Man the way she goes after these financial swindlers its mesmerizing and its even more lovely that she still has the aura of a teacher when making them speak.
Thank you, Elizabeth, for standing up and fighting this! When a bank or company charges students interest like they are, they are trying to keep the young people in slavery for the rest of their lives. I have a daughter who's in debt now because of student loans. For every payment she makes, another huge fee is added on. There is no end in sight. It is so sad. It's like throwing money down the drain. She would like to buy a house some day, so she doesn't want to file bankruptcy, but I have to say - the interest they charge is an abomination! This has got to stop. Thank goodness for people like you fighting against the greed and corruption! Go Elizabeth! I applaud you!!
plank ton Because it's real. Words like fuck, shit, and piss have been around a lot longer than you have. And people have been doing all the above for like, ever, too. So we get to occasionally make reference to these daily human activities. We have the shit-pissing-fucking right. Thalia has the right. Nose and ear picking, too. Or are you going to straighten our minds out about farting and toenail chewing? Capitalization and punctuation have also been around for a bit. Did you avoid them because you wanted to appear lively and intense? Or were you merely trying to pollute the forum with lack of literacy.
***** Too bad it's nothing BUT talk. When the metal meets the meat, Fauxcahontas is a caving sellout - as proven by her opposition to the Audit the Fed bill - complete fake. All talk and no action. Big bankers best friend. Bernie or bust.
I agree with everyone here. She asked the right questions to raise awareness. There is clearly a level of corruption going on between government and private businesses and its time people open their eyes and hopefully take action against the non sense.
asf@#$%!kjhal. As a 22 year-old I have way more debt, all of which from frickin student loans, than I thought I would have before I bought a home or at least a car, and shit credit. Now I find that even the so called subsidized loans, for which I apparently did not qualify, are not really subsidized anymore. I am supremely pissed.
There should be a distinction between recent grads and those who have been paying a long time. Congress could change the laws to recognize that. Legitimate earnings are good for the economy but unrestrained greed hurts society in the long run.
I have just started to watch this women and never heard of her before as I'm from Spain but what I have watched she is brilliant!! Really knows her stuff
Why can’t the federal board simply loan directly at the rate it changes Sallie Mae? After WW2 the men coming back for the war had the G.I.bill, why did my own government screw me using my tax dollars!
She'd probably end up like JFK. [NOT a 'threat' - just an observation (guys @ Ft. Mead)] . Rep. Eschoo stated: NASA and certain aerospace companies threatened HER when SHE attempted to force accountability standards into NASA and DOD contracts - according to her comments printed in the Congressional Record on the Hubble Space Telescope fraud investigation back in 1993.
She would never make it to the white house, and if she did, it would just mean she sold out, it's unfortunate but you have to play ball to get into the white house
no one does their homework like warren does. most of the people she questions have no idea of their own job responsibility or how their subordinates function.
In Sweden (I know, Americans think we're evil socialists - but bare with me) we have student loans. The education is "free", as in it's payed for by the government, the loan is intended for other expenses (rent, food, books). It [the loan] was previously generally known to be "the best loan you'll ever get" because the interest rates were as low (and then some) as they'll get. Granted I'm unaware if that's the case today. And here's my "socialist thoughts" on the matter. Why would you allow profit of off students seeking education? Even IF it's a net loss - isn't it an investment worth making? I'd say it's money - by far - better spent than a bail out.
Great comment. And I think it's worth noting, I'm an American and not all of us think that you're evil socialists ;) Some of us are jealous and wish that we could live in Sweden, too.
You Swedes are far ahead of America is a number of ways. Incidentally, we do have socialism in America, for the wealthy and connected. Risk, for the latter groups is socialized - i.e. THEY get bailed out time-and-again. Keep up the good work, Sweden!
If I am elected President, I promise to propose a sweeping public education reform grant whereby prisons and schools adopting the top high school educational systems eg Sweden, Finland, France will be 100% funded by Uncle Sam grant money. But thats not all! As your President I will also close every military base overseas and shutter at least 75% of the Pentagon and throw FOX TV in jail. Finally, the bags of money saved will be used to cut deficit spending.
The problem is that in recent years, many college and trade school graduates cannot earn more than 30K/year. Quite a few cannot find any work at all. Student loans cannot be discharged via bankruptcy, and moratoria are grudgingly granted. Over the past 40 years, colleges have raised costs as fast as the student loan ceiling has been raised. The student loan system is the main way state universities, and private trade schools supplying a shoddy product (this includes the U of Phoenix), pump money from the public purse to themselves. Here in New Zealand, student loans are repaid via an income tax surtax. If a borrower stays within the country, his student loan account accrues no interest. Student loan balances remaining at death are written off.
