Student Loan Forgiveness: Can The US Erase Student Debt?
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- Опубліковано 28 вер 2024
- The U.S. has roughly $1.57 trillion in student debt. Some Democrats want to create student loan forgiveness plans that make that, or at least a large portion of it, disappear.
Canceling student debt has gained steam with 2020 candidates vying for the votes of young college-educated Americans. On April 23, Sen. Elizabeth Warren, D-Mass. was the first 2020 presidential candidate to unveil a plan to erase large portions of student debt.
But what would it actually take to eliminate a big chunk of government-held student debt, and is it really a good idea?
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Student Loan Forgiveness: Can The US Erase Student Debt?
Should the government forgive student debt?
Yes
They can't without destroying the economy
Zack Morris if anything, it would boost the economy.
coming from a current student.....NO
Yes Bail then out! Enough with this BS! We have money for stupid wars and bailing out banks but not for our youth!! Ridiculous! Bail them out!!
We have to stop overprescribing college.
Most kids go to college "to get a good job" which is actually better achieved with vocational training, apprenticeship, and trade school.
We have to encourage those and bring college back to where it was originally for: research and higher learning. Not a money machine
Truly a shame. And you are totally right, my father came into this country at 20, followed the apprenticeship path, and barely finished elementary yet is still a respectable member of society and thanks to him I have the many opportunities. I now have done commercial construction with him and thanks to that job I saved enough for my junior year of college and hope to graduate debt free. Make your own path.
Bingo
Facts. I used to teach school and got admonished by the principal for telling my students that college isn’t for everyone - that plenty of great jobs exist such as an electrician or plumber that will earn good money. Some people are great with their hands. They could be carpenters or whatever.
Colleges have figured out that as long as the government loans money to students, they can keep raising tuition higher and higher. There’s no way these universities could sustain themselves at the current levels of tuition without government loans to support them.
Wish I had known this earlier. I went to UT Austin and with interest, I owe about $140k. I have always believed that you have one life to live, and I'd rather do what I love. What I studied is not what I love. I am now enrolled in an electrician apprenticeship, and I love what I do, but I didn't need a college education for where I am now. I could be debt free right now making about $60k/year, but hindsight is 20/20--it is what it is.
Glad to see so many people recognize this! You guys might be glad to know that this is a perspective that presidential candidate Andrew Yang holds as well, especially when he is asked about the "free college" idea. College loans is essentially predatory lending (giving a teenager with no credit thousands) and what they really need is vocational/trade school which the government ought to support and help de-stigmatize.
"In other countries, college is cheaper to begin with"
*THIS IS KEY*
Our colleges are overcharging us. Forgiving student loan debt will not change this, only reset the cycle. The schools already got paid.
Are you proposing market price controls??? Bad idea.
@@joeschmo9953 No I'm proposing that people seek alternatives rather than spend an absurd amount to get a diploma.
Other nations tax their middle class at 50% and strictly limit the number of college students, steering the rest into trades
Universities hands out free scholarships to illegals and foreigners every year guess where the money comes from tuition hikes .
Colleges are cheaper in other Western countries, yet students will protest everything except for them being ripped off at the very place they are protesting. Incredible irony.
I think instead of forgiveness of debt they should concentrate on controlling the price of college tuition.
Exactly im freaking out because next year tuitions increasing and everything else is getting more expensive
Doesnt work that way. The cost of tuition is based on what people are willing to pay there are only so many spots a school has. Forgiving student loans would only be a huge win for university that would be rewarded for continuing to increase tuition.
@@ShovelShovel it shouldn't work that way is the point. Education should have a cap in costs.
flanker22 Students are taking out loans to pay that price for college. The problem is that there is no cap on what colleges should charge
@@cemetarymama ooooor, the loans should stop. These loans are getting ridiculous. Who in their right mind would loan an 18 year old 10s of thousands? nobody but the gov't. It's time for colleges to enter the real world and deal with supply and demand, more specifically, a limited demand. for instance, people seeking "useless" degrees (or at least less sought after degrees) should simply not be getting these loans.
If I had to do it all over again, I would have gone to trade school.
Same here!!!
Agreed
I am doing it all over again 10 years later by getting a nursing degree. And I kick myself just thinking about all the stupid time and money that was wasted when I went to university right after high school and majored in business bc I had no clue what I wanted to do!
Dankest Hour but... Top secret but real America scholarship program that pays 💯 percent called Kalamazoo Promise also featured in Wall Street Journal and Readers Digest. You can attend private or public university
Dankest Hour yup same here
why is college so expensive is the problem! canceling people's loans does not fix a broken system.
Exactly! Make education more affordable so i don't have to worry about the thousands Imma have to pay back
Christian I had a few disgusting professors who were tenured. Those jerks should have been fired because of their crazy antics while confident they had indefinite job security. Instead they were greatly overpaid.
One factor is that the government has contributed less over the years to education which has led to higher costs.
Stupid majors and bs electives that’s why
Agreed! STOP going to the expensive colleges! Go to a trades school, get into a good paying large company, start your own, there are many options. Going to a cheaper college will eventually force the expensive colleges to lower prices, supply and demand!
I would be happy if they just eliminated the interest costs added to my student loans. Interest is what really makes the loans harder to pay off
That's why I was smart enough not to go to university, and make $85,000 a year just to feed my pocket.
@@HaruSakamoto Shh...don't give our away secret 😎
Totally degree I have some pretty steep loans and would just like to pay back the original amount borrowed not 50k extra
Or how about not going to a school you can’t afford? Novel concept. Our society is trapping people into debt slavery and we beg society to do this to us. And then we blame others for our own choice??? Hmmm...
