the lies that you’ve been told about student loans

We all know that there’s a student loan crisis going on in America, but the truth is that it’s a gruesome reality in many parts of the world as well. Taking a student loan is getting easier and more and more people are depending upon them to fund their or their children’s college or university education.

The harsh truth is that this student loan problem is affecting everyone — you, your kids, the people in your social circle and even the economy in general. It’s causing real problems, both nationally and globally.

College has become more expensive than ever, and it’s one of the major factors most people are lured by the student loan option. They are further tempted by many lies floating around in the society that coax them into taking student loans for themselves or their kids, a few of them being, “Student loan will be worth it in the long-term,” “You can’t go to college without taking a loan,” “Spending on education is an investment, and student loan is your best option,” and “Student loan is a good debt”. Because of these lies, taking student loans to fund education has become a no-brainer in certain societies, and is even considered “normal”. It has been come accepted at such a huge level, that many people don’t even consider it a debt. And this is leading many students to graduate with a huge chunk of education debt. It has been reported than an average college student in America takes out $35,000 in student loans. 

The Ramsey Solutions team, led by bestselling author and financial expert Dave Ramsey, interviewed all kinds of people who had taken student loans, whether they had graduated with federal or private loans or hadn’t graduated at all. Here were some of the numbers that they found:

  • $54,000 in college loans with no degree to show for it
  • $62,000 in debt only to earn an annual income of $19,000
  • $121,000 for a Master’s degree to work as an administrator
  • $175,000 in private student loans and federal student loans combined
  • Over $600,000 in student loan debt

At the moment, more than 44 million Americans have student loan debt. The average student graduates with $35,000 in student loan debt and has an average monthly payment of $393. And we’re not even counting all those international students who take education loans in their home countries to study in the US.


The student loan debt crisis is real and spreading all across the globe. Its burden handicaps countless people from progressing in their lives and deprives them of living in better conditions. And the unfortunate thing is that it’s widely accepted as an important requirement to pursue college or higher studies these days, and has become a part of society’s landscape. But the truth is that it’s negatively affecting many people, directly and indirectly. In addition, it’s causing harm to the economy as well. 

The bottom line is that student loan debt is not a blessing, but a curse. It’s debilitating and has terrible consequences for the people involved. It leaves them terrified, and financially and emotionally overwhelmed. I can say that because I have experienced its horrors first-hand. It’s definitely not a pleasant experience to spend your life anchored down by a huge student loan debt. It hinders you from living life on your own terms and sucks the tranquility, joy and inner peace out of your life. 

Don’t let yourself or your loved ones fall into this toxic trap. It’s something that we must avoid at all costs if we want to move forward in our lives and design a happy and secure life for ourselves.