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Private Business Should Do More to Pay for Student Loan Debt. – Anthony

“Dear Steve,

I am a father that had a lot of debt and health issues, but have found away to downsize and hopefully will be able to be ready for retirement someday.

I have a daughter that has somewhere in the $30,000-$40,000 range of student loan debt. We her parents both have parent-student loans also. The good news she is working in her field.

I watched your youtube and see that your wife tried to be pro-active, but no one wants to help to you till your at least two payments behind.

Congress and the President talk about helping our children with this $850 billion student loan debt which is more than credit cards etc..

My thought is to come up with a program to let private business help pay back the student loans for their employees. Something similar to a 401K?Tax credits from state and Federal, incentive for new hires, employee loyalty, better qualified employees, employee base starting pay a little lower?the list can go on and on. The Federal government alraedy does it, A non-profit American Student Assistance does it WHY NOT PRIVATE BUSINESS This could be a TRUE STIMULUS PROGRAM one that makes sense for the economy and would put money back into the hands of our college graduates a REWARD instead of a handout. I would like your thoughts

Anthony”

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The Answer

Dear Anthony,

That’s a great idea. In a way some companies have done this for a long time through tuition assistance programs for current employees.

Student loan debt is going to be a worse tragedy on future generations than our current mortgage mess. The cost of college is exploding and the obligation for student loan debt can last a lifetime. Student loan debt is among the worst types of debts to owe with the enforcement options that exist. Private student loan debt is the worst by far.

For many years I’ve been saying that student loan debt is a horrible problem. At one time many consumer advocates were raging on about credit card marketing on campus and labeling student loan debt as “good” debt to have. They missed the real problem, didn’t they?

At some point we are going to have to deal with the issue of college affordability and the slavery that owing student loan debt puts you in.

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

Private Business Should Do More to Pay for Student Loan Debt.   Anthony
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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Linus Murphy
  • Anthony1429

    Steve,
    I have a job that allows me to have time to research programs and ideas to help our youth with their student loan debt. I have found two States that are offering help RIGHT NOW! Maine  The Educational Opportunity Tax Credit and Rhode Island it is called The Job Creation Through Educational Opportunity Program or Opportunity RI.

    Both of the programs offer state tax credits to a business that will pay back student loans for their employees.They are expanding their programs to include all student loans if you work their states.

    Our government has given tax credit for everything under the sun. Most Tax Credits have benefited only a select few.It’s now time  our Country take care of our Young Adults that want to use their College Degrees to help to make us the leaders we need to be in this world economy. Once an for all!

    We all should be writing our Congressman and our President and “DEMAND” each and every state has Tax Credits available for Employer’s that want to offer this in their company’s benefit package to their employees. This has got to be as common  in the work place as a company offering a 401K program.

    I see RED everytime I look  at the Tax Credits our Politicians THINK  the American TAX PAYER.deserve????

    Thanks,

    Tony

  • Anthony1429

    Steve,
    I have a job that allows me to have time to research programs and ideas to help our youth with their student loan debt. I have found two States that are offering help RIGHT NOW! Maine  The Educational Opportunity Tax Credit and Rhode Island it is called The Job Creation Through Educational Opportunity Program or Opportunity RI.

    Both of the programs offer state tax credits to a business that will pay back student loans for their employees.They are expanding their programs to include all student loans if you work their states.

    Our government has given tax credit for everything under the sun. Most Tax Credits have benefited only a select few.It’s now time  our Country take care of our Young Adults that want to use their College Degrees to help to make us the leaders we need to be in this world economy. Once an for all!

    We all should be writing our Congressman and our President and “DEMAND” each and every state has Tax Credits available for Employer’s that want to offer this in their company’s benefit package to their employees. This has got to be as common  in the work place as a company offering a 401K program.

    I see RED everytime I look  at the Tax Credits our Politicians THINK  the American TAX PAYER.deserve????

    Thanks,

    Tony

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