Roughly two out of every three college graduates last year came out of school with debt. But though debt can weigh you down and hold you back, self-made millionaire and personal finance expert Ramit Sethi says you probably made the right choice by taking out loans: Odds are, your degree was worth it.
Total student debt in the U.S. is up over $1.5 trillion and 2017 graduates who took out loans to attend college have an average of $28,650 in debt, according to the most recent report on student loan borrowing from the Institute for College Access & Success.
Those figures have prompted some, like Reddit co-founder Alexis Ohanian, to question whether college is worth the expense. Others have gone even further: authorJames Altucher has said that, in many cases, "a degree means nothing," and self-made millionaire Grant Cardone has declared that "most people should not be going to college."
Yet Sethi, author of "I Will Teach You to be Rich," disagrees. He says that taking out student loans to pay for college is often a smart choice. "I want to encourage everyone here to not just take advice from a bunch of people on Twitter who are telling you, 'Drop out of college — student loans are bad,'" he says.
Many experts agree: They tend to consider student loans to be a "good" kind of debt, because it serves a purpose and can lead to higher earning potential in the future. Student loans are generally a low-interest investment in your future compensation, Virginia-based financial planner Nicole Theisen Strbich tells CNBC Make It.
Thinking about your future compensation and the future generally, Sethi says, is key. Studies show that those with a bachelor's degree are projected to make an average of $1 million more in their lifetimes than those without one. Plus, college graduates are only half as likely to experience unemployment as their peers with only a high school diploma.
A million dollars over your lifetime compared to an average loan of less than $30,000? "It's not even a question," Sethi says.