There is a way to avoid adding to the $1 trillion in federal student loans debt—scholarships.

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Even with the high debt load, the for-profit med school was worth it, Rose said. Opening state programs is costly, and for-profit schools are a good answer for America's rural health care shortage, Rose said.

The finances of Detroit Public Schools, with a projected $515 million debt load, have become so dire that the system — which has been under state financial management for almost seven years — appears in danger of starting to run out of money in April.

He suggested paying off any debt that carries an interest rate of six percent or higher and also focusing on student loans, medical debt, and anything else that carries a variable rate.

We can't have situations where young people are loaded up with $50,000, $75,000 or $100,000 worth of debt coming out of school."

Somebody called the police, but upon arrival, the police merely said to the debt collectors, "It's alright to collect the debt, but you can't hit people." Then they left.

In 2008 grads earned $125,000 and the average debt load was $60,000–100,000. Dean Van der Veen also addressed career opportunities and the demand for pharmacists.

Student loan debt, now at $1.2 trillion, has surpassed credit card, auto, and home equity loan debt.