Did you hear Dave Ramsey’s rant yesterday regarding student loan debt! It was great; I’ve listened to it 3 times already! He had several callers call in who had mounds of student loan debt with no real plan to repay it and he just blew a gasket on how stupid student loan debt has become. His major point was that these young individuals had chosen a degree path that was not going to be able to pay back what they have paid for in educational expense. For example, one lady had over $100,000 in debt for a degree that she isn’t using and if she was able to get a job she would make $30,000 a year tops! HELLO! She obviously went to college but I doubt she has passed 3rd grade math!
Evidently there is a legislative bill right now proposing to eliminate existing student loan debt. This burns me alive! I doubt this bill ever becomes a passed law but if it does it is rewarding the people who can’t pay back their education expense and hurting the people that made wise choices. You can go to school without mounds of debt; I know I’ve done it! You can also choose a path that is going to pay off in the long run. As Dave Ramsey said, don’t get a degree in “underwater basket weaving” and expect to pay your loan back!
Send me a quick comment and tell me how my WISE readers have paid off their student loans?