Parents are being scammed and defrauded by forced application of parents plus loans. Students are allowed a small portion of tuition in loans and parents are required to apply for parents plus loans. If the parent is denied the student is awarded additional funds. Student loans are forcibly funneled to the parent then the parent is denied the same repayment plans that would have been available to the student and are penalized by an 8% interest rate. This scam brings significant additional funds to the department of education and loan servicers. While FHA 30 year mortgages are at 3.37% the interest charged is more than double the market price. This process is discriminatory and causes significant hardship on middle class parents. I have both student loans (went back to college) and I was forced to take out parents plus loans for my children. I owe 175,000.00. If I were allowed to consolidate under income based repayment, my monthly payment would be $700.00. But I am excluded and the only other option in income contingent. Under this repayment my monthly repayment soars to $1200.00 per month even though the loan total is the same. The forced parent plus application unfairly singles out parents, discriminating against them by predatory interest rates and denial of attractive repayment plans. FACTS: Sallie Mae made 40 billion in profit last year alone- the federal department of education stands to make 127 billion in the next ten years USING OUR TAX DOLLARS AGAINST US. This is pulling middle class parents into poverty-
The U.S. student loan debt was $1 trillion (with a T) in 2012. In 2013 it went UP by $200 billion to $1.2 trillion and now it has gone up to $1.3 trillion this year. This is caused by the fifty Student Assistance Commissions who deliberately fail to warn college and vocational school students that U.S. employers are internet-outsourcing, computerizing, H1-B visa in-sourcing and robotizing all the jobs that these students are studying and training for!
debt backs the U.S. dollar, not gold. The paper money doesn't exsist. its electronic and plastic credit and debit cards. digital, electronic numbers on a screen that moves from one screen to another screen. debt is our currency and cash/bills not enough printed for all of us to cash out. student loans are the peoples tax money that the government loans out to our children with an interest rate that profits them billions.
My daughter was in her third year of college and in the process of applying to the nursing program when she got a letter from Fedloan that the government cuts would now limit college loans and she was cut off. This affected over a 100 thousand students. Now they want want their money. They make no sense!
I LOVE this woman she's so damn smart..and cool, too. Consider if Scott Brown had beaten her would he be asking questions that hold these people accountable as she's doing? obviously a big NO WAY.
Thank you for pointing out how the collusion of government and private business is a terrible idea. How about government get out of ALL private business? Why is the government lending college students money in the first place? All it does is raise tuition because colleges know that the money is guaranteed.
Uh...if I may...you need to think a bit more here then ask the right question.Why should gov't have no hand in it? $1 dollar has the value that Congress agrees that it has. Gov'ts have done most of the investment in silly thinga like ARPA, now the web, High Definition TV as a standard and so much more.There's no magic 'Free Market' that does anything, really(I'm assuming that is the point of your comment) Without gov't, a Blueberry pie could be flavored with sugared dogshit rather than real berries cuz it'd be cheaper to make and be sold as though real berries were used. Silly simplistic example but as I said think a second before asking the question. Like it or not gov't is there for citizens as a basic good idea and is still valid, though now and then greedy and corrupt bastards somehow get elected and begin to make rules that benefit them only. Gov't isn't bad, gov't is US and how we want the rules to be agreed upon.Recall America was founded by the wealthy ruled by the moneyed elite and only landowners voted initially, There were the 2 classes the ones with the metal, gold and siver, and then those who didn't have any metal, or equivalent valued substance,and they borrowed from those with the metal. Ever hear the old saw,'he who has the gold makes the rules' that came from late 1700s, oh wait maybe some had land but no metal maybe. Thanx. BTW, Obama finagled banks out of the guaranteed loan business and rearranged terms to benefit the new ACA.Guarantee only means interest paid until debtor begins to pay back when out of school. Banking FDIC is a protection guarantee for your saving if the bank craps out. Guarantee in this sense is like the Wall streeters taking out insurance for their investments so no matter what they'd get paid.
Firstly, Congress doesn't agree on what price the dollar should have. Monetary policy is primarily a Federal Reserve issue, and they don't dictate the value of the dollar either. Inflation does (mostly). Secondly, Government doesn't invest. They issue grants to private companies that do invest. All the government does is in this case is take money from one party and give it to another. Thirdly, your right, there is no magic to the free market. The free market is you and me. That's it. It's either suppressed or made more free based on government policy. Government are the guys and girls with guns, so you have to do what they say.
Nohalfsteps Excellent explanation! I find it ridiculous that people are very willing to voice their uninformed opinions about subjects they don't understand as if they are inspired by partisan politics. The truth is that Warren is correct. The government is not here to make a profit. Government money comes from tax payers. I'm not here to pay taxes in order for the government to charge me interest on top of it. Absurd!
MrSupernova111 I'm sorry, but the government does that all of the time through the IRS. Try being late or file for an extension and see how much interest you pay on your money then? LOL
I love how she picks her fights. She is prepared and already knows that she has won the fight that she is picking. Her remarks are well informed, well thought out, and concise. I can't say that I have ever disagreed with any of her remarks during hearings, speeches, or interviews.
so ... technically ... our "subsidized" loans are actually not soooo ... would that be considered false advertisement? Can't that be a legal loop-hole for us to be able to dismiss our student loans? We were told, or in some cases "guaranteed" one thing, but was not given that .... ??
I want to thank each and everyone that has taken the time to read the words of what some have called a crazy old man that has struggled being severely dyslexic my whole life. You can call me crazy, but I do know the difference between right and wrong! I will continue to bring awareness to the now $1.2 Trillion Student Loan Debt Crisis. I hope you are as scared as I am knowing this student loan debt is growing faster than ever before, and if changes are not made now the student loan debt is going to bust! There was a group of Congressmen that took away Federal Student Loan Bankruptcy in 1978 I have given you list of Congressmen that took away Private Student Loan Bankruptcy in 2005. I want to share this list again This is the bigger issue that should be being discuss. Remember The Congress had to protect the American tax payers in 2005? Sponsor: Senator Chuck Grassley Co-Sponsors: Senators Thomas Carper Mike Crapo Jim DeMint Michael Enzi Chuck Hagel Orrin Hatch Benjamin Nelson Jeff Sessions Richard Shelby John Sununu John Thune David Vitter with a vote.............. of/ yeas........ 302......... nays....... 126 nv...........7 passed The Bankruptcy Abuse Prevention and Consumer Protection Act 2005 clerk.house.gov/evs/2005/roll108.xml I have stated over and over again that integrity it seems is no longer important in the election of our politicians?
