A college education is so expensive these days, it must be looked on as an investment, but all investments are risky.

Fortune reports.

The risks of investing in a college education

Over the next week or so, the last of the 3.5 million American high school students will know whether or not they’ve been accepted by the college of their choice. For some, especially those whose families can afford it, college can be a wonderful learning experience in and out of the classroom as well as an important opportunity to mature. And, of course, education is good for society: it strengthens our democracy and creates jobs.

We should, however, make sure that the cost does not inappropriately or unduly fall on individuals or their families. For most parents, sending a child off to college is an enormous investment, typically the second largest one they will make after their home. With many well-paying jobs disappearing and middle class salaries flat-lined, families need to take a hard look at whether an expensive college education is worth it.

The cost of a college education has grown dramatically, in many cases consistently above inflation. The approximate total cost per year for a student at the State University of New York is approximately $25,000, while the total annual cost of private college averages about $40,000 and that for the top schools is some $70,000. In private institutions, more than 80% of students are incurring some debt to finance their education; in public universities, that number is over 50%. According to the Institute for College Access and Success, the average amount of student loan debt for members of the Class of 2013 hit $28,400. The total amount of student debt has reached a staggering $1.2 trillion.