Another thing to remember when signing on the student loan dotted line is that the amount you borrow in relation to what your income is is used in calculating your FICA score. So, say you are making $35,000 a year an owe $100K in student debt. Even if you are re-paying on time and in accordance with all the rules and regulations, even if you are staying out of default using the new IBR or ICR repayment plans, lenders still see that you owe almost three times your salary. If you can get a mortgage (not likely!) or a credit card or auto loan, because of the lower FICA score, you'll pay way more in interest than someone in the same salary range who doesn't carry that debt. Lenders and the credit scoring agencies see debt as debt. As far as they're concerned, you could have a $100K Mastercard bill - except the $100K credit card debt can be discharged in bankruptcy.

My counselors told me that "student debt was good debt." That, of course, is bullshit in this economy. If you do borrow, stay away from private lenders like Sallie Mae and stay with the government's Direct Student Loan program.

When you vote this November, find out how your candidates feel about changing student loan laws (i.e., discharging in bankruptcy, etc.). The student loan lobby is HUGE and very powerful and there are several members of Congress who benefit financially by keeping the status quo. They pretty much have made low and middle class borrowers slaves for a lifetime. Only death or permanent disability (not a bad back but losing one's eyesight and both arms and legs) discharges student debt.

In my ideal world, 18 year olds would leave high school, work for 5-15 years and THEN go to college. When I was at Evergreen in a business/management (yes, they have those at Evergreen) program, half the students were 20-21 years old and the other half were in their 30s-40s and it was like two populations from separate planets coming together. I was one of the 20 yr olds and was in awe of what I saw the older students getting out of the schooling. Went back at 27 myself for some polishing and aced that course - 3.98 GPA - with ease, just due to the real world polish I'd acquired.