Correct. Our "public servants" tend to stop serving us after their first term. At that point they switch over to backroom deals to keep their power. So Congress does what the financial lobby wants it to do. Period. Nothing else. Here is a PERFECT example of how they always win. The VP of Goldman Sachs, Peter Simonyi CHANGED HIS NAME to Peter Haller before he went to work in Congress as a banking regulator. Google it. Greedy aholes like Peter are the ones whispering in Paulson's ear to secure the bailouts. These weasels would eat the food off your child's plate and blame it on the dog and then have the dog put down just for laughs. You have no idea the kind of people they are. They are not like us. Their cowardice runs deep and unopposed. They have more money and more agents than the government and they win every time. They privatize their profits and socialize their losses. It's actually quite brilliant. Shame on us for re-electing 90%+ of our same public servants with a 7% approval rating.
I've been struggling to pay student loans for four years and have six more years to go. I've asked for a new loan at lower interest rate and the bank pretty much laughed at me. I think this is disturbing but we know this is how America rolls. . .the rich get richer. The bank screwed me over when I bought my home too. I put a large amount of savings down. Got a loan in 2007 for my home. Turns out they didn't care if I could afford the house when I had that kind of money to put down. I didn't think I'd get a loan I couldn't afford. A year later I was told by the bank I owed back taxes. They said, there's an error and you are being charged elderly taxes on your home. I refinanced to pay off the tax bill and the bank employee talked me into a 25 year loan. I was happy about that but didn't think about mytaxes not being included. That was the whole reason for the refinancing. Guess what happened. Yep, still charged me elderly taxes and I got another bill the following year for my taxes and again had to refinance.
Why does Sally make sell our mortgages to other banks? These banks then charge us for paying taxes to state, this was not part of original mortgage.....???
not my blood boiling when i found out that 1) the federal govt finances private loan companies at LESS THAN 1% interest, then those same companies turning around to lend to students at 20x the interest rate (i had to do breathing exercises just to calm down from that); and 2) federal subsidized loans are still calculated on a profit-seeking curve, which fleeces students just to fund the govt
it should if you're an american! it should open you're mind to what's happening and that you need to make an effort to get involved and fight for what is right, america, for the people by the people
she is new to the government but she is also changing government by exposing what they do. Did you know what they were doing? No, not until she brought it out in public.
What certain individuals (or group individuals under various names) try to do here is diminish the original message, and the dialog. The more important the message, the more dissenting the dialog. They get right on top of it, and stay there. Indycurt1 does that here. To bore readers to death. Skip down..Read between the lines; I am not new. I've been here for years. And did not drop out of high school in 2001, readers know I left the corporate system at that time, at the age of 51. And began seriously studying what was going on around here.
Oh, and please, watch the video before pontificating. It's quite educational. She creams them. (Unless you are an idiot, then you're excused from class.)
They all look really nervous, especially Rohit Chopra. Can you imagine what's going through their head when they know they're about to be interrogated by her. I know I would dread it for weeks before hand.
Get on IBR pay 10% of your salary and be done in 20 years. If you can work while in school DO IT!! I work full time just for my normal debt + taking/looking for a second job just to pay off my student loans while in school or close to 50% or more.
Project Tuition Reimbursement find common sense solutions to the $1.2 Trillion Student Loan Debt! There are solutions First the huge profits being made on education and student loans will have to stop before any real solutions will ever happen! Please help me find more common sense solutions!
Why does one have to declare that they are a republican or liberal to substantiate that this is not ethical when a bank can borrow at 0% interest rate and lend to the people of America at an astronomically higher interest rate? Why not allow "We the people" accesses to the resources that will allow us to negotiate and manage our spending versus having to go through privatized financial corporations that hold organizations in our educational system?
going to college is expensive in the US... so don't blame these companies... blame your government not doing anything about colleges offering expensive tuition fees...
Um yeah you can at least partially blame the companies. They are receiving loans at .33% and charging 7%+ on these. That's kind of fucked up, and if you can't see that I don't know what to say. Do you realize how much guaranteed money that is, all off of enslaving the next generation. I guess that's the best lesson college can teach, fuck over the ignorant and unaware.
If I were you I stop paying the private loans and tell SM to shove it. They hardly bother me. If you have Fed loan NOT a PRIVATE loan, you should send the required paper work for IBR. ASA helps you step by step.
Don’t go into debt for college. The number one way to avoid student loan debt is college choice. Choose a school you can afford. Community college the first two years, and an in-state state school the second two years. And apply for literally 1,000 (yes, one thousand) scholarships in high school. Not exaggerating. Make it your job. You’ll get turned down for 975 of them, but get 25 at $2,000 apiece and you just went to school for free. Hundreds of millions or even Billions in scholarship funds go unclaimed each year. One last thing…Work in college. You can make $1,500 a month EASILY delivering pizzas at night. That’s $18,000 a year. The average tuition at an in-state state school today is around $14,000. Can you pay $18,000 with $14,000? Yes.