It's impressive how many people go to college without an understanding of exponential growth.
This is all a vicious cycle. The reason tuition is so high is because of how easy it is get these loans which increases the supply to these colleges.
Exactly
EXACTLY!!!!
Right, they never identify the underlying issue which is the hyper-inflation of tuition costs. Dumping these loans onto taxpayers does absolutely nothing to address this problem, in fact.. it would worsen the problem, it would encourage universities and colleges to raise tuition prices even *higher*
@@Avendale It's like my old school, UT, has the same number of students that was there back in the 90's during my time, yet they keep building buldings playing simcity with the students raised tuition money. Its obscene.
no
My cousin paid off his 30k loan in 3 years...not by his parents, but by living as if he was still a broke college kid after graduation. The problem is that people starts living more comfortable and buying things like a new car after graduation. Years later he was finally able to buy his new car, and upgraded his living situation. But, not until his loans were paid off.
Mortgage rates are lowered because they are SECURED. They have collateral. Unsecured loans have a higher rate. Duh.
The reason college is so expensive is BECAUSE of the student loan program. With government backed loans, the colleges can keep raising rates and they keep getting money. They need to target the bloated college spending, not make bus drivers, waiters, construction workers and every other hard working citizen pay more taxes to cover a kids irresponsible decisions.
college loans are "secured" as they are not dischargable in bankruptcy, SO they are secured by your LIFE... They NEVER GO AWAY..... I call that pretty secured, dont you?
@@RussellD11 absolutely not. They cant be forgiven, but unless they allow slavery, they don't have collateral. Death or unemployment results in no repayment. A mortgage can have the house foreclosed and sold.
Yep, exactly.
Tuition costs have skyrocketed in recent decades, that needs to be fixed.
@@RussellD11 that's not how it works man
Only in America do you go to school to get a job; Then you go to work to pay for school 🙄
choosey87 only in America you have a lousy idiot who comments on a UA-cam video complaining rather then working for what is necessary
Not true, happening everywhere around the world.
@@dankwood8798 Keep living in that fantasy world that hard work, pull boot straps, and all that noise will get you Jeff Bezos or really any recognizable wealth. It won't. The system is rigged to keep the rich rich and the poor poor.
Dip Rip guess what, I went to school and paid my student loan debt of 50k off in 2.5 years. My house is paid off, I'm debt free, and I can make 6 figures in my career, if I want to, but I like to work part-time with money to spare and take trips whenever I want. I'm very fortunate in my career choice and the decision that I've made. Many people go to school and make responsible decisions as well, but are not as fortunate to be debt free from student loans. I stated facts, so STFU 🤡
Imagine going to medical school and dropping out. Yikes
Did she really just say “A car payment is unavoidable”?
Dude I winced at that too. There are reliable cars for 2k, I'm willing to bet her car is newer. Unnecessary.
Mass transit is virtually non existent in the US, without a car or reliable transportation your screwed
@@InkandPaperTwin i asked around lots of people the consensus was 5k-7k to get a non beater thats reliable
Meag Artista HELL no you can’t get reliable cars for 2k.
Some vehicles constantly break down over something. I would like to know how many hours she puts in her work year for her income and if she can make extra money on the side.
Personally, I would rather them lower interest rates significantly.
EverythingWith Lili they still took advantage of young people by giving them loans for an education that costs 50x more than it should.
I'm paying 4%....
How about removing interest all together. College itself is a job that you don't get paid for until graduation......if youre even able to graduate.
You wouldn’t rather not pay it at all?
EverythingWith Lili I used to pay 8K a year in interest on my student loans. I am about to pay them off 5 years later. This high percentage compound interest loan is criminal
For those that lived below their means to pay off their loans, can we get a credit?...Probably not...Punishing those that understood what they were getting into and made sacrifices to pay what they owed.
@John Kevin Exactly! All we're teaching young kids is - run up a tab and someone else will pay for it
When you have $50k in debt and you can't find a job, trust me, you're living within your means. I don't have a TV, have a barely working car, thrift shop, cut coupons, etc. I can't find a job in my field- one that was booming when I was in school.
If they forgive this debt then they can forgive any debt and anyone of us that lived below our means were absolute suckers.
While I agree somewhat with this as someone who paid off 33.5k of student loan debt and is now debt free, I would like to see a clean slate for everyone. I cant imagine the economic boom we would have with this over hang on the economy removed. For those who were wise with our money and invested, it should be something you would cheer on.
@@rachwind1059 I have a question, (And do not take this the wrong way) did anyone within your group of friends or family ever suggest attending community colleges first and research which courses transferred?
Has anyone ask the question why the cost of education when up 10000% the past 20 years? Books cost more?
The price went up because the demand for tertiary education went up. As for why the demand went up, well, easy loans of course.
No. The price went up because the college can do that. They are heavily subsidized from the government and they are the first to get paid while not having to share the responsibility of people who fail out or are unprepared
The price went up because the government guarantees everyone a student loan. Now, when colleges see their customers have free access to money, they'll hike up the prices. In other words, big government eliminated capitalism.
It's called Baby Boomer greed. Inject it into society and into higher education and voila.
@@etchedinstone7562 Couldn't be more wrong. The government is at fault here, just like the housing and wall street crash. Government is purposely making education expensive by giving students the money to give to colleges. Of course colleges will raise the price.
Liz said it’s unavoidable to have a car loan payment, please don’t take advice from people who don’t know what they’re talking about. And have no idea how to handle money.
