If it were up to radio personality and financial high-school gym coach Dave Ramsey, not a single one of us would have any debt. Hard to imagine a world without billions of dollars worth of interest payments funneling through the financial system, but it's a beautiful dream.
But in the real world, most of us have to take on debt in order to make progress. Apparently, Dave Ramsey is still committed to the dream, though -- and his latest advice asks an awful big sacrifice. Ramsey June 25 told his followers, "definitely don't go into debt to get a degree."
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"Going to college is not necessary to exist on this planet," Ramsey tweeted. "Education is absolutely wonderful and vital, and I think everyone who wants to go to college should. Just don’t go thinking that a diploma will be your ticket to a successful life."
Student loan debt is no joke -- it's a critical issue drastically affecting the well-being of younger generations. But there's a major reality gap between "everyone who wants to go to college should," and "definitely don't go into debt to get a degree."
Full-ride scholarships are highly competitive -- less than 1% of students receive one. From there, winning a scholarship varies in difficulty based on how much money is given away. The higher the payout, the more competitive.
For students who, say, work to help support their family, a degree may be the best path to a career field that could help them achieve financial security for more than one generation. Ramsey is right, "college is not necessary" for success.
But this line of reasoning taken to its full end would result in universities almost exclusively populated by students from wealthy families. For many, well-managed debt is a tool used to build a future. Well, so long as the terms of the loan are reasonable.
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