Is a four-year college a good investment today? Here is Mark Cuban’s answer:
If you pick the right one, yes. Kids should go to school. But you should only pick a school that you can graduate from with little or no debt. You don’t need a boat anchor of college debt killing your ability to reach your goals. The biggest drain on our economy today is student debt.”
I’m not against taking on debt to send a student to the right college (in fact, financial aid expert Mark Kantrowitz suggests the 1/3 rule where up to one-third of college expenses can be paid with loans). But remember that affordability is part of fit. There are plenty of colleges from which to choose. And the best way to get the aid that you need is to apply to colleges that fit you and where you’re most likely to be accepted.
You can do a lot to control the amount of debt you take on to go to college (if you elect to take on any at all). Remember that the more you have to pay back after you graduate, the harder it may become to get the most out of your investment.