A Generation Hobbled by the Soaring Cost of College http://www.nytimes.com/2012/05/13/b...-E-FB-SM-LIN-DOD-051312-NYT-NA&WT.mc_ev=click A thought provoking article in todays NY Times about Student Debt. This is really no joke- kids are getting sold a bill of goods that they will be paying for until they are approaching middle age. Debt really does matter- make sure that you can afford the debts you are taking on to go to college! Part of your debt calculation has to include your future earning opportunities out of school. Think hard about what you are going to major in- because the employability and earning power of graduates with different majors varies widely. I'm not a proponent of the "major in something that you love" school of advice. Basket weaving is a wonderful hobby that many love- but it doesn't pay. Psychology or English are excellent for preparing you for a job as a "barista" at Starbucks, but without further postgraduate education your starting salary (if you get a job) is not going to set you up for a penthouse on Central Park West. You can learn to love and excel at many things. "Major in what you love" is IMHO often code for "be lazy and don't work as hard as your peer competitors studying at Seoul National University right now". As an English major - you won't be as stressed out as your EE counterpart by the end of your senior year. But don't be shocked at the difference in employment opportunities after graduation between STEM majors and fluffier Liberal Arts majors. We are sponsoring young engineers for H1 Visa's because it is so difficult to get and retain young American Mechanical or Electrical Engineers, who as a consequence are starting in the mid to high 60's plus bonus opportunities. That is most assuredly not the case with new Liberal Arts majors of whom there is a glut. The main point:You don't have to agree with my thoughts above about majors- but you must understand the level of debt you are signing up for, and give serious thought to what you are going to major in and what you are prepared to do with that major, because the level of debt that many of your peers is carrying will be a tremendous burden to carry and if you are in that position, you need to have some pretty solid earning power to pay them off. And- you should know that student debt is a debt that you can't get out of via bankruptcy- so think hard!