Lori C she should have used part of thousands of dollars she borrowed for a good use car- but that's not good enough for her- credit cards are another way of strangling people. Shop til you BK
I have rolled with a used car ever since I could drive. I make 70K and still drive a 2500 dollar used car. Liz is completely clueless with respect to the real world. I honestly don`t think she have had a real job.
@@UrielX1212 eh, respect brother. Some of these people need to get into personal finance smh, all these whiny college students
@@Ethan-of3he I think alot of it is just taking responsibility for your actions and not blaming others for your choices. If they can`t get through that, they will not be successful anyway as we all make poor choices both personally and professionally. It is how you deal with that that makes you successful.
@@UrielX1212 yes yes i completely agree
What about future loans? The problem will only start over while college cost continue to rise. College prices are not regulated and loans are easily giving away to these unknowledgeable teenagers who don't understand the implications of the interest rates and how their payments will effect their potential earnings/net worth.
"college prices are not regulated" lol
How about NO college loans? BTW, who cares about those who paid for it? Seriously. If you want to start over, start over FRESH. New day.
College and Universities are becoming an outdated model. While they will exist for some professions, I think they will face an apocalypse of sorts and many schools will close because of technology. Technology is displacing more jobs than all illegal and legal immigrants. Technology is the reason why I can take 5 minutes and look up today's information rather than sitting in class listening to a teacher showing me things that are already years old. It will eventually hit a wall where Technology will change at such a pace Schools are decades behind and no one will want to drop 40k a year to get an outdated education.
the real collusion is when the state colleges allow their costs to rise and giving out 6-8 figure incomes to professors and administrators for work that could be done by AI in the next few years.
If private institutes like Harvard and Yale want to charge up the ass to attend so be it, but UCLA or UC Merced (as i'm in California) should not be bending over students for every last penny.
It should be stated that if you get a good job that you can give back to the school 10% of your earnings for 5 years (can you imagine how much the schools would make if that were the case and how much they could afford to lower tuition?)
Brandon Marsh not only that, but basic personal finance classes (that teach the ins and outs of student loans) are only required in 17 states through public highschool. We need to teach fix the problem at the root, an inadequate education.
I cant afford my student loans of 38000 . I think I'll buy a probably 20000 dollar car. Now because I cant pay both the government needs to pay my loan for me that's insane
Please tell me your joking
@@Dannycky96 nope totally serious 100% no sarcasm here
@@shack196 if you can't pay back your student loans, how are you going to even pay off a $20,000 car? No disrespect but no one put a gun to your head to get the student loan that was YOUR decision. The worst mistake you can make is purchase a car in the mess your in. I swear most of the people on these comments seriously need Dave Ramsey.
@@Dannycky96 nope I love debt the crippling sadness of debt makes me fulfilled. I also only make 20,000 because my liberal arts degree doesn't give me a great median salary
Smart. Buy a $20k classic car, drive it around for 5 years, sell for $40k, retire.
They should be coming down on schools and their tuitions/prices
Robert Gandara ah yes that could have no consequences at all on the economy and totally wouldn’t cause major backlash from colleges at students
Mr Wrestling it went up because of FAFSA. Look up how FAFSA increases to help students and then colleges up their costs because they know they will raise their aid.
It’s corruption and out of control
If students would stop paying stupid high tuition, that would cause tuition to go down. Supply/demand. Government AND schools are all about more $ even if it traps people into 40 years of debt. A society of people living shackled to debt and fear of defaulting is easier to control. Students signing up for loans are like moths flying into a bug zapper joyfully.
@@jameslaingmusic - what you think you can just barter tuition costs? That is the universal scam. You want an education, you pay for it. Don't want to pay for it, then you want fries with that? (not true but that's the message). Lots of companies REQUIRE a degree, so the colleges know they have you by the balls and nobody teaches people actually how to make money for the 18 years you get indoctrinated in grade school. Then the universities go and lobby the government to give out huge loans so basically anyone could spend money at their schools. People need to understand that the entire global economy is run by grifters, scam artists, back room hand shakes, cash in envelopes and every government is in bed with all the major companies to scam you out of every hard earned penny you have. This college tuition scam is just another example of government/lobbyist greed run amok just like if not exactly like the major mortgage scam we all paid for.
Med school loans avg, 300k debt
Most graduates are forced to work 10hour shifts. Medical field highest suicide rate in America
@Ricki G 8 hour national Union law hours
Antonio Lansang they do have the highest suicide rates of any profession in the USA. In fact it’s higher than soldiers returning from war. But all this is swept under the rug. A typical resident has a 80 to 90 hr work week. As an attending, depending on your field of work the hours can be longer...plus avg debt load is extremely high
@Ricki G doctors use to be people who diagnose with a more holistic approach and empathy. Now it's a fast food outlet where your selling products for big pharma and working hours like a security guard.
They knew what the job entailed. Also unless you wanted to become a suregon taking on 300k of debt is utterly insane. Dont care if its your passion no passion is worth that much debt
@@skyking6989 most students are pressured by their parents to persue those degrees from a young age. Also some students actually enjoy the science field and discoveries not everyone should be glued to a cubicle or some manufacturing line work
That girl may need a car to get to work, but she doesn't need a car loan to do it. Go spend 2 grand on a 1998 Honda accord/civic. People are living outside of their means. My wife and I had 60 grand in debt but we have already paid off 20k of it and plan to pay off the rest in the next year and a half or less. Just don't eat out and drive used old paid for cars.
