The problem is that in order to cut back, they have to move somewhere where they can’t make enough to pay off their student loans.
College costs went up much more than other things over the past 40 or 50 years. It truly is a mess. Of course, we hear about the people who got $300k of student loans, which is absurd, but we were sold a bill of goods in the 1950s and 60s— that everyone should go to college. Everyone should have a white-collar job. Everyone should be above average.
Jobs became our central thing, our source of identity, and now we are paying for it.
College has gone up a lot, but that’s not the biggest issue. At some point, the wife had about $20M in college debt, and her monthly payment is $214. Obviously more debt is more, but most kids shouldn’t be that much higher. It’s just one of the expenses needed to be budgeted. Make and eat cheap basic food at home, have a roommate or two, buy a used dependable car and not the newest fancy one, keep your cell phone a couple years, and you’ve greatly reduced your biggest expenses going out.
People with a couple kids should already be well past working the basic $10 job and in low management or working at a different company that starts better because it isn’t a high-school level job.
I don’t disagree college is grossly inflated and not worth it for most, but that’s just a small side issue in the overall situation.