“We need to have a different concept of higher education”

As student loan debt tops $1 trillion dollars, the outcry to reduce student loan interest rates and help those already in debt grows stronger.

In this video from Politico, Sen. Richard Blumenthal (D-Conn.) offers his take on the high cost of college, society’s view of higher education, and the impact of student debt on the economy.

Sen. Blumenthal argues that our society needs to change the way it views higher education and realize that alternatives to a traditional 4-year university might make sense for certain students, such as attending a 2-year college or enrolling in college part-time.

We have created unnecessary and unrealistic expectations on the part of a lot of people that a 4-year education is the only means of education. We need to have a different concept of higher education insofar as part time, full time, and of course, the means of financing.

The great challenge for this country is student loans and student debt–not just the interest rate now. We need to something about that $1.2 trillion in debt that is crippling our economy. How can you start a business, how can you build a family, how can you buy a home, how can you be a consumer, which is vital to economic progress and job creation, if you’re paying off a $90,000 loan?

We agree completely that students need to explore all of their options when deciding where and how to receive an education. Technology, particularly the rise of Massive Open Online Courses (MOOCs), is making it possible for students to create their own higher education at little to no cost. We encourage prospective college students to open their minds and consider every possible option before enrolling in a school and taking on thousands of dollars in debt.

If you or your child is about to take the next step in your education, we’d be happy to offer a free consultation to discuss the best way to finance your education and offer advice about less expensive alternatives. Give us a call at 1-888-234-3907 or reach out to us anytime.