Competitor: This article comes from Jason at OneMoneyDesign.com. See the original, full-length post President Obama Only Paid Off His Student Debt 8 Years Ago – It’s Time for America to Wake Up!.
Entry Category: Strategies for Getting out of Debt
I’ve seen an increasingly amount of media on student debt lately and its no doubt a serious problem. The question remains: what are we going to do about it? It’s a problem very well in our control to fix and I believe it’s time for America to wake up! Today, I share a number of tweets from Twitter about this problem and a couple of articles offering tips to fix the problem.
Just yesterday our president informed the world on Twitter that he only paid his student loans off 8 years ago. That’s a serious concern as he’s lived most of his life with student loan debt even though he’s president of the United States.
I’m the President of the United States, and it was only about 8 years ago that I finished paying off my student loans. —President Obama @BarackObama
The amount of student debt is quite startling. Students can’t expect to get off to a good start in their professional life if they’re weighted down with debt.
Americans owed $904 billion in student loans at the end of March, nearly 8% higher than a year ago. @WSJ
If you’re not aware, interest rates are set to rise on federal student loans by July 1 if Congress doesn’t act on this. Market Watch has the full story.
Interest rates on certain federal student loans will jump to 6.8% if Congress doesn’t act by July 1: @MarketWatch
According to Time, many students who took out student loans didn’t complete school! One thing is to go to school on debt and another is to be stuck with the debt without a degree to show for it.
Nearly 30% of Americans who took out student loans for college wound up dropping out @Time @TimeMoneyLand
I was fortunate enough to go to college with some athletic scholarships but I still had some student debt to pay off. I know my parents sacrificed as well. They took out some extra loans to pay for my schooling.
All of this might lead you to question whether or not an education is worth all the debt? Yesterday I shared an article from BeatingBroke.com that takes a different perspective on college education. It will challenge your thinking!
“Learn a profession to earn more money, not learn a profession so that we can spend more money.” @beatingbroke
Finally, it is possible to go to college without debt. Chuck Bentley from Crown offers a number of tips at FoxNews.com and says:
No student should come home from college ignorant of the high cost of debt as a drain on life for years to come. For parents and students considering their options, understanding debt—and avoiding it—should be part of College Prep 101.
What do you think about the student debt crisis and what can we do about it?