Latest Posts

Here’s a revised version with Michelle Obama’s name in the title and an estimate of their total student loan debt.
Barack and Michelle Obama Reflect on Paying Off Student Loans Into Their 40s
Former President Barack Obama has often spoken about the financial challenges he and former First Lady Michelle Obama faced early in their careers, including the burden of student loan debt.
Both Barack and Michelle attended undergraduate school before earning law degrees at Harvard Law School. While scholarships and financial aid helped reduce some of the cost, the couple still relied heavily on student loans to finance their education.

Although neither has publicly disclosed the exact amount they owed, estimates based on law school tuition, undergraduate costs during the 1980s, and Obama’s own descriptions suggest the couple likely carried between $120,000 and $180,000 in combined student loan debt after graduating. Adjusted for inflation, that would be roughly $300,000 to $450,000 in today’s dollars.

Despite securing good jobs after law school, the Obamas spent years paying off their loans. Barack Obama has said they did not finish repaying their debt until shortly before he was elected to the U.S. Senate in 2004, when he was in his early 40s.

Michelle and I, we’re only where we are today because scholarships and student loans gave us a shot at a great education. 

And we know a little bit about trying to pay back student loans, too, because we didn’t come from a wealthy family. So we each graduated from college and law school with a mountain of debt. And even though we got good jobs, we barely finished paying it off just before I was elected to the U.S. Senate. … 

I mean, I was in my 40s when we finished paying off our debt. And we should have been saving for Malia and Sasha by that time. But we were still paying off what we had gotten, and we were luckier because most of the debt was from law school. Our undergraduate debt was not as great because tuition had not started shooting up as high.”. (cnbc) (Barack Obama)

Leave a Reply

Trending

Discover more from Dinner Table Daily

Subscribe now to keep reading and get access to the full archive.

Continue reading