Cindy Weir Exactly, Cindy. I went there (college), and I bailed. It cost me the usual amount, and no, I didn't get my money back in education, it's a con job. But by then I was in my mid-thirties, should've known better. Kids in their teens are really getting screwed, kiddo. They're not being trained to live in life, merely being held back and turned into future idiots. They've asked me (seriously, college kids) how I know things I know. Because I didn't go to college at twenty. I worked commercial fishing boats and shot my way out of bad bars, did jail, walked out on practiced whores. I can stand up in a boardroom as an adult and instruct people, make them understand stuff it scares them to hear, but they know is true. Here is the reality they didn't teach you in college, I can now say. Because life is the educator, and you can lie on your job applications. But you stare into a man's or woman's eyes and you and know where they've been. That is the true measure of a person, Cindy. Look into their eyes. If you don't get it, if you don't see it, you haven't been there yet. They have.
+Cindy Weir Yes, it is very sad. Instead of being happy to get a paycheck, they feel miserable knowing that every last cent they can gather needs to go to this hungry monster.
I keep watching these "professionals" whom are being asked questions; in many of these types of meetings; and cannot answer the questions she asks. Don't they at least TRY to research before coming before congressional leaders? Cheese Louise... "Nope! I have no idea what my company/ bank/ corporation is doing! Derp!"
Elizabeth warren and Alan Grayson should run aa a pair in 2020. if they get in, it will sure shake up the financial markets. would love to see that!!!!
Wow, what an extraordinary Woman. She is the type who should be a leader, President even (beside her dalliance with McCain, which makes no sense), one whom we might actually trust. Riveting.
Jus Follow the Money as in organized crime investigtions, who benefits the most from these arrangements. The same people and entities that screwed Main Street and pay half the or no taxes.
Because you don't plan on paying back student loans you could not afford in the first place? Maybe going to a cheaper college and working at last part time while in college would have been wiser? lol
@@MrSupernova111 i know it's an old comment, but I've worked anywhere from 40-70hrs per week while going to college. Hell once did a semester while being a driver at ups. I refuse to give these blood sucking psychopaths a dollar in interest. They're cowardly, miserly pieces of shit who deserve to be publicly hung.
We need to put people first in this nation...we started to in the 90s...and look at the economy we had. We can do it again. I highly recommend Robert Reich's new movie, Inequality for All...speaks to this point eloquently.
Man the way she goes after these financial swindlers its mesmerizing and its even more lovely that she still has the aura of a teacher when making them speak.
Thank you, Elizabeth, for standing up and fighting this! When a bank or company charges students interest like they are, they are trying to keep the young people in slavery for the rest of their lives. I have a daughter who's in debt now because of student loans. For every payment she makes, another huge fee is added on. There is no end in sight. It is so sad. It's like throwing money down the drain. She would like to buy a house some day, so she doesn't want to file bankruptcy, but I have to say - the interest they charge is an abomination! This has got to stop. Thank goodness for people like you fighting against the greed and corruption! Go Elizabeth! I applaud you!!
Way to go, Senator Warren!
Everything Elizabeth Warren says
Is fucking golden.
ok but why did you swear? Is it because wanted to sound lively and intense? You merely polluted the forum!
plank ton Because it's real. Words like fuck, shit, and piss have been around a lot longer than you have. And people have been doing all the above for like, ever, too. So we get to occasionally make reference to these daily human activities. We have the shit-pissing-fucking right. Thalia has the right. Nose and ear picking, too. Or are you going to straighten our minds out about farting and toenail chewing? Capitalization and punctuation have also been around for a bit. Did you avoid them because you wanted to appear lively and intense? Or were you merely trying to pollute the forum with lack of literacy.
DROPOUT2001 LOL
***** Too bad it's nothing BUT talk. When the metal meets the meat, Fauxcahontas is a caving sellout - as proven by her opposition to the Audit the Fed bill - complete fake. All talk and no action. Big bankers best friend. Bernie or bust.
They all had no idea....it's too much really....God Bless this Woman.
I love this woman! GET EM! GET EM, LIZ!
She is awesome! Props to her for calling them out and asking the tough questions
I know right? This woman gives me a ray of hope..I didnt know there was anybody like her left in the government.
I don't think that even republican voters could argue with what Elizabeth Warren is saying.
If it could serve something for their ideals to do that they would line up to try harder than they did here.
I don't either, and I'm pretty right wing. Love her or hate her, she is SPOT ON in exposing these PARASITES.
I agree with everyone here. She asked the right questions to raise awareness. There is clearly a level of corruption going on between government and private businesses and its time people open their eyes and hopefully take action against the non sense.
Toughnut Primarily because they have no fucking clue of what she's talking about
As she speaks so down to earth, those who want to rule by corruption just can't respond well in truthfulness.
Thank you Elizabeth!!! From the bottom of my heart, thank you soooo much!
asf@#$%!kjhal. As a 22 year-old I have way more debt, all of which from frickin student loans, than I thought I would have before I bought a home or at least a car, and shit credit. Now I find that even the so called subsidized loans, for which I apparently did not qualify, are not really subsidized anymore. I am supremely pissed.
Wait...the money my wife borrowed for school at 6.8% was borrowed from the tax payers at 0.333%? How absolutely outrageous.
