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Paying for College and Curbing Student Debt

Bold Names

The Wall Street Journal

Technology

4.41.4K Ratings

🗓️ 28 August 2021

⏱️ 32 minutes

🧾️ Download transcript

Summary

Student loan debt is now around $1.6 trillion. Some economists fear that debt is irreparably harming the U.S. economy. But over the past 50 years, the availability of federal student loans has changed higher education. It's led to higher attendance rates, but also higher tuitions and higher expectations from the college experience. In this episode of The Future of Everything: what structural changes could improve the lending program going forward - and how that could change what college looks like in the future. With WSJ reporters Melissa Korn and Josh Mitchell. Janet Babin hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Are interest rates heading higher?

0:02.0

San Francisco Fed President Mary Daley tells us what policy makers are thinking about the economy and your money.

0:08.0

On WSJ's Take on the Week, subscribe today wherever you get your podcast.

0:30.0

There's a lot of things going on in the past, but others believe home looking for the traditional college experience.

0:36.0

The number of people going to college has risen since the 1960s. Sharon Kelly never expected to be one of them.

0:44.0

She grew up in New Jersey in the 1970s, thinking college was not for her.

0:50.0

I was the youngest of four and it wasn't what we were brought up to think about.

0:56.0

My oldest sister, she went to the two-year fashion college.

1:00.0

Kelly says she can't remember a time when anyone asked to see her grades or signed a report card.

1:06.0

There were no extra curricular activities, no dance class or sports teams.

1:12.0

For Kelly, by high school, the future seemed like it was already fixed.

1:17.0

The reports were I'm thinking, oh, I'd love to go to college, but I couldn't even get an appointment with the guidance counselor because we weren't that kind of family.

1:25.0

You know, the work program family, you learn how to type, a job as a secretary or bookkeeper or something like that.

1:32.0

Like we were sort of slotted in that direction.

1:35.0

And after high school, those were the kinds of jobs Kelly landed.

1:39.0

She eventually found work at a law firm as a secretary to one of the partners.

1:44.0

The law firm was filled with associates just out of law school around the same age as she was.

1:50.0

But Kelly says conversations with them could be awkward.

1:54.0

It was a secretary and they were attorneys.

1:57.0

I felt sometimes like I was talked down to by some of the associates that were working there.

2:03.0

The divide wrangled her, but it also ended up being a catalyst.

2:08.0

One day after work in 1991, Kelly stepped by a local university and without a plan, without any money.

...

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