Highlights of today’s show:
- My take on the student loan forgiveness act of 2012
- Busting the myth that if you get a college degree you will be successful
- Education is important, but you can get education outside of college
- Can we end the “student loans are good debt” myth?
- The lottery provides false hope
Student loans have been a topic on the show more than just once and I have seen firsthand as a coach the detrimental impact student loans can have on people. In fact with outstanding student loans approaching $1.0 trillion, I have called student loan debt the next ‘bubble’ to burst. With that being said, I came upon an article from my friend Deacon Bradley about the Student Loan Forgiveness act of 2012.
Steve Stewart of Moneyplansos.com had me, along with others, as a guest on his show to discuss the proposed bill and share our thoughts on it. Today I am not going to rehash my thoughts on the whole bill but there are some things I do want to talk about that have come up from this proposed bill.
The first is the myth that if you go to college you will be successful. There was this belief when I was growing up that it was important to get a college education and you would be set for life. Well, this has been harmful to many people as we are finding out that just because you went to college does not mean you will be successful.
The second myth that we can put to rest is the myth that college debt is “good” debt. I’ve talked before about the whole “Good” debt vs. “Bad” debt debate. But if we are considering forgiving student loans can we now just admit that student loans aren’t all they are cracked up to be?
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