Justin Wolfers

Look, debt's not necessarily a bad thing.

I say to my students all the time, go and get a student loan, go to college, get an education.

Here's why.

The average college graduate over the course of their lifetime will earn more than a high school graduate by more than a million dollars.

So if college costs you less than a million, it sounds like a good deal.

Right.

And it costs a lot less than a million.

So borrowing today to boost your future purchasing, future incomes, which will make it easy to repay those student loans.

Now, it doesn't work for everyone.

We have to acknowledge that.

And there are predators in this space and there are shitty colleges and so on.

And those are all really big problems.

But socking away money for an investment that's likely to pay off is a good idea.

I mean, borrowing money for investment will pay off.

Now, also Michigan has, we have frat houses and we have some people, some students who come here and never leave their frat house.

They never come to my lectures, which are, my lectures are insightful, interesting.

Some of them.

Yes.

And realize they're borrowing $40,000 a year for this.

Right.