College tuition is getting more expensive with each passing year. The problem is so great that many people graduate college owing tens of thousands of dollars in student loans. Because the crisis is affecting the lives of so many young people in the United States, President Barack Obama agreed to take part in a discussion about student loans hosted by Tumblr. Obama answered questions from both people in the live audience and people who submitted their questions via Tumblr.
Obama had tough love for the youth of the nation, telling them to not waste their time while they are in college. He also told the students that there is a good chance they will need to work at a job they hate in order to pay off their student loans. However, he also added that despite the fact that the price of college is going up faster than at any other point in history, he still believes that a college degree is a worthwhile investment for most people.
However, Obama also suggested that some people go to trade school if they want to avoid a significant amount of student debt. The president stressed that young people need to be practical when they are choosing their major.
He said it is important that students choose a career that will actually provide them with the necessary amount of income to support themselves, while also allowing them to pay off their student loans in a timely manner.
Obama used himself as an example, saying that he worked for a law firm for one year, but the job did not interest him. However, he kept the job because he wanted to pay off his loans, adding that “work is not always fun.” The president also used David Karp, the Tumblr founder and discussion moderator, as an example. Since Karp did not go to college, Obama cautioned students not to attempt the same path that Karp decided to take. He added that young people should get a college degree, because the chances of being a success like Karp without a degree are not great.
Prior to the discussion, Obama expanded a program that will enable millions of people who borrow money for college to qualify for lower monthly payments. The maximum these payments can be is 10 percent of the borrower's income. He also mentioned a bill that was recently introduced by Democrats in the Senate. The bill will permit the refinancing of old student debts by borrowers.