Obama: ‘Michelle and My [Student Loan] Bill Was Higher than Our Mortgage’

SMITH Didn t you ░░░░░░░░ pay off your loans ░░░░░░░░ 2004 OBAMA Yes In ░░░░░░░░ and basically the year ░░░░░░░░ was elected to Senate ░░░░░░░░ year before I became ░░░░░░░░ U S senator was ░░░░░░░░ finished paying off all ░░░░░░░░ our loans Combined Michelle ░░░░░░░░ mine bill was as ░░░░░░░░ than our mortgage and ░░░░░░░░ now student debt is ░░░░░░░░ higher than credit card ░░░░░░░░ SMITH 40 million people ░░░░░░░░ with student debt OBAMA ░░░░░░░░ So this is a ░░░░░░░░ generational challenge There are ░░░░░░░░ kinds of things that ░░░░░░░░ can do but it ░░░░░░░░ going to require cooperation ░░░░░░░░ the states who have ░░░░░░░░ put more money into ░░░░░░░░ the federal government who ░░░░░░░░ to think about how ░░░░░░░░ can lower the debt ░░░░░░░░ and make sure it ░░░░░░░░ managed better the students ░░░░░░░░ the parents who are ░░░░░░░░ to have to be ░░░░░░░░ consumers So a lot ░░░░░░░░ what we are trying ░░░░░░░░ do is like know ░░░░░░░░ you owe and figure ░░░░░░░░ how to for example ░░░░░░░░ on time One of ░░░░░░░░ things students think about ░░░░░░░░ I will take 5 ░░░░░░░░ I will take fewer ░░░░░░░░ not thinking about the ░░░░░░░░ that if you are ░░░░░░░░ out in 4 years ░░░░░░░░ semester that you are ░░░░░░░░ that s just more ░░░░░░░░