Nicki Minaj at the iHeartRadio Music Festival meet and greet.
The world of twitter broke a new story in the student loan industry, and this one is more positive than usual. Nicki Minaj fans take note: Go to college and get straight A’s because she just might reward you for it in a big way.
But one twitter user, @cjbydesign, had another idea. He asked Nicki Minaj, “Well you wanna pay my tuition?” He probably never thought that the rapper would respond almost immediately with “Show me straight A's that I can verify w/ur school and I'll pay it. Who wants to join THAT contest?!?! Dead serious. Shld I set it up?”
After that announcement, plenty of fans sent in their report cards in appeal to the pop star. At the end of it all, Nicki Minaj reportedly hooked up around thirty student debtors in various financial situations. Additionally, she made a promise to do the same thing in about a month or so. The bill is surely high, but it may not be too high for the star who is worth around $70 million according to Uproxx.
Before this story developed, Minaj recently joined Musical.ly, a video dubbing app, and sent out a #RegretInYourTears challenge to her twitter fans, asking for videos of themselves dancing to her new single. The chosen winner would get a chance to meet her in the recording studio or at the Billboard Music Awards. It was this action that set the stage for the student loan debt frenzy among Minaj fans.
The latest action on twitter shouldn’t come as a surprise with so many American students struggling with student loan debt. The numerous pleas from Minaj’s fan base is a testament to a common feeling towards student debt: desperation.
The easy culprit is the $1.4 trillion sum in outstanding student debt. The average college graduate, who probably hasn’t even amassed more than a few grand in his or her name, finds himself or herself accountable for nearly $28,000 in student debt. Needless to say, these graduates are sure to experience financial difficulties.
All too often, the public hears about the problems faced by student debtors in an apparently stagnant labor market. These problems often lead to delays in homeownership, an increase in the boomerang rate, a reduction in overall net worth down the road, and delays in starting families among graduate borrowers.
At any rate, there remains to be a clear path forward with a solution. While Nicki Minaj’s efforts are admirable, helping 30 student borrowers hardly helps the rest of the 44 million borrowers. While some have turned to mortgage solutions, these options are still out of reach for many borrowers.
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