My two older kids went back to school last week. They’re six and eight–much too young for us to start thinking about college. For now, we only have to contend with colored folders and pencil boxes. No desk lamps, shower curtains or laptops.

However, it got me thinking. Why do we go to school? If it’s such a good thing, how did we get to the higher education crisis we’re in now?

There’s been a cynical sentiment brewing–a rising aversion to universities and the notion of post-graduate degrees in general. And for good reason.

With national student loan debt at a record $1.5 trillion, we’re starting to wonder if our collective investment in higher ed is paying off.

Speaking of paying off, many of us are still paying back our student loans decades after we walked across the commencement stage. I certainly am. It’s been nearly ten years since I graduated from college. I was the first one in my family to get a four-year degree so it was a meaningful moment for my immigrant parents.

Since that time, I’ve been unemployed, underemployed and most recently, self-employed. I’ve had periods of sufficient earnings and times of meagerness, all the while paying off my student loans. Bit by bit, month after month.

I’ve been frustrated more often than not. I value my education but despise the ensuing debt. I’ve felt empowered yet defeated by this heavy burden that trails me around.

Apparently I’m in good company. Nearly 45 million Americans are juggling student loan debt. Many are sending their kids off to college while still paying for their own degrees.

Worst yet, senior citizens are now retiring with student loans still outstanding. Think about that for a moment. The whole reason for getting a degree is to find a decent-paying job. Then you work for a number of years and retire to enjoy the fruits of your labor–except you’re still paying off those loans. You’re no longer working but you’re still paying. The loan outlives its primary benefit: to earn income.

From a financial standpoint, there’s good debt and there’s bad debt. One of the criteria for good debt is that the asset (the thing you invested in) outlasts the life of the loan taken out to procure it. From this perspective, student loan debt isn’t such good debt after all.

When viewed as an investment, education is expected to have positive ROI (return on investment). Those of us who took out loans may have less ROI depending on how long it took us to pay them back and the amount of interest it cost.

However, any time a massive number of people try to invest in the same type of ‘asset’, the price of that asset goes up. Eventually, we get to what economists call a bubble.

Investopedia explains, “Excess demand causes a bubble as motivated buyers generate a quick rise in prices. The rising prices gain attention and generate more demand until enough investors realize the situation has become unsustainable and begin to sell.”

Hmm. Education has been in high demand because we funnel all our children towards campus. Tuition costs skyrocketed in the past few decades. Degrees became ubiquitous to the point that a bachelor’s is no longer sufficient to stand out. So we go back to get a master’s degree (hail the rise of the MBA–no offense to anyone who has one).

And here we are. Inflated prices. Excess demand. Recruiters who yawn at a string of degrees. Overqualified candidates. Less salary than expected. Pinch in the budget. Loans in forbearance–sometimes delinquency. Years later, they’re still hanging around. That’s why we’re in a higher education bubble.

So should we stop valuing education and stop sending our kids to school? Should we pull out of the higher ed market and embrace other pathways to earning money?

There’s a trend in that direction. Community colleges have gained attention as a more practical alternative to universities. Online education has been on the rise. And most recently, many of the biggest companies have done away with their requirement for job candidates to hold a bachelor’s degree.

But if we dig a little deeper beyond mere pragmatism, a higher degree–and education as a whole–is still immensely valuable because of what it symbolizes. It’s more than just dollars and cents. It’s an instrument for upward mobility and the ability to change one’s circumstances. It’s an investment in oneself and often times, creates residual impact on the greater community. When considering the value of higher education, the personal and social impact can’t be overlooked.

As I mentioned earlier, I was the oldest child and first one to earn a bachelor’s degree in my family. My parents cried when I graduated. I cried.

Beyond a sense of accomplishment, graduating from college evokes feelings of self agency, legitimacy, and freedom. It reinforces the American Dream: if you work hard, you’ll get somewhere.

And I did. I love my career. I’m proud to have the credentials that I do. I’m grateful for my education and immense privilege compared to many parts of the world.

Another benefit of higher education is the opportunity to choose among jobs depending on what field you’re in. Without a degree, your options for work are limited. Unless you start our own business, earning potential is capped. Having a degree opens up the door to more options and possibilities.

There’s also the opportunity for character growth. I learned more self-discipline and time-management in 4 years than the previous 18 years of my life. I learned to critically think through problems. I learned to work with classmates and manage projects. To this day, these have benefited me more than standard deviation or economic theory (as a bonus, I also mastered some sweet parallel parking skills).

Of course, we still need to weigh these emotional and social benefits with their negative counterparts. Student loan baggage is no joke. It can be stifling and depressing. In lean times, it’s paralyzing. It hinders innovation and reduces our collective morale.

There’s no question that higher ed needs some work. But as we’re wrestling with this crisis, let’s not forget the immeasurable gift that education is to students, their families, and the greater community.

Let’s balance practicality with hope and aspiration. From young children in third world countries who have to be able to reach over their heads and touch their other ear to attend school, to our own fresh-faced university graduates and growing community of adult learners, we need to keep the promise of education alive.

The institutional bubble may burst but the true value of education lives on as one of the most powerful and unifying forces of humanity.

Stay tuned for my next post on the basics of paying for college and how to manage student loan debt!