It's been over a year have you finished paying off your debt:D?
@@amazinglats6020 We are about to! We paid off 35k already and have 25k in an account ready to pay the rest off. Only reason why we haven't is because interest is paused and we are getting some interest on it for now.
@@zach7857 Nice dude. Killed it!
@@amazinglats6020 thanks!
I took six years to work my way through college and left with $20k debt but a valuable degree in engineering. Then I got a job, paid off my debt, and put myself through engineering graduate school at a state university with no additional debt.
So if you’re passing out debt forgiveness, I’d like mine retroactively.
I'm in a similar situation, though I think at graduation I had a bit more debt. Still, I've never missed a payment, and I don't even work in my field. I'm a damn Lyft driver full time right now and I still pay all my bills on time. People need to stop being lazy and work hard to payoff their debt. Yeah, it sucks, but guess what? YOU DID THIS TO YOURSELF! People need to stop pointing their finger at everyone else.
Plan on doing the same thing but with computer science. Seriously people it's not that hard to pay off debt you just have to buckle down and do it
Went to college for 3 years. Got an AS degree I'm computer networking and security. Only about 8k in debt. But I couldn't find a job in my field. Been working as a custodian ever sense. Only make 400 a week. Minus rent car payments insurance food gas etc. I'm tapped. my loans have been in collections for the past 5 years. Do you not think the government can afford to help people who are underemployed? Or those who don't finsh their degrees?
I'm glad college worked for you. But it doesn't for everyone. Try to put yourself in less fortunate people's shoes.
@@tigerkill420 Sadly that's the result of degree inflation, you really need at least a BS in order to get any computer job now
@@AdamSmith-gs2dv I understand. But if you look at it from that angle why would I want to essentially gamble more money on a chance of a job.
Credit loan, subprime loan, student loan... what's next? Medical loan and funeral loan?
No joke
So you see, my family has a hefty funeral bill...
@Goomonster I agree, I've cashed out my shares in mutual funds and have it in a liquid stable cash fund. Yes I'm only earning 1.8% but when this next downturn happens (and it will be a big one) I won't suffer the losses like I did back in 2008.
@@HitsTownUSA ik... I've been waiting for a crash for a bit now and getting quite mad at myself in the meantime... there were so many opportunities during the drop around last christmas... oh well.. i'll just figure out what i want to buy by next recession
@@Ethan-of3he I sold my remaining shares when the Dow was climbing to 21,000 a few years ago. That was already a record high at the time. Little did I know it would reach 26,000 I was waiting for the Dow to drop back to 20,000 before I bought back in, unfortunately it didn't getting no lower than 21,000. It was just a bigger correction than normal. I have 10 years left before I retire so I really need to be cautious. My thought is something is going to happen when this student loan fiasco gets worse and may be my last shot to make some decent money if the market takes a plunge. No it won't get to 2008 levels, but 15,000 is not out of the question.
There’s no such thing as forgiveness, bc the tax payers would then be responsible! How about people start thinking for themselves & stop getting into debt. Boycott universities & colleges
People make it sound like they don’t know what they are doing and if that’s the case they are too stupid for college anyway. I exempt myself from the theft of money to pay for others they call taxes.
It's sad that so many students with a degree end up doing jobs like flipping buyers. All the kids who take general science, math, or arts end up with close to minimum wage jobs cause they have no employable skill. Undergrad is the new highschool
Daniel Choi thats an issue of colleges marketing useless degrees, then people get them and blame the economy or capitalism for not being able to get a job.
Not every art degree holder finds the right work. True.
But guess what who in the hell do you think designed the internet?
All of the content requires photoshop, illustrator, after effects , final cut. Artists learn this in school.
In the past the USA had plenty of industrial design jobs for artists to design products and all sorts of other crap now it is digital design.
The problem is preparing artist specifically for the job market.
And I know several artist millionaires who just focused on their craft too or became creative entrepreneurs.
This isn't new. A 22 year old with no work experience cannot be a CEO. They have to work their way up and gain experience.
You should talk about lowering educational costs
Amiram Lol
Why just lower not eliminate? Elementary and high school public system are free. Let's do the same with higher education.
Charles Rhamazany Yeah, but where does the money for high schools and elementary schools come from? Taxes. I'm for reducing the cost, it's just the government needs to get the money somewhere.
Yea, like a $300 math book which you wont use again or even remember half of that noise once you're done with it.
Yeah.
The president has a button on his desk that lowers education costs.
I don’t know why he doesn’t just press it.
NO.
Take responsibility for your actions and choices. It is hard sometimes, but find work-any work-and find a way to pay your debts. It is possible. Most people just aren't willing to do it if they don't immediately get their dream job and life doesn't work out exactly as planned.
Sincerely,
Someone who graduated with ~$150,000 in student debt in the middle of a pandemic
You are wrong. Let govt forgive debt
@@righthandstep5 I'm not American but I haven't seen an acceptable view on why the taxpayers have to pay for the decisions of students in higher education, care to explain why?
They just need to make college cheaper and less greedy.
Here are some steps to do that:
1. Give books to students for free and make them pay for the books only if they lose or severely damage them.
2. If a student doesn't use something, don't make them pay for it. Some of these mandatory fees are just mandatory so you have less money for what you need/want and they can have it.
3. Stop cutting down on the ability for students to make money on campus. As long as we're not selling drugs or anything like that, let them have a side hustle going on, like restoring and customizing shoes, doing hair, selling food, etc.
