# Sorry, No Student Loan Bubble

Technically, any trend with an underlying exponential growth curve will appear like a bubble if viewed from a long enough time frame, including things that can’t go negative like compounded interest. Student loan debt tops one trillion, but in 2011 the average debt per student was only $23,300 (or about the cost of a car, but I don’t see the left protesting the auto companies)- a far less daunting number than the two to three hundred thousand dollars purported by the sensationalist media. Secondly, unlike a car, the value of a tuition appreciates, because of rising demand and costs to obtain it. Student loans are not like mortgages because they are non-dischargeable in bankruptcy. Additionally, the federal government is making a profit from student loans to the tune of$40 billion a year. College critics James Altucher and Robert Reich omit these facts. They also ignore the role of IQ in predicting college success, blaming failures on the job market or greedy corporations, when many people just aren’t intellectually cut out for college or choose easy, low paying majors. These are the same liberals that want to end psychometric testing, when more testing is, in fact, the most reasonable solution to the college problem. The second solution is personal responsibility. No one forced you to major in liberal studies, but don’t blame the government, the fed, or the 1-percent when employers can’t find a use for, say, a history of arts major when Wikipedia can fill that job for free.