Ohio students who borrowed money to earn a bachelor's degree in 2011 left college with an average debt of $28,683, according to a report by Project on Student Debt.
That should leave readers wanting to know more. For example, how many students did not borrow money to pay for their college education? Nationally, only about one in five households are repaying student loans.
But more importantly, what did the students get in exchange for that debt. Put another way, was the debt worth it?
Consider that, according to TrueCar.com, the average price paid for new vehicles last August was $30,274. Which investment is likely to make the most difference to a high school graduate's life - the average new car, or a college degree?
Market forces are at work in determining college tuition. If the benefit isn't worth the investment, then the market should force a correction.
The question to ask is whether college costs are rising faster than inflation, and if so, why. The answer may indicate that lowering the cost of borrowing and expanding acess to student loans may contribute to increasing college costs.
Part of the solution may lie in developing a growing economy in which employers would have to offer higher pay in order to compete for workers.