I'm shocked that you find this outrageous. I thought it was just another business as usual day at the bank.
Neda Svrakic You don't know me well enough to make such a statement or draw such a conclusion.
Steal a little money, go to jail. Steal a lot of money, YOU'RE A BANK!
ballzack57 yea so basically we are paying twice for an education, just a higher price the second time
Yep. Heck of a deal if your a big old bank. Mad yet? Elizabeth Warren for president 2020!
You got my vote.
I posted this to Sallie Mae's facebook page. They deleted it and banned me from the page lol
I love this energy 👍💯🔥
There should be a distinction between recent grads and those who have been paying a long time. Congress could change the laws to recognize that. Legitimate earnings are good for the economy but unrestrained greed hurts society in the long run.
How are governments even allowed to profits full stop!?
I have just started to watch this women and never heard of her before as I'm from Spain but what I have watched she is brilliant!! Really knows her stuff
She's the only one standing up for students.
Defenseless*
Why can’t the federal board simply loan directly at the rate it changes Sallie Mae?
After WW2 the men coming back for the war had the G.I.bill, why did my own government screw me using my tax dollars!
We need student loan reform now! Watch "College Conspiracy" online!
she's my hero!
Amazing.
She's such a badass I love it. Like when she takes the floor he literally looks down and shuffles his papers like "oh shit"
That was cool. Very intelligent. :)
This lady needs to be your President,she would be a great mother to America im sure she would clean house of all the clowns running a muck
She'd probably end up like JFK. [NOT a 'threat' - just an observation (guys @ Ft. Mead)]
.
Rep. Eschoo stated: NASA and certain aerospace companies threatened HER when SHE attempted to force accountability standards into NASA and DOD contracts - according to her comments printed in the Congressional Record on the Hubble Space Telescope fraud investigation back in 1993.
Your spot on Lt on both counts,
She would never make it to the white house, and if she did, it would just mean she sold out, it's unfortunate but you have to play ball to get into the white house
l guess ur right,wise words
Lt P
I think her life probably would be in danger honestly, cause she would expose too many scams from the gov and private sector.
People talk of a Sanders|Warren campaign. i know she declines such offers, but i think she'd make a great Secretary of Treasury.
+kharnak crux Me, too!
You are probably right,because if she got VP that would be the last we hear from her!
(sorry) And if they made such profits, shouldn't the money pay down our debt?Where did those BILLIONS END UP?
no one does their homework like warren does. most of the people she questions have no idea of their own job responsibility or how their subordinates function.
Man I love Elizabeth Warren. She always calls banks out on their bs.
In Sweden (I know, Americans think we're evil socialists - but bare with me) we have student loans. The education is "free", as in it's payed for by the government, the loan is intended for other expenses (rent, food, books). It [the loan] was previously generally known to be "the best loan you'll ever get" because the interest rates were as low (and then some) as they'll get. Granted I'm unaware if that's the case today.
And here's my "socialist thoughts" on the matter. Why would you allow profit of off students seeking education? Even IF it's a net loss - isn't it an investment worth making? I'd say it's money - by far - better spent than a bail out.
Great comment. And I think it's worth noting, I'm an American and not all of us think that you're evil socialists ;) Some of us are jealous and wish that we could live in Sweden, too.
You Swedes are far ahead of America is a number of ways. Incidentally, we do have socialism in America, for the wealthy and connected. Risk, for the latter groups is socialized - i.e. THEY get bailed out time-and-again. Keep up the good work, Sweden!
Thank you, great point,my USA loans did just that, paid for rent books and the like.
If I am elected President, I promise to propose a sweeping public education reform grant whereby prisons and schools adopting the top high school educational systems eg Sweden, Finland, France will be 100% funded by Uncle Sam grant money. But thats not all! As your President I will also close every military base overseas and shutter at least 75% of the Pentagon and throw FOX TV in jail. Finally, the bags of money saved will be used to cut deficit spending.
Man she's awesome!
That was awesome!
Sen. Warren is the student loan borrower's advocate and she's my new hero!
lol love her approach.
Here, here!!! Drawn and quartered!!
I know people whose lives were destroyed by Sallie Mae!
The problem is that in recent years, many college and trade school graduates cannot earn more than 30K/year. Quite a few cannot find any work at all. Student loans cannot be discharged via bankruptcy, and moratoria are grudgingly granted.
Over the past 40 years, colleges have raised costs as fast as the student loan ceiling has been raised. The student loan system is the main way state universities, and private trade schools supplying a shoddy product (this includes the U of Phoenix), pump money from the public purse to themselves.
Here in New Zealand, student loans are repaid via an income tax surtax. If a borrower stays within the country, his student loan account accrues no interest. Student loan balances remaining at death are written off.
Wake up America.
