President Obama Addresses Soaring Tuition Costs - But What About Those Already Drowning in Student Loan Debt?
President Obama knows first hand what it's like to deal with student loan debt. Both he and the First Lady borrowed heavily to attend college and law school, but both were able to easily repay their loans, thanks to significantly lower tuition back when they attended school, high-paying jobs at corporate law firms after they graduated, and the proceeds from two best-selling books. Obviously, I think it's great that the President of the United States not only acknowledges that student loan debt is out of control, but that colleges and universities have been complicit in allowing tuition to reach such astronomical levels.
Where I part ways with the President is his sole focus on prospective reforms, rather than trying to right the wrongs of the past. Tackling tuition costs going forward is a laudible goal, however; there are millions of Americans who are already drowning as a result of their underwater student loans, borrowed to obtain degrees that no longer have the same value in today's job market as the prices former students paid to obtain them.
Video: Obama Decries Rising Cost of College Education: MyFoxDETROIT.com
What are we going to do about the literally millions of Americans who aren't buying homes, aren't buying cars, aren't starting businesses or families, aren't innovating, investing or inventing, nor engaged in any other economically stimulative activities that we need all Americans to be doing if we're ever to dig ourselves out of the hole created by the greed of those at the very top?
Millions of Americans who've borrowed to go to college or beyond over the last 20 years or so find themselves owing significantly more on their student loans today than on the day they graduated. They cannot find jobs, they cannot declare bankruptcy, they cannot renegotiate or restructure the amounts owed and their credit ratings are in ruins. Are we content to only solve the problem going forward while ignoring the damage done to millions of Americans in the recent past? Are we prepared as a nation to just dismiss these hard-working, tax-paying, educated Americans as part of a "lost generation" who will never be made whole and who will never be able to repay what are essentially predatory loans and toxic assets?
I'm proud to live in a country where the President of the United States acknowledges the real problems affecting so many middle and working class families and demonstrates a sincere desire to fix them - I just wish that, as he looks forward, he also considers how we got to where we are and how to provide a helping hand to those who have already been victimized by predatory lending and out-of-control tuition costs.
I listened to Obama's SOTU speech and realized that he is in deep trouble in the coming election if he doesn't ramp up the rhetoric on the issue of tuition costs/student debt. It's not enough to beg universities to cap their tuition rates or to lower interest rates on loans. I believe the youth of this country are going to stay home in this next election. Which is sad. America is in crisis and it seems even the Democrats are in a state of disconnect.
I have to say it is difficult for one man to exact change by himself. In my opinion, everyone needs to demand our politicians to do what WE want. The pressure of the people becomes more powerful then any amount of money.
I am more worried that anybody that hopes to marginalize the world wide "lost generation" will be brought down, and those whom are FROM the "LG" will come out and take over.
I wouldn't say he's ignoring it, but he's certainly not addressing the root causes of the problem. It is our intention to make student loan debt a major issue of the 2012 campaign.