For college and probably trade school students, yes, noting that only some people get the additional training they need to do well in life.
"Today, 70 percent of college students graduate with a significant amount of loans."
"Over 44 million Americans collectively hold nearly $1.5 trillion in student debt. That means that roughly one in four American adults are paying off student loans. When they graduate, the average student loan borrower has $37,172 in student loans."
We can check it against educational achievement.
246.3 million people 18+ years old
46.4 some college, 24.1 Associates degree, 49.4 BS/BA, 20.8 MS/MA, 7.3 higher than Master's
148 Million are in college, graduated, or dropped out of college which is 60% or 6 out of 10.
17.9% of Adults are paying off student loans
Data collects from various sources and certificate type training programs of less than two years are not shown.
We do not say that "most people have student debt".
There is a high demand for people who get trade school degrees.
30 million jobs in the United States that pay an average of $55,000 per year don't require bachelor's degrees.
I have a friend who does construction work and is a union member and earns over $60 an hour in the San Francisco bay area. Welding, manufacturing equipment operators, automotive mechanics, HVAC, electricians, plumbers, and more very good paying jobs are available around the country.
You need to look beyond college into your planned career and what education and training is required for that career. This is the USA Bureau of Labor Statistics Occupational Outlook Handbook
It is good that you are going to college soon, but look at the career instead.
Be sure that the expense and time and effort you will put in will get you the needed credentials.
Many students get financial aid, so be sure you filled in FAFSA and seek out all possible routes as you continue your life. Note that successful people often have to move away from their home town or city. I did and retired at a relatively young age in a comfortable lifestyle with an Engineering degree and later obtained an MBA at night school while I worked days. Don't get large student loans into low paying careers or low demand fields of work. But, at the same time, do not aim for a career you will not enjoy. Remember it will be a large portion of your life.
$40,000 in loans is a lot of money, but if earning $20,000 more per year gross pay and even net $15,000, a few years in the career pays off. Trade schools are even a faster path, but the jobs may not be best local to your family.
A final thought people fail to realize. College also is supposed to teach you how to learn on your own. That is at least as large a value as the field of study because when you enter a job, you are still learning. That is part of the reason for extra courses outside of the concentration of study. High school had teachers feeding you information. Good colleges have professors acting as advisors of learning. Some schools have reversed the learning process where you learn when not in class, and discuss the material in class. Don't expect that class time is all that you have when in college. There is more "homework" than class time.