Anya Kamenetz, author of Generation Debt and education journalist, has identified five persistent misbeliefs about student debt.
Interestingly, one of them is: Bigger loans equal bigger trouble. While this would seem to make sense, Kamenetz points out that students with larger debt tend to be lawyers, doctors, and PhDs who go on to earn substantial incomes.
Conversely, statistics show it’s the people with four-figure student debt who actually default the most. This is in part because many don’t complete college to go on to earn the generally higher salaries that come with a degree.
Read Kamenetz’s full article to learn about the other four myths, and see if you’ve held any of these misbeliefs.