05/12/2011 12:31 pm ET Updated Jul 12, 2011

Is Education Going the Way of the Housing Market?

At one time, striving to get a decent college education was the American Dream; if you worked hard enough you could achieve your goal.

But because college costs have continued to skyrocket, a new report has found that total student loan debt in the U.S. has now topped credit card debt -- for the first time ever. Student loan debt is expected to reach $1 trillion this year.

Hurrah! A mountain of debt is now the new American Dream. Is the education system soon going to go the way of the housing market? Imagine accepting a student loan for party school Chico State -- where you major in beer pong, then upon graduation realizing that you'll be spending the rest of your life paying off your tuition.

Here's the skinny from CNN Education Correspondent Steve Perry:

But look at the bright side: our student loans help pay for awesome university sports teams. Even though some graduates will still being paying off their student loans when their kids enter college, its good to know that their money is helping a guy who can throw a ball through a hoop.

Debt is the American way; whether it involves buying a house or getting a decent education.