Eagle Forum Legislative Alerts

Friday, June 15, 2012

Student Loans Are a Bad Deal

One of the biggest scandals of the Obama Administration is the enormous amount of student loans owed by America's young people. Student loans amount to $1 trillion dollars; that's even greater than credit-card debt. Young people in their '30s owe an average of $29,000, and some owe as much as $90,000. That is a big deterrent to marriage. Who wants to take on a spouse owing that kind of debt. Some people think this debt will be loaded onto the backs of the taxpayers. Much of this debt was incurred by students who never finished college or weren't capable of finishing college. The worst part is that so many of those who do graduate cannot find a job that pays well enough to pay off the debt. Some can't find a job at all.
Barack Obama cited his own personal example to illustrate the need for federal help in keeping interest payments artificially low for those who borrowed tens of thousands of dollars to go to college at high-priced universities. This is what he told a student crowd at the University of North Carolina: "We only finished paying off our student loans about eight years ago. That wasn't that long ago. And that wasn't easy." Unfortunately, that is a dishonest statement. Obama's tax returns, which are posted on the White House website, show that Obama and his wife had income of more than $200,000 each year for the five years before they retired their student loans, and in two of those years their income was close to $300,000. There's no justification for calling on the taxpayers to finance tuition at pricey schools like Columbia and Harvard instead of far less expensive colleges.

I don't think the taxpayers owe anyone a college education. I worked my way through college and I recommend that as the best way to graduate without any debt.

Listen to the radio commentary here:

Further Reading:

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