The Student Debt Dilemma | CBS Reports

As of 2020, about 42.9 million Americans owed a collective $1.7 trillion in outstanding student loans — a crisis that touches families across the nation, particularly in communities of color. Some lawmakers have advocated for forgiving student debt to help those struggling to make ends meet. But critics argue there’s a cost to forgiveness, and taxpayers will pay for it. This episode of CBS Reports' "Speaking Frankly" series examines the rising costs of a college education and the growing demands to cancel student debt.

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[johnjurmu]

As a society we need to change how we view trade schools and community college. I can't count the number of times I was told to not go to community college because "It's a second rate education".

I got my associate degree at a community college, then I transfered to a University to get my Bachelor's degree. In the end it was the degree with half the debt attached.

[zaurenstoates]

If public money is going to pay for college the cost needs to come down dramatically. It's artificially inflated, paying thousands for one class is just silly whether it's public or private money paying for it. Specially the free resources online are often better. 🤷🏽

[DrBeauHightower]

The colleges should be on the hook for selling faulty products. Let them be the cosigners. Bet they would prepare students to make money better if they had to pay the money back

[amdl]

1-2 semesters can be slashed anyway because they are a repeat of high school plus state-madated classes irrelevant to your major.

[djkoenig]

The cost of higher education is criminally expensive! Why is this ok?🤔
Higher education is a flimsy hope for the future & often feels like a false promise, but the debit is an iron clad yoke attached to a ball & chain for Americans!

[jongho.finance_made_easy]

She paid $9, 621.96 and only $97 hit the principal... that is so crazy to me

[monkeymouse]

Since 2007, there is no guarantee that a college education will ever get you a job in your chosen field, yet parents, companies, and society pressure HS grads to go there. Reality has proven that the US has more educated people than we can use and we should push more people into the trades or entrepreneurship.

[Ak-ram]

The problem starts with universities over charging for their degrees which are mostly pointless majors. in addition, they try to prolong your time there by adding bunch of additional pointless classes onto your requirement list for pretty much every major, a 4 year degree should really be finished in 2 years but why not make it a 4 year to double their money since its federally insured loans. A pretty profitable scam if you ask me.

[GabbyGirl]

How about making colleges lower the cost of tuition, that is the problem. College cost $5k a year 20 years ago and now $40k a year, thats the problem, the price is unrealistic and rising

[jacksoncitytravels]

Cancel the interest. I'll be happy if they stop adding interest. Can't get it down with all that interest. Please do not get student loans unless you are becoming a doctor. Warn others to stay away. I wish I knew better. I wished someone would have warned me.😔

[AsiaCoffee]

When she said she paid $9k on interest and only $97 on principal in all those years.... 🤯. I had to replay that part because I thought I heard wrong. I wish I had heard wrong.... This is terrible!

[BenShutUp]

This actually made me cry. I have so many years ahead of me paying off my student loan debt. And as a commuter student, I didn't even get to experience much of student life. I was too busy working.

[brit]

We need to teach financial literacy in high schools. 17-18 year olds need to understand what it means to take on debt and alternatives to 4 year universities like community college or vocational schools.

[sriliestiany]

The problem is not the loan, the problem is the tuition rate and interest which mean industrialized education system + expensive credit squared by inflation = national financial kapoot

[enigmathegrayman]

Treat debt like you would a loaded gun, misuse can ruin your life.

[MBisFrenchy]

No one talks about financing housing as part of that which can be 12-30K per year for dorms and campus meal plans. A good amount of the debt isn't tuition but housing.

[defender]

I got out of high school and started out as a laborer on a construction site. I later got a job with the electrical contractors on site. I got my electrical contractors license and started my own business. 25 years later I’m still in business doing well. I paid my sons 80k under grad off and now he’s in grad school for 2 years costing him another 80k. Absolutely ridiculous!

[TheCarnivoreSoprano]

And yet we get corporations saying that they are too big to fail....

[jaclyndelmonte]

It would be helpful if students only had to take courses that pertained to their degree, instead of taking out loans and paying for classes that have absolutely nothing to do with their major/degree. People would get out faster and not end up spending so much.

[safety_sid]

Get a trade out of high school. Make cash in your 20's. If you still want a degree or multiple degrees then get them when you're grown up in your 30's. You won't "fall behind your peers". In the end you'll still have a shot at the white collar job you want but you'll also have an actual skill that you honed when you were young.