Parents are being scammed and defrauded by forced application of parents plus loans. Students are allowed a small portion of tuition in loans and parents are required to apply for parents plus loans. If the parent is denied the student is awarded additional funds. Student loans are forcibly funneled to the parent then the parent is denied the same repayment plans that would have been available to the student and are penalized by an 8% interest rate. This scam brings significant additional funds to the department of education and loan servicers. While FHA 30 year mortgages are at 3.37% the interest charged is more than double the market price. This process is discriminatory and causes significant hardship on middle class parents. I have both student loans (went back to college) and I was forced to take out parents plus loans for my children. I owe 175,000.00. If I were allowed to consolidate under income based repayment, my monthly payment would be $700.00. But I am excluded and the only other option in income contingent. Under this repayment my monthly repayment soars to $1200.00 per month even though the loan total is the same. The forced parent plus application unfairly singles out parents, discriminating against them by predatory interest rates and denial of attractive repayment plans. FACTS: Sallie Mae made 40 billion in profit last year alone- the federal department of education stands to make 127 billion in the next ten years USING OUR TAX DOLLARS AGAINST US. This is pulling middle class parents into poverty-
It's all just a game we play
Elizabeth Warren 2016!
great lady, high I.Q. , tough and smart -wish we had you in Canada Elizabeth-you could be a great prime minister
The more I listen to Eilabeth Warren, the more I like her.
She needs to be the POTUS.... Someone who can actually think
The amount of damage these companies have done to people is disgusting.
The point she made is very clear, this needs to stop
The U.S. student loan debt was $1 trillion (with a T) in 2012. In 2013 it went UP by $200 billion to $1.2 trillion and now it has gone up to $1.3 trillion this year. This is caused by the fifty Student Assistance Commissions who deliberately fail to warn college and vocational school students that U.S. employers are internet-outsourcing, computerizing, H1-B visa in-sourcing and robotizing all the jobs that these students are studying and training for!
debt backs the U.S. dollar, not gold. The paper money doesn't exsist. its electronic and plastic credit and debit cards. digital, electronic numbers on a screen that moves from one screen to another screen. debt is our currency and cash/bills not enough printed for all of us to cash out. student loans are the peoples tax money that the government loans out to our children with an interest rate that profits them billions.
My daughter was in her third year of college and in the process of applying to the nursing program when she got a letter from Fedloan that the government cuts would now limit college loans and she was cut off. This affected over a 100 thousand students. Now they want want their money. They make no sense!
Makes no sense if you think anybody is actually looking out for anybody's best interest besides their own.
I LOVE this woman she's so damn smart..and cool, too. Consider if Scott Brown had beaten her would he be asking questions that hold these people accountable as she's doing? obviously a big NO WAY.
Thank you for pointing out how the collusion of government and private business is a terrible idea. How about government get out of ALL private business? Why is the government lending college students money in the first place? All it does is raise tuition because colleges know that the money is guaranteed.
Uh...if I may...you need to think a bit more here then ask the right question.Why should gov't have no hand in it? $1 dollar has the value that Congress agrees that it has. Gov'ts have done most of the investment in silly thinga like ARPA, now the web, High Definition TV as a standard and so much more.There's no magic 'Free Market' that does anything, really(I'm assuming that is the point of your comment) Without gov't, a Blueberry pie could be flavored with sugared dogshit rather than real berries cuz it'd be cheaper to make and be sold as though real berries were used. Silly simplistic example but as I said think a second before asking the question. Like it or not gov't is there for citizens as a basic good idea and is still valid, though now and then greedy and corrupt bastards somehow get elected and begin to make rules that benefit them only. Gov't isn't bad, gov't is US and how we want the rules to be agreed upon.Recall America was founded by the wealthy ruled by the moneyed elite and only landowners voted initially, There were the 2 classes the ones with the metal, gold and siver, and then those who didn't have any metal, or equivalent valued substance,and they borrowed from those with the metal. Ever hear the old saw,'he who has the gold makes the rules' that came from late 1700s, oh wait maybe some had land but no metal maybe. Thanx.
BTW, Obama finagled banks out of the guaranteed loan business and rearranged terms to benefit the new ACA.Guarantee only means interest paid until debtor begins to pay back when out of school. Banking FDIC is a protection guarantee for your saving if the bank craps out. Guarantee in this sense is like the Wall streeters taking out insurance for their investments so no matter what they'd get paid.
Firstly, Congress doesn't agree on what price the dollar should have. Monetary policy is primarily a Federal Reserve issue, and they don't dictate the value of the dollar either. Inflation does (mostly). Secondly, Government doesn't invest. They issue grants to private companies that do invest. All the government does is in this case is take money from one party and give it to another. Thirdly, your right, there is no magic to the free market. The free market is you and me. That's it. It's either suppressed or made more free based on government policy. Government are the guys and girls with guns, so you have to do what they say.
Nohalfsteps Excellent explanation! I find it ridiculous that people are very willing to voice their uninformed opinions about subjects they don't understand as if they are inspired by partisan politics.
The truth is that Warren is correct. The government is not here to make a profit. Government money comes from tax payers. I'm not here to pay taxes in order for the government to charge me interest on top of it. Absurd!
MrSupernova111 I'm sorry, but the government does that all of the time through the IRS. Try being late or file for an extension and see how much interest you pay on your money then? LOL
indycurt1 it's you're fault if you're late or file for an extension. You shouldn't be so irresponsible.
i think she should run for president or something, she seems like she could do a lot of good
I love how she picks her fights. She is prepared and already knows that she has won the fight that she is picking. Her remarks are well informed, well thought out, and concise. I can't say that I have ever disagreed with any of her remarks during hearings, speeches, or interviews.
I expect one of those fraudsters to say, "Ah, dog ate my homework."
so ... technically ... our "subsidized" loans are actually not soooo ... would that be considered false advertisement? Can't that be a legal loop-hole for us to be able to dismiss our student loans? We were told, or in some cases "guaranteed" one thing, but was not given that .... ??
