Forbes.com has an interesting article about college graduates crushed by student debt. The issue pointed out by the article is that many students run up hundreds of thousands of dollars in debt and leave college unable to secure the high paying jobs that they though would be waiting for them. Even worse, many students don’t even graduate, leaving school without a degree but still with piles of student loans to repay.

The article uses some good examples to illustrate this phenomena:

Mindy Babbitt entered Davenport University in her mid-20s to study accounting. Unable to cover the costs with her previous earnings as a cosmetologist, she took out a $35,000 student loan at 9% interest, figuring her postgraduate income would cover the cost.

Instead, the entry-level job her bachelor’s degree got her barely covered living expenses. Babbitt deferred loan repayments and was then laid off for a time. Now 41 and living in Plainwell, Mich., she is earning $41,000 a year, or about $10,000 more than the average high school graduate makes. But since she graduated, Babbitt’s student loan balance has more than doubled, to $87,000, and she despairs she’ll never pay it off.

“Unless I win the lottery or get a job paying a lot more, my student debts are going to follow me to the grave,” she says.

It also mentions two married lawyers, who despite 6 figure incomes, still expect to be in debt the rest of their lives.

The moral of the story here is that a college diploma does not guarantee a life of high paying jobs. Before taking out massive loans, students need to consider the costs and benefits of that degree. Will a university education help you get high paying jobs? Are the interest rates on your student loan excessive?

Don’t get sucked in by the myth that you have to go to college and that student loans companies are there to help you. Like many parts of the debt industry, student loans, especially private students loans, are filled with scammers that feed off naive students eager to attend college.

Don’t make the same mistakes these people made. If you’re going to take a college loan, make sure you get a degree that will help you earn money. Don’t accept the first loan offer you see, hunt for the best interest rate available. Seriously consider not going to college, there are many other paths to a great living.

In the end, as in most areas of debt, it all comes down to making smart decisions.