At a recent public address, U.S. Education Secretary Arne Duncan emphasized the importance of completing a college degree while also downplaying the massive amount of student loan debt the nation shares.
According to the Huffington Post, Duncan appeared in Baltimore, Md. to discuss the $1.4 trillion Americans owe for student loans.
"Student debt is a burden for too many students, but most ultimately repay their loans, and for those who get their degree, college is an excellent investment," he said. "The degree students truly can't afford is the one they don't complete, or that employers don't value."
As the HP pointed out, voters have pushed student loan debt to the forefront of issues they want the 2016 presidential candidates to address. As the second-greatest source of household debt among Americans, student loans are also having a major impact on the economy, causing financial leaders and lawmakers to take notice.
Numerous studies have shown student loan debt is causing young Americans to hold off on large expenses such as buying a home, a new car, or even having a baby. Student loan debt has influenced President Obama to launch multiple initiatives aimed at making college more accessible and affordable.
As Duncan stated, going to college is still far more valuable than not going to college, but only if students earn their degree. Thus, Obama's initiatives have been aimed at getting students to completing a degree, whether it be a bachelor's or an associate's.
Chiefly among those initiatives is one to enhance how families select a school for their prospective student. The HP noted Obama's "college rating system" will factor in what graduates earn.
But Duncan seemingly suggested student loan debt is not holding back those who complete their degree. He also said income-based repayment plans are helping borrowers with their overall financial burdens.
Still, The Fed released research last year stating young Americans with student loans are still standing "on the sidelines in the housing market."
