[timedoctor]

The idea of getting a loan to buy something that you can get for free (top universities put a lot of their course content online for free) is ridiculous.

It only makes some sense for degrees where the university education is a 100% prerequisite to a high paying occupation (for example medicine).

In general US consumers go into debt far too easily. For example it's common place to get a car loan, even though you can't afford a car. In my opinion this is dangerous to your financial health, much better to buy a lower cost car for example and avoid a loan. It only makes sense when the car is necessary for your job and in this case if you can't afford to pay cash for the car you should buy the lowest cost (relatively reliable) car possible.

[ekimekim]

Your mistake here is assuming you're paying for education. You are not. You are paying for a certificate, saying that you passed certain tests and achieved certain marks. Education has nothing to do with it.

And unfortunately, many jobs (not just doctors, but simple basic jobs) now require a degree. Sometimes they don't even care what degree.