the fallacy in the college debt is not evaluating the education as an asset that is multiples of the debt incurred to obtain it.
Exactly. That college debt has purchased an asset...though of course what it is actually worth in net present value terms depends largely on 2 factors: first, what the degree is in and, second, how hard the person wants to work to get ahead in their field. This would be a different story if people accumulated $50,000 or more of debt to buy a year-long cruise or big screen TVs.