College students now owe more than $1 trillion in student loans—a huge number that doesn’t just threaten a given student’s credit rating, but drags the economy down into another recession should students start defaulting in greater numbers. Many say these loans are simply a necessity for many: Students believe they have to go to college to get good jobs, and with education costs rising all the time there’s often no other way to pay for it. Anecdotally, many students aren’t using their loans solely to pay for tuition and books. Many say they purchase everything from flat-screen televisions and used cars to spring-break trips and booze for epic parties. That’s dumb, financial experts say—even if you’re not buying kegs of beer with your loan. Even if a student’s buying something he or she thinks is a necessity, such as a used car to get to class, it makes a lot more sense to get a short-term car loan that might have a 3.5 percent interest rate than using part of a student loan that carries a federally subsidized 6.8 percent interest rate. (Time)