I want to thank each and everyone that has taken the time to read the words of what some have called a crazy old man that has struggled being severely dyslexic my whole life. You can call me crazy, but I do know the difference between right and wrong! I will continue to bring awareness to the now $1.2 Trillion Student Loan Debt Crisis. I hope you are as scared as I am knowing this student loan debt is growing faster than ever before, and if changes are not made now the student loan debt is going to bust!
There was a group of Congressmen that took away Federal Student Loan Bankruptcy in 1978
I have given you list of Congressmen that took away Private Student Loan Bankruptcy in 2005.
I want to share this list again
This is the bigger issue that should be being discuss.
Remember The Congress had to protect the American tax payers in 2005?
Sponsor: Senator Chuck Grassley
Co-Sponsors:
Senators
Thomas Carper
Mike Crapo
Jim DeMint
Michael Enzi
Chuck Hagel
Orrin Hatch
Benjamin Nelson
Jeff Sessions
Richard Shelby
John Sununu
John Thune
David Vitter
with a vote.............. of/ yeas........ 302......... nays....... 126 nv...........7 passed
The Bankruptcy Abuse Prevention and Consumer Protection Act 2005
clerk.house.gov/evs/2005/roll108.xml
I have stated over and over again that integrity it seems is no longer important in the election of our politicians?
Correct. Our "public servants" tend to stop serving us after their first term. At that point they switch over to backroom deals to keep their power.
So Congress does what the financial lobby wants it to do. Period. Nothing else. Here is a PERFECT example of how they always win.
The VP of Goldman Sachs, Peter Simonyi CHANGED HIS NAME to Peter Haller before he went to work in Congress as a banking regulator. Google it. Greedy aholes like Peter are the ones whispering in Paulson's ear to secure the bailouts. These weasels would eat the food off your child's plate and blame it on the dog and then have the dog put down just for laughs. You have no idea the kind of people they are. They are not like us. Their cowardice runs deep and unopposed. They have more money and more agents than the government and they win every time. They privatize their profits and socialize their losses. It's actually quite brilliant.
Shame on us for re-electing 90%+ of our same public servants with a 7% approval rating.
@@vsop3338 I know this is a WAY old post but good on you for knowing that. How do I learn?
I love this woman, she needs to run for a higher office and make some real changes!
I love the senator. She doesn't hold back. Sometimes with these Senate hearings, nothing positive comes out of them.
She's a boss
This country is so fucked up it's depressing.
I've been struggling to pay student loans for four years and have six more years to go. I've asked for a new loan at lower interest rate and the bank pretty much laughed at me. I think this is disturbing but we know this is how America rolls. . .the rich get richer.
The bank screwed me over when I bought my home too. I put a large amount of savings down. Got a loan in 2007 for my home. Turns out they didn't care if I could afford the house when I had that kind of money to put down. I didn't think I'd get a loan I couldn't afford. A year later I was told by the bank I owed back taxes. They said, there's an error and you are being charged elderly taxes on your home. I refinanced to pay off the tax bill and the bank employee talked me into a 25 year loan. I was happy about that but didn't think about mytaxes not being included. That was the whole reason for the refinancing. Guess what happened. Yep, still charged me elderly taxes and I got another bill the following year for my taxes and again had to refinance.
The ultimate con game $$$
they look like naughty school boys in front of head master
+dan man Great comment! And not so far from the truth! Trust what your eyes see!
bringing this problem to light is one thing ... now if only the gov't can help us students is a whole other thing .... :(
Elizabeth Warren for president!!!!!!
Can't afford anything right now due to student loans ........... All by sallie Mae . Been paying since 2002 and I still owe MORE than I borrowed
Why can’t any of these people give a straight answer!
51 billion.....WTF>>>>.greedy federation......
Get em Elizabeth Warren that's my new Sheriff' in town. She's bad ass I love it when she regulates on these big bankers.
Why does Sally make sell our mortgages to other banks? These banks then charge us for paying taxes to state, this was not part of original mortgage.....???
not my blood boiling when i found out that 1) the federal govt finances private loan companies at LESS THAN 1% interest, then those same companies turning around to lend to students at 20x the interest rate (i had to do breathing exercises just to calm down from that); and 2) federal subsidized loans are still calculated on a profit-seeking curve, which fleeces students just to fund the govt
Money should not be forced to pay even more money, money is money!!!!!!!!!!
did this resolve anything?
it should if you're an american! it should open you're mind to what's happening and that you need to make an effort to get involved and fight for what is right, america, for the people by the people
she is new to the government but she is also changing government by exposing what they do. Did you know what they were doing? No, not until she brought it out in public.
What certain individuals (or group individuals under various names) try to do here is diminish the original message, and the dialog. The more important the message, the more dissenting the dialog. They get right on top of it, and stay there. Indycurt1 does that here. To bore readers to death. Skip down..Read between the lines; I am not new. I've been here for years. And did not drop out of high school in 2001, readers know I left the corporate system at that time, at the age of 51. And began seriously studying what was going on around here.
Oh, and please, watch the video before pontificating. It's quite educational. She creams them. (Unless you are an idiot, then you're excused from class.)
We should all just stop paying. If everyone stopped paying, they could do nothing.
BOOM
Yes Sallie Mae is a total rippoff, I got a loan through the phone and in 10 mins I was completely screwed and I didn't even know it.