4. Stop these ridiculous fines for petty stuff. My school charges $50 or more for not cleaning your room. If a person lives in the room and y'all barely come in it, why does it matter? I can see if it got to being a health issue, but that's just greedy.
5. Stop charging a lot of money for subpar conditions. If i'm paying thousands of dollars to live in a dorm, there shouldn't be a fire every week for 3 weeks back to back. Also the cafe shouldn't be failing health inspections or barely passing them.
Stop making me take bs electives that have nothing to do with my major
@@officialasim6772 This!!! That's my main complaint. If we need an elective, at least make it relevant to my career field. We shouldn't have to take a bunch of electives that don't even align with the classes we really need.
You said absolutely nothing to address how anything will actually get paid for. "Make it free" does not address who is going to end up paying the expense of the "free" thing.
@@TheSnyderWeb The same way high, middle, and elementary schools make books free for students.
@@smokedout7129 those free books in schools are paid for through your local taxes. Doesnt work that way for universities and colleges. Now were using tax dollars for ANOTHER thing. We cant just shackle more and more taxes on the people to pay for stuff.
The government shouldn’t loan money to people who never had a job before :)
It’s not the government loaning the loans it’s the banks which get it from the Fed, which prints money back by nothing.
Glad I skipped college I’m 19 trying to earn my CDL
GangsterNerd I got my cdl, road was tough so came back to college. Make sure you get mentally prepare for this life if you can get a local job
Be prepared for more automation.
Ensign MJS I’ll still get a good 5 to 10 years and plus companies will still need truck drivers in the cabin to control the self drive
@@NSGLiv, true. Invest well.
As a CDL driver for the last 18 years I can tell you you’re making a mistake. It’s not worth it. The only industry where you can work for hours a day sitting in a dock or traffic with no required pay. No overtime, no holiday pay, no minimum wage requirements, no paid break requirement. You physically work 70 hours a week(not including living in a truck) and only get paid for a portion of it. If you really want to work 70 hours a week just get two jobs not driving.
ban private companies from offering student loans (make the government the sole lender, and it should be interest free), and cap the universities profit making abilities (rising tuition costs should pay for better/expanding services, not filling a Uni's coffers). Once again the profit motive destorys.
also do that same for housing. ban private companies from offering homes.
The governent is the biggest lender for student loans and does charge interest on those loans.
@@slumpdogyt It should be the ONLY lender and it SHOULDN'T charge interest. Like Australia.
Dont have to completely erase the debt, but they could definitely offer better interest rates. Paying 6+% on top of increasing tuition is a vicious cycle. If they’re not going to regulate schools from gouging for tuition then they should provide better rates.
Can the government? Yes.
Will the government? Hell no!!!!!!
Twin Mommy
Then why is the government involved at all in it for?
@Twin Mommy student loan borrowers pay taxes to. It's their money also.
Honestly, they’ve done much worse with tax payer money than paying off student loans but no one gets upset over that. The irony lol
My wife and I sacrificed and paid almost every extra dollar over the past 5 years to get rid of $114k in student loan debt.
I understand the stuggle but I'm going to be super ticked if loans are forgiven without anything in return. Maybe the degrees should be returned or taxes raised for those who receive forgiveness.
$114K in student loan debt and you still don't know the difference between "years" and "year's".
@@DavidVonR I commented on a UA-cam video using my phone, just be happy that was the only error 😋 Error corrected for your sanity.
Ezekiel Hagans “the two income trap”. Don’t forget how blessed you are to have someone who can split the bills with you. Singles out here struggling.
@@DavidVonR It was a typo. I did well in English and still make typos. Especially if I'm on a phone or iPad. It may have even been an autocorrect. That has screwed me up so many times.
@@jimziemer474 lol sorry I was too harsh
They honestly need to stop treating college students as customers and more as students
How about those students start being more responsible abou their life and carrer choises instead of asking for a bailout from taxpayers
maybe these students should act like adults... seeing as they are adults and all.
@Jonathan Hendricks Well sure, I agree, if someone isn't mature enough to handle this kinda debt, they should wait to go to college or just not go at all.
in 2008 we (the tax payers) helped the Large banks. It was a bail out that the tax payers paid for, We need this!!!! Pay it off. Its only fair.
Taxpayers were paid back? It was a loan?
College graduates make 1 million dollars more in their career that non college graduates. A educated 22 year old doesn't need a handout from the normal taxpayer. This is made up crises.
@@Mr_Magoo_ exactly. Graduates dont need a bailout, they need to live within their means, get on a strict budget, and get the loans knocked out.
I don’t think we should eliminate student loans. I do think we should reduce or even eliminate interest rates. The government and banks shouldn’t profit off of a student’s debt for trying to get an education.
Even social democratic parties in Northern Europe have the dececy to tell voters that these kind of programs demand highee taxes for everybody. But in America it seems like you can get away with telling voters that OTHERS will pay for your free ride.
You're wrong.
@@annonomowz4903 Good to know.
Fully agree with you as a German university student. Maybe it would be worth it to raise taxes just for education...Just a little thought...On the other hand actually what you are describing as "impossible" actually works. The US government itself can get into debt and they are doing it for various purposes (like military spending) at this point in time. So I don't see how they couldn't do it for education as well...And no I don't think it's good if a government is in debt. In the end that debt is the debt of the nation as an entirety...A debt that maybe will be declared non existent at one point in the future as countries are probably to big to fail. But still a huge risk for the world economy...
@@developandplay The US doesn't have to think about its debt because so many buy their debt. They aren't confronted with the hard choice of living within their means. I believes taxes should be higher for everyone to pay for social safety nets and to fund public goods like education. I turn off every politician who offers me something and then tells me that I personally don't have to make a sacrifice anything, that others will do it for me.
