The student debt problem in America is heading to prime time. On TruTV’s new show “Paid Off,” contestants will play for a chance to wipe away their college loans. In its own darkly comedic way, this new show is poking fun at a serious issue facing millions of people in the U.S.
Is the student loan problem a laughing matter?
“Paid Off” is a relatively straightforward game show that tests its contestants on their trivia knowledge. Not all shows start with players listing the amount of student debt that they owe, however. Whoever answers the most questions correctly will win a sizable chunk of change to cover their loans — up to 100 percent.
A bubble that keeps getting bigger
Student loans affect about 45 million Americans, including over half of college graduates. The total amount of student loan debt in this country is over $1.5 trillion. That means that many recent graduates start their post-college lives burdened by debt that can prevent them from purchasing homes and saving for retirement. The rising cost of higher education suggests that this issue isn’t going anywhere soon.
Not everyone can make it on TV
Unfortunately, going on a game show is not a viable solution to this very real problem. Chances are high that you won’t win your way out of debt in front of a studio audience. Lucky for you, you have options for tackling your student debt. Don't wait until it's too late to take steps that will help you become debt-free.