56.1 - 11= 45.1 Billion for Sallie Mae...students should get the same deal .33%interest rate.
They all look really nervous, especially Rohit Chopra. Can you imagine what's going through their head when they know they're about to be interrogated by her. I know I would dread it for weeks before hand.
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Get on IBR pay 10% of your salary and be done in 20 years.
If you can work while in school DO IT!! I work full time just for my normal debt + taking/looking for a second job just to pay off my student loans while in school or close to 50% or more.
This woman is awesome! +1 for faith in americians
Project Tuition Reimbursement find common sense solutions to the $1.2 Trillion Student Loan Debt! There are solutions First the huge profits being made on education and student loans will have to stop before any real solutions will ever happen! Please help me find more common sense solutions!
Now that's real
this topic is where Elizabeth needs to spend more if her time. it is the only place where she makes sense.
Why does one have to declare that they are a republican or liberal to substantiate that this is not ethical when a bank can borrow at 0% interest rate and lend to the people of America at an astronomically higher interest rate? Why not allow "We the people" accesses to the resources that will allow us to negotiate and manage our spending versus having to go through privatized financial corporations that hold organizations in our educational system?
She is so awesome! I wish these people had accountability but they keep pulling their shenanigans
She is awesome
when Elisabeth Warren endorses HILLARY I will totally loose respect E.W
going to college is expensive in the US... so don't blame these companies... blame your government not doing anything about colleges offering expensive tuition fees...
Um yeah you can at least partially blame the companies. They are receiving loans at .33% and charging 7%+ on these. That's kind of fucked up, and if you can't see that I don't know what to say. Do you realize how much guaranteed money that is, all off of enslaving the next generation.
I guess that's the best lesson college can teach, fuck over the ignorant and unaware.
If I were you I stop paying the private loans and tell SM to shove it. They hardly bother me. If you have Fed loan NOT a PRIVATE loan, you should send the required paper work for IBR. ASA helps you step by step.
Don’t go into debt for college. The number one way to avoid student loan debt is college choice. Choose a school you can afford. Community college the first two years, and an in-state state school the second two years. And apply for literally 1,000 (yes, one thousand) scholarships in high school. Not exaggerating. Make it your job. You’ll get turned down for 975 of them, but get 25 at $2,000 apiece and you just went to school for free. Hundreds of millions or even Billions in scholarship funds go unclaimed each year. One last thing…Work in college. You can make $1,500 a month EASILY delivering pizzas at night. That’s $18,000 a year. The average tuition at an in-state state school today is around $14,000. Can you pay $18,000 with $14,000? Yes.
Young people starting out their working lives thousands of dollars in debt.. sad.
Cindy Weir Exactly, Cindy. I went there (college), and I bailed. It cost me the usual amount, and no, I didn't get my money back in education, it's a con job. But by then I was in my mid-thirties, should've known better. Kids in their teens are really getting screwed, kiddo. They're not being trained to live in life, merely being held back and turned into future idiots. They've asked me (seriously, college kids) how I know things I know. Because I didn't go to college at twenty. I worked commercial fishing boats and shot my way out of bad bars, did jail, walked out on practiced whores. I can stand up in a boardroom as an adult and instruct people, make them understand stuff it scares them to hear, but they know is true. Here is the reality they didn't teach you in college, I can now say. Because life is the educator, and you can lie on your job applications. But you stare into a man's or woman's eyes and you and know where they've been. That is the true measure of a person, Cindy. Look into their eyes. If you don't get it, if you don't see it, you haven't been there yet. They have.
10s of thousands, even if they don't graduate
+Cindy Weir Yes, it is very sad. Instead of being happy to get a paycheck, they feel miserable knowing that every last cent they can gather needs to go to this hungry monster.
@@DROPOUT2001 The eyes are the gateway to the soul, and bankers prey upon the innocent
I keep watching these "professionals" whom are being asked questions; in many of these types of meetings; and cannot answer the questions she asks. Don't they at least TRY to research before coming before congressional leaders? Cheese Louise... "Nope! I have no idea what my company/ bank/ corporation is doing! Derp!"
Elizabeth warren and Alan Grayson should run aa a pair in 2020. if they get in, it will sure shake up the financial markets. would love to see that!!!!
Wow, what an extraordinary Woman. She is the type who should be a leader, President even (beside her dalliance with McCain, which makes no sense), one whom we might actually trust. Riveting.
Jus Follow the Money as in organized crime investigtions, who benefits the most from these arrangements. The same people and entities that screwed Main Street and pay half the or no taxes.
I am so screwed
Because you don't plan on paying back student loans you could not afford in the first place? Maybe going to a cheaper college and working at last part time while in college would have been wiser? lol
@@MrSupernova111 i know it's an old comment, but I've worked anywhere from 40-70hrs per week while going to college. Hell once did a semester while being a driver at ups. I refuse to give these blood sucking psychopaths a dollar in interest. They're cowardly, miserly pieces of shit who deserve to be publicly hung.
We need to put people first in this nation...we started to in the 90s...and look at the economy we had. We can do it again. I highly recommend Robert Reich's new movie, Inequality for All...speaks to this point eloquently.
arrest and divest them for criminal inefficiency.
Please do something to help students Navient is ripping off people , file a complaint
Warren is amazing. I really want to see her in the white house
she is very sharp/ i do not plan to vote in 2020. but if she is the one i will change my mind