@@morpheos111 Yes this concept of living above one's means is not present in most European households and that's a good thing. Our governments on the other hand do it just as the American government does it. Seeing how a lot of European countries are getting loans from China I'm worried that it could lead to big problems in the future...
You receive something (an education, in this case) and you pay for it. It’s that simple.
Boomers can act like it doesn't impact them but unless you want to sell your house to a foreign investor, something needs to be done to improve wages or lower the cost of tuition.
canes exactly. These boomers are really clueless to what’s at stake here. Without millennials spending money on houses and in the auto industries the economy will eventually collapse.
Plenty of foreign buyers. Boomers don't have that much time left to care about what is going to happen in the next 10-20 years.
5:52 Liz Smith is the perfect example of the typical American. "It's Unavoidable" No it's not. Buy an older car. People buy new cars and get in more debt when they already have college debt. 5 year old cars still run and are just as reliable.
What's your income?
Liz: 30k.
How much is the car?
Liz: 30k.
colleges overcharging so the adm. and prof. can have a great life.
And top notch sports teams! Have you seen the salaries of college football head coaches lately?
Every American who works 40 hours/week deserves a great life. Jefferson called it pursuit of happiness 🤷🏽♀️
The administration anyway. I know many professors who are struggling.
@@markcastellanet9672 and many that aren't.
@@hillaryilinsky1009 do you think college professors with PhD should struggle? I don't.
People didn’t pay for their homes, a place that gives them shelter. You think they’re going to pay back a Student Loan?
Warrens proposal is a good one. It eliminates a debt for those who can't afford to pay by setting up a progressive system that gets more restrictive for higher income levels.
Absolutely! I had a good majority of my school paid through scholarships and grants, but still had to take out loans that are ridiculous to pay back. I've worked and paid taxes for the entirety of my collegiate career. I have no problem paying back what I was lent. However, at the rates they dictate it is simply a cash grab.
And punishes me , a person that worked hard and paid my way
@@jerrygriffin7629 yup. terrible idea
If school loan debt is eliminated, I want my share of paid tuition
Yep those are the real reparations that should be paid out.
Doctors, lawyers, and engineers have student loans. Most are, or will be, in the upper middle class. Many also have wealthy parents. Do they need a government handout?
If your parents know how to plan for the future then no you will not.
I didn't know you had to buy a brand new car to get to work 🤔😂
I mean if she got a used car it could more likely to break down and having high maintenance cost.
@@MrBrewman95 it doesn't take a lot to research who rates low on yearly maintenence costs. But maintenence alone is going to be far less expensive than a car payment (putting just dollars away a month into a sinking fund should do ya good on general maintenence and you should invest in a liquid emergency fund anyway) but hey, it ain't my money. 😛
Do it!!!! Screw Navient
You can 'forgive' the student loans but then the average tax payer takes on the cost. Forgiving loans is also unfair to the people who wisely decided not to in debt themselves and either paid/worked their way through college or didn't go to college at all.
This video is dumb. Interest rates are tied to risk. Who has more risk, a bank with millions in captial, or an 18 year old with a negative net worth.... Come on people, take econ 101
Bryce Johnson omg thank youuuuu
Regardless of what it’s tied to, it’s wrong in principle. Morality, humanity, and ethics 101 wise guy
I drive around my city and notice the nicest buildings aren’t law firms or money managers, they’re hospitals and universities. The two industries that people can’t do without yet prices have skyrocketed.
Stop giving college loans for worthless degrees....liberal arts, drama,
Or at least the government shouldn't back those loans. STEM only!
@@routybouty they give college loans to anybody. Even if they dont meet college requirements. Instead of sending them back to a $100 GED course , theyll let them take remedial courses at college prices. And we're paying for it
Their parents should pay off the student debt, not taxpayers.
Hmmmm no one brings up that we send billions to other countries. That we spend billions per month on wars. We gave billions to bail out banks and car companies.
Why isn't the supposed earnings bump enough to allow people to pay back these loans, it's as if college is a scam.
We need to stop letting private colleges use Federal funds.
They are nothing but for profits scams that don't provide any ROI and
have no admission standards other than if you can get the money to
attend.
College is a scam for sure.
There is a reason your not getting the earnings bump you feel your entitled to...
@@routybouty You're
We need to stop lending money to kids who can't pay them to train them on the job that doesnt even exists.
.
.
.
My answer is a no. I chose community college and state university so I can be debt free!
The Federal Government had no business loaning money for college in the first place.
"Hey I know....let's give unsecured loans to young adults with no track record of ability to generate income for themselves and no guarantee they actually have the brain power and determination to graduate." "What could possibly go wrong?"
Is funny to me!! That the government has money to give to country that are not part of us and help other people in other country and for us citizens there is not money to help with student loans debt!!
We can also put solar panels on every home and switch to electric vehicles making nearly everything we do 100% solar powered.
No you can't
@@shannonpace9433 Well, I mean, you can.
It should start with educating our young about how that debt will affect their adult lives and doing an estimated roi to see if that college or degree makes sense. Debt forgiveness changes nothing about the college's /loan predatory nature. We all need to make better decisions
Heeran I think education for students is important, but it won’t deter most students from getting a loan. It is basically a requirement to have a bachelors degree in order to get a full-time job. I have to have a college degree to go into my field of study (medicine) but can’t afford to go to university without loans. My education on loans doesn’t stop me from getting them, and I really don’t want them. I have no other option though.
