The Franklin personal finance and media company Ramsey Solutions is launching a new campaign that is supposed to help students go to college without taking on debt.
Dave Ramsey’s company has always taken a strong stance opposing most kinds of debt. Ramsey gained notoriety hosting a radio show, which he continues to host today, where he advises listeners who want to eliminate their debt.
At a town hall event held last month at Ramsey Solution’s new headquarters to promote the campaign, Ramsey said he has been fielding questions about student loans since his first day on the radio.
However, a spokesperson for the company said this is the first time that the company is specifically taking on student debt.
Ramsey Solutions published a book on Oct. 7 called “Debt Free Degree,” written by Ramsey Solutions media personality and personal finance advisor Anthony ONeal.
In addition, the company hosted the town hall event, released an eight episode podcast about student debt and plans to give away $10,000 in scholarships. ONeal also provides a cost calculator, a scholarship search tool and a college visit checklist on his website.
In a video promoting the new campaign, Ramsey, ONeal and Rachel Cruze, another Ramsey Solutions media personality, encouraged students struggling to pay for college to attend less expensive schools, live at home and work part-time during school.
According to the office of Federal Student Aid, about 42 million Americans had about $1.5 trillion in student loan debt in the third quarter of 2019. That number has increased by about 125% since 2009.
That means about one out of every six adults has a student loan, and the average graduate has more than $35,000 in student loan debt.
According to research from College Board, tuition and fees at public, four-year universities has been increasing by more than 3% above inflation every year for the past three decades.