A college degree has become the ticket to the middle class. Yet, at the same time, the cost of achieving this milestone has increased considerably. For many students and families, the only way to meet the substantial cost of higher education is to take out loans. While some amount of debt may be acceptable--after all, it is important for students to be responsible for at least part of the cost of their educations--there is growing concern about the burden of college loans. There is little agreement about the significance of the increase in student debt. While some economists and other observers are concerned about the financial strain college graduates face, others believe the concern is exaggerated because earning a college degree is so valuable economically. Numerous studies document the fact that college graduates earn significantly more income than those with only a high school degree. But the debate about whether the value of a college degree justifies the increasing levels of debt obscures a critical point: many college students take on debt, but then leave college without earning a degree. Given that the debt burden has increased so rapidly in such a short period of time, the consequences of borrowing heavily to pay for college are not yet fully understood. However, the adverse consequences for students who do not finish their college degrees are clear. Growing expectations that students will incur debt to pay for their educations must be met with increased information about what students are buying.