What about people who paid back their loans responsibly like me through hard work we should get that money back then. Also i chose to go to an elite in state public university to get value so people need to pay for their bad decisions not tax payers.
You paying your loans of doesnt suddenly make this not a problem.
Whataboutism does absolutely nothing productive and simply distracts from the solution. Just because you were successful and finished doesnt mean others shouldn't be helped. That's stupid.
@@heydude4193 Yeah "The Problem" as you call it is with people who take on endless amounts of debt giving it no thought whatsoever, now they want it to just go away. TAKE RESPONSIBLITY FOR YOURSELF
Your elite school needs to teach you how to write a proper sentence.
@@Mirristal this is UA-cam. If you're complaining about grammar on UA-cam you're dumb af
If you sign an agreement to borrow money promising to pay it back, then you should. Stop trying to make other people pay for your bad decisions. If you can’t afford a 4 year school, then go to a community college
Most children these few decades are groomed into going to "good" colleges by all of their heroes, peers, family members, and the media. Psychological conditioning is a very real and hard thing to break from, especially when everyone you respect and admire tells you "don't worry about the cost, it'll be worth it!" If you voice uncertainty. Not to mention the potential strain of intense social stigma and judgement from all those people should you decide to go against the suggestions they've been drilling into you from literal infancy.
18 year olds don't even have fully developed brains yet, and most don't even understand the real value of money past $1000 (especially if they're from a poor background and never had the parental income to sustain an "allowance"). Even if they know it's a bad idea, there are many psychological and social pressures that will push them to taking the risk more often than not. It's rather dishonest to not look at the larger picture of what's going on here. They're teenagers, and teenagers (despite what media likes to portray) aren't really adults...they've still got a long way to go.
If we decide to erase government loan student debt, then effective immediately that should be the end of government backed loans. Exception would be a veteran loan for service like it was at first.
If they were to completely erase student debt, how would the people who already paid it off feel?
or the ones who never went because they couldn't even afford the minimum?!
Who cares? They will move on with their lives... as they should have already.
There is as much logic here as flat earth. Every American should receive the same amount of "forgiveness" money...Then how much is there to go around? Anyone who thinks differently is a complete fool. My thought line is open for debate. People chose their school and they knew the cost. Too bad they thought that degree was a golden ticket. Life is a gamble, casino's don't give refunds. Those that can't repay just made bad bets on themselves.
Why is college so expensive in the first place. Student loans have high interest rates.
1:12 In all honesty that beat goes harder than it should
We could do it easily. Probably cheaper than the Afghanistan war...
Probably? Definitely cheaper.
The Afghanistan war is now old enough to vote.
Step 1 pay off everyones college
Step 2 college raises cost
Step 3 profit from everyone who doesnt have a degree and make them pay for people who do
Step 4 make getting a masters degree required for good jobs
Step 5 repeat
Not in the long term
I’m so glad I joined the electrical trade right after highscool, I’m a 2nd year apprentice and making bank
Always home that skill and you will be employed and make a good living forever. Unlike the idiots that got worthless degrees
dont forgive the debt but lower the interest rates.. maybe cap it at like 3%
Maybe cap it at like .50% or lower.
Mal Gintaloz why would anyone loan money for less than inflation? That would literally be the most ignorant thing to do
@@gogomulaney7317 No, no, no...I got this... cap at .01%.
So I get to borrow hundreds of THOUSANDS of dollars and just not pay it back?
Where’s the difference in financing a car and not paying it back? I can’t just KEEP the car!
people don’t want to own up to the debt they signed up for. It’s 100% your choice, you could’ve just not attended school or gone to a community college for cheaper.
Don’t go to school to learn about art history unless you are passionate about it and don’t give these loans to students for these degrees
I think one of the most important contributing factors in the student loan "crisis" is rarely talked about - choice of major. Too many kids choose majors that interest them instead of majors that will get them decent jobs. Kids who major in accounting, engineering, computer science, etc. graduate with a marketable degree and make significantly more than they would have been making if they didn't go to college. They can pay off their loans in 5 years or so with the difference in salary, and then spend the rest of their careers making a lot more than they would have otherwise. Kids who major in art history accumulate 4 (or more) years of debt and then get the same job they could have gotten 4 years earlier if they never went to college. So they have nothing to show for their degree except massive debt that they have no means to pay off. If you like art history, read a book in your local public library, or take a an art history elective while you're getting an engineering degree.
Spend money on counseling high school students on finances, and loans and the possible repercussions and consequences.
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Huh? Why it seems like a private entity holds or manages my student debt? While government insures, guarantees it?
I'm not overwhelmed by student debt thank God!
Anyways, I don't see government cancelling debt for any income bracket! Seems like, I borrow, a financier gets this debt! I see this debt stuff as like a benefit to financiers who hold our student debt?
Why should those who’ve paid their student loan debt subsidise those who can’t?
It's called the social contract. Once we've discovered a problem, we as a society have to solve it. And stop acting like you never got a break in life. You never did it all on your own.
The same reason why Wall Street, Big banker, and corporations got a second chance on the backs of the working class. Mind you, some of those people were student loan debtors. As of matter of fact lots of these government programs such as Food stamps are also being subsidized by the working class who ironically are not eligible to benefit from the very programs their tax dollars are spent on.
No one force students to take out loans. Don't take a loan if you can't pay it back. There should be no bailout.
Me and my wife paid off our loans. When do we get some of that money back? Maybe we should have not paid it and waited for the free government money. What a joke.
