Forbes Reports: $1.2 Trillion College Debt Crisis Is Crippling Students, Parents And The Economy

Forbes lays out in really clear terms the scale and impact of our student loan crisis.  At well over a trillion dollars, it's a massive drag on individual borrowers and the economy as a whole.  This single paragraph really hit home for me.
"How The $1.2 Trillion College Debt Crisis Is Crippling Students, Parents And The Economy: "What does 3.8% interest translate to for students?  If we go back to that average figure of $26,600, compounding for interest year over year using the 10-year-payback plan that is the standard, the total cost of your $26,600 loan is about $38,600.  Break that down by monthly payments and you are looking at about $320 per month going toward student loan payments.  “Debt costs you time in savings, pushes back when and whether you can buy a home, start a family, open a small business or access capital,” says Asher.  Not to mention the opportunity cost of the education itself at almost $40,000."
For those not familiar, "opportunity cost" refers to the idea that a student could have done something else productive for those four (or longer) years used to earn a degree.  Personally I think that $40,000 is on the low side, but at least the author's thrown that idea into the mix.

A more serious flaw in the article is the failure to mention the critical need for students to choose the best priced option to meet their individual needs.  For me, that need clearly suggests that a majority of those college-bound should choose community college as their starting point.

What do you think?