In This Episode
College tuition has become unaffordable to many highly qualified students from middle and low income families. 7 out of 10 college students today must take out loans to pay for college. For those who choose to take on these loans, it means crushing debt that will threaten their future financial wellbeing, as well as diminish and delay their chance of achieving The American Dream.
Student loan debt has doubled since 2007. As of March 2017, roughly 42 million Americans collectively owe 1.34 trillion dollars in student loan debt. Something’s got to change.
Today, Dr. William Elliott III discusses his book, “The Real College Debt Crisis: How Student Borrowing Threatens Financial Well-Being and Erodes the American Dream.” Dr. Elliot has a novel prescription for an entirely new paradigm to solve the student loan debt problem, and restore equitable access to higher education and The American Dream.
About Our Guest
Dr. Elliott is a professor at the University of Michigan’s School of Social Work. He is the founding director of the Center on Assets, Education, and Inclusion (AEDI), and a leading researcher in the fields of children’s savings, student debt, and wealth inequality.
Numerous news and media outlets such as the New York Times and the Wall Street Journal have featured his work. Recently, he co-authored the book, “The Real College Debt Crisis: How Student Borrowing Threatens Financial Well-Being and Erodes the American Dream.”
His research has served as the impetus for Children’s Savings Account (CSA) programs and policies across the U.S. He has been selected as the winner of the 2014 Distinguished Recent Contributions in Social Work Education, and the 2016 University of Kansas Scholarly Achievement Award.