He Paid Off His Student Loans with a Book Deal
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People may wonder why the President has placed so much focus on the student loan crisis since the beginning of his second term. It is primarily because he personally understands the disadvantage of having a high loan balance follow you for many years. Between him and his wife Michelle, they racked up $120,000 in student loan debt. This debt followed them during the first twenty years of their marriage. It was not until 2004, when Obama signed a $1.9 million book deal and wrote the best-selling book, The Audacity of Hope, that they were able to pay off their debt.
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