The Student Debt Crisis with Danetha Doe

44 million Americans collectively owe a whopping $1.5 trillion in federal student loan debt. Chip and Nikki talk to Danetha Doe, financial expert from the new series “Going from Broke”, about the show and techniques to lower student debt. You can watch it now on the free streaming service, Crackle.

There are plenty of schools where the rate at which the tuition is increasing, does not keep up with wages. To your point, it does not reflect the value that you’re getting out of this education. I mean, nothing over the last 10 years has increased that much in value. If it were any other product, where we would look at the products and say 40% to 50% of people are defaulting on this, this is a defective product. It’s not the consumer that’s the problem.

It’s hard to track where this money is going. It is going to administration. It is going to better facilities because colleges wants to attract the best of the best, and feel like facilities would be the best way to do that. There’s other ways that they’re spending money that is, unbeknownst to a lot of us where that’s going. It’s certainly not going to the education in terms of the actual experience that the student is getting, and the training that they need in order to be prepared for this new economy.

Listen to the full report below.

 

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