Student Debt On the Rise, Government Wasting Money

Financial education controversy, Higher Education Wealth, Promoting financial literacy, Scholarships 1 Comment

Give tax payers $600 to waste on a with the economic stimulus package and make it hard for college hopefuls to attend school.

What are people going to do with $600? I’ll never turn down $600 but it really won’t make a difference in most of our lives. Most people that get this will go off and buy toys – electronics was a big hit the last time there was a tax rebate. Sure the financially educated will use it for good and invest it or pay off student debt and that’s great for the few that will take advantage of this small windfall. And the economy will probably get a small temporary boost; however it won’t be long lasting. My opinion is that it is $168 Billion wasted.

Looking at this as a business man and patriot I would rather invest in my Country. Take part of that $168 billion and let’s give young people looking to receive a college education. It’s tough for many college students today. The AVERAGE college graduate has between 20k to 30k in college debt and student credit card debt on graduation day.

They are behind the student debt 8-ball before they even have a chance to start their career. Then many are hit with other expenses after graduation: new business attire, moving costs, time off work, and other expenses many have when they leave college.

Blaming the credit crunch, the state of Michigan is suspending a college student loan programs. Student will now have a much harder time trying to borrow money to pay for college. For many this will lead to greater college debt and student credit card debt.

We need to look at America like a business. As a business owner would you invest all your money to give your employees $600 to enjoy a day off of work? Or would you invest in their financial education so they can be a more productive member of your business. I want productive members in this country so let’s invest in the people instead of wasting money.