"worried about having a car payment and student loan payment at the same time, its unavoidable" What? You can buy a pretty good used car for 5K tops.... None of mine were even more then 3K CAD lmao.
My car was 600 bucks, ran great!
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I moved from Idaho back to Washington state in 1990 at age 39. I could not get a job with over 12 years experience as a full-carge bookkeeper even an 18 month accounting cert from a voc-tech and a 2 yr associate degree. I was told to go back to school and get my bachelors degree. I was told this numerous times for months. It was either take the student loan and go back to school or sit on welfare. No one would hire me for anything else, saying I was over qualified. Now I am 68, disabled, cancer survivor, living on $822 per month Social Security with $92 in food stamps. AND I owe about $25,000 for a $16,000 student loan! On income contingent repayment plan I make no payments but the interest keeps accumulating. I have been told about the debt forgiveness program, but there are problems with that. If they forgive the debt, IRS counts it as income for the year in which it is forgiven. So I would owe taxes on $25,000, lose my Social Security and food stamps - and probably go to jail. Life is not fair - I do not expect it to be, but the rampant greed from EVERYONE in this country is going to destroy it! May God help us all, because the government will not and will only make it worse!
I agree it's a problem and education is too expensive, but some students need to get degrees that actually earn money. You're a fool if you go to USC to be a gender studies expert.
Education is expensive in USA. You are paying for high quality education. What did you expect?
I need money so I'm gonna go borrow some, lmfao but I'm not gonna pay it back wtf
What about the people who worked hard to pay off their student debts? Erasing student debt is completely immoral
To Liz in Iowa: buy a used beater car without taking a loan. Car payment is avoidable.
And I bet you didn't need to go into debt to learn this fact either!
Y'all need Dave Ramsey
Dave Ramsey teaches common sense to the followers.
Pay off bad deb and quit abusing the credit card at the mall!
I use good debt for real estate investment assets.
I have a lot of student loan debt and the last thing I want is a bailout. I put myself in this situation and it’s not someone else’s responsibility to pay off my loans.
I guarantee you Liz Smith ended up buying some $25k+ vehicle. 5:49
Should have bought a cash car. There’s your problem right there. Financing everything.
Agreed! Instead of the $5/day at Starbucks, dump that into "stuff I need for life" fund.
Any adult who willingly signed a legal document promising to repay borrowed money should be held accountable.
The smart advice is to pay as you go. Even if it takes a student 8 years to graduate from college. You get off to a great start in accumulating wealth (compound interest). This method will allow the student to save and make more money than the student who graduates at 22 with 30,000 of student loan debt.
Why don’t we talk about how colleges started costing more when the federal government started interfering with colleges
6:00 buy a cheap car
You mean a money pit? How is that more responsible financially? Guess she will take out pay days loans to fix said car and not pay them back?
@Micheal Ellis no one is saying she cant. Jfc
Uh...? Maybe fix it yourself?
But I don’t want to drive an older model corolla! I NEED to drive a newwwww car! One with all the bells and whistles so I don’t look poor to my friends!
No. I dropped out of college and became a successful entrepreneur because I didn’t want to go in bad debt from student loans. We all make our decisions in life.
I agree that the decision to eliminate student debt (up to a certain amount per individual) could definitely help stimulate the economy. There would be a big boom in the housing market for sure.
Well duh. Giving people free money will stimulate the economy, why don't we just cancel all debts?
@@routybouty Ok there, smarty pants. Your point is taken, but education prices have gotten out of hand.
@@stacy8418 Agreed. Sorry, I've seen your last sentence like 100 times in the comments. If students would start going to community college and trade schools, this would force lower pricing at the big schools. It's a basic supply and demand issue exacerbated by having easy to get loans. Not everyone needs to go to college either!
Stacy ever heard Stacy? Jorge B. Or you could... Top secret but real America scholarship program that pays 💯 percent called “Kalamazoo Promise “
also featured in Wall Street Journal and Readers Digest. You can attend private or public university
Can we eliminate mortgages too because it’s sad seeing families losing their homes.
The interest on my student loan is 150% more than the principal I borrowed 😡
Why did you sign up for that loan then?
susie scottsdale ~ support your local artist you signed the note... it’s nobody’s problem but yours..
Someone that didn't make a bad decision should not be responsible for paying the debt of someone who did. And if anyone other than the idiot that took out the loan be accountable it should be the school systems for telling millions of Young Americans, mostly women, that a degree in anything is a good idea for $100,000
I would rather have a good paying stable job, so I can repay my loans.
S Looney Jorge B. Or you could... Top secret but real America scholarship program that pays 💯 percent called “Kalamazoo Promise “
also featured in Wall Street Journal and Readers Digest. You can attend private or public university bftvs
Student loan garnish my tax refund but did not provide me with a job in my field of study. I make less now than I would if I was working in my field of study. This is a crime
It’s not my fault if you decide to go to the biggest school in your state to party and be on a very nice campus you could of gone another route a cheaper route
Went to community college for free because I was so poor. Took a trade. It doesn't pay super well, but at least I can worry about paying for a house vs paying for my school.
Just take the minimum amount of credits each semester and be a professional student for the rest of your life lol
Jorge B. Or just use the internet and learn everything for free. College is a scam.
I meant to avoid paying back the student loan.
Jorge B. Technically you’re right, if you were a part time student at community college for the rest of your life you would never have to pay the loans, however, you would need the cash to pay for tuition and books each semester which is the same as paying a student loan. Lol
@@CelonixCleaningServicesLLC the amount of money to attend community College is a ton less than many student loan payments