - or even tens of thousands of dollars - in student loan debt.

This thought comes not just from my logic, but also from personal experience. I am in the hole for more student loan dollars than I make in a year. And I will concede that I have a pretty reasonable salary, especially for my field and given the current economy.

I frequently say "I'll be paying my student loans off until I die." And that really isn't sarcasm. I'm not a doctor or a lawyer, either, so the amount of my student loans was really excessive, and frankly, unnecessary.

But people - family, friends, financial aid officers - will not caution you against taking out so much debt. You will hear how it's an investment in your future. You will hear that the payments are low; you can pay over time; there may be options for loan forgiveness after you graduate.

Don't listen. The best piece of advice I can give you is to not take out student loans at all. Do whatever you have to do to avoid student loans. (Also, don't even consider financing your education on a credit card.)

Work full time and take fewer classes. Apply for scholarships. Live with several roommates. Use campus commuting options instead of buying/using a car. And most importantly, ensure that whatever your degree is will allow you to make a living after graduation.

I'm not encouraging you to major in something you hate. But ensure there's a market for what you love. If not, then keep your passion as your hobby, and make your career something that will support you.

If I could do it all over again, I would not have taken out even that first student loan. If I ever have children, I will do everything in my power to ensure they understand the dangers of student loan debt.

The sacrifices you make during those four to six years in school will pay off in the end. Otherwise, you'll likely be making sacrifices for a considerable time period after you graduate, like me.