Few things are as important in life as an education. In that sense, it can be smart to borrow money in order to get one. But as in all financial decisions, students are best served if they take out loans only as a last resort and only with the thought in mind that they will have to pay the money back, with interest.

As this newspaper reported this week, student debt in Utah is at an all-time high. The average graduate here leaves school having to pay off nearly $15,000. That's hardly the best way to begin life in the working world, but it can be managed if graduates avoid other national trends regarding debt.

In fact, we're guessing many families could pay for their child's college education without debt if they didn't have huge car payments and credit card bills. Family finances involve the setting of priorities. But too often, family purchases defy logic. A new car never can rival an education in importance.

Meanwhile, low-income students could take better advantage of scholarships and grants available to them.

Until July 1, students who already have accumulated loans will have the opportunity to consolidate and refinance them at a fixed rate. On that date, the rates on existing loans will jump by 1.84 percent. A consolidation -- made possible by a bill the president just signed into law -- could save students thousands of dollars over time.

Nationally, about two of every three college students has a loan to pay for tuition and expenses. Many graduates with loans have told pollsters they are putting off important decisions, such as buying a house or having children, until they can retire the debt. Others (nearly one-third, according to one survey) have moved back with their parents. In addition, educators worry students will forgo rewarding but low-paying careers, because of this money crunch.

These are real concerns. In Utah and elsewhere, public officials always need to worry about the balance between the need to keep taxes low and the need to make higher education affordable. In this case, they need to do so with an eye toward India, China and other emerging nations whose college graduation rates are climbing.

This crisis isn't as bad as the one more than 10 years ago, when student loan default rates topped 20 percent (it's about 4 percent now). But Americans can't afford to fall behind in the race to educate the next generation.