I used this same supply and demand argument regarding women being almost forced into workforce by feminist propaganda. But I was struck down as a sexist pig.
Stop going to high priced schools and try going to community college for the first couple years. Then switch over to a moderate 4 year college for the last two years if you have to get a degree. Start paying on the interest as soon as possible.
Most americans don't have enough common sense to go to a more affordable 2 year community college because we have been indoctrinated to go to high priced Pedigree Private Universities.
+prettysteeve47 Here in Tulsa if you went to school here (and a certain grade level I think) 2 years Jr college is free. But many people don't do it. Sure wish I had the opportunity to do this when I was getting my associates degree.
BlackWorldTraveler yes i went to TCC except mine wasn't free during that time :(. I don't understand why people don't take advantage of it go for marketable degree instead useless degree and rack up all this debt and complain how they can't find a job or pay back debt.
Most community colleges are already beyond capacity. Everyone that should can't just up and enroll. The school would collapse under the influx of students.
An NYU degree in many majors will lead to superior earnings! Those lead to the ability to pay of the debt more rapidly. My daughter was able to pay off hers before she was 30!
2:52 "Undue hardship" is for people with disabilities that are so severe that they can't physically work. Not for stupid losers looking to scam their way out of repaying a debt.
So here I am with my degree, majored in 12th Century Norwegian Literature, and I'm having to repeat all day "Did you wanna supersize that"? Brilliant people!?!
+pranksterguy1 That degree will also get you a job in Mcdonalds but you need to be flexible because there we say "would you like some fries with that?"
Student loans are not like your mortgage or car loan. That is why they are treated differently in bankruptcy law. There is no asset to back them up - a.k.a. an unsecured loan. You are literally giving money to an 18 year old on their word alone that they will pay it back. What is to stop people from getting done with school and having no real assets declaring bankruptcy to get their loans forgiven? Nothing. That is why they are so hard to discharge is because there is nothing of value to take if you decide to go bankrupt.
No, they are treated differently because when the bankruptcy laws were re-written, congress abolished the opportunity to file bankruptcy for student loans. Please live and learn.
Credit card debt is unsecured to and is bankruptable. Going through bankrupty is a really bad event for the borrower. If it was bankruptable it would make lenders less likely to loan which would push college prices down. It would also make lenders more likely to work with debters buy lowering interest rates.
The thing is these loans have no risk because no one can defalt on them. Even if the loanee refuses to pay the government will garnish the money. Colleges continue to increase tutition due to loans being so easy to get, because there is no risk for banks. If people could default on student loans you would see far less loans being given out, less students at colleges and tutition would go down to true market value.
Graduated in 2013 with $40k in student loans. Paid them off in 2 years. Ppl need to cut their lifestyles down to nothing, increase their wages, and just pay it off. I don't understand why my peers are so damn lazy.
They have loan forgiveness programs for public sector workers. However you have to work for ten years in a given area. Also I’m not sure what happens to the interest if you drop out of the program.
@@shapeshfters forgot. 10 years, 120 payments. Must. Be in right payment plan. Must have picked right job. So far only 96/30000 have qualified...lol...
Student loan debt sucks, especially for undergrads but i think we sometimes treat it like a death sentence. It's not. We do a terrible job of teaching people the basics of financial literacy in elementary, middle, and high school. We need to start there and not when the problem has ballooned. That being said, and I know that this does not apply to everyone, my piece of advice to anyone who is collapsing under the weight of the debt would be to do anything within your (legal) power to get rid of it as fast as you can. Dave Ramsey is right. I had over $60,000 in grad school loans and paid it off in less than 2.5 years. It can be done. You can do it.
How about this. You say you are so disabled you can't pay your loan back, you forfeit that degree you say is useless. In a bankruptcy the bank takes back your house, your car, your rented furniture. Why couldn't the college take back your credentials? Especially since your saying it can't help you pay that money back
I’ll tell you how to get rid of it. Stop going to these high priced schools and go to community college. Do your readership. No need to go to a private school when you can go to a public school for a cheaper price. Look for any scholarships. Know how to MANAGE YOUR MONEY properly. You don’t need a brand new laptop, school supplies, new clothes, shoes, the latest smartphone, etc.
There's no reason why you need to attend a high priced university such as NYU and then expect taxpayers to pay your way when you don't feel like paying back the loans. Go somewhere else that's cheaper.
Andre Lee When someone declares bankruptcy, the taxpayers are not footing the bill. In bankruptcy a judge oversees the disposition of assets to pay for non-performing loans, and perhaps approves renegotiated loans.
Chumpets on Parade with "Allegations and Negotiations:" Too Bad, So-Sads (who ELSE Protects Corporatist Cucz)? Thanks, "CaliforniaArchitect.":) STEIN?..JUST FINE?!:) FEEL THE BUERN and Be a Fan?!:D
+CaliforniaArchitect how does that make sense? Ppl in my family have declared bankruptcy & didn't lose anything- they just had a ton of credit card or medical bills, filed bankruptcy & got rid of it. then the medical/credit card companies probably just write it off as a loss on taxes- therefore hurting the economy.
Student loans kept the system from crashing. Increased the money supply so that other entities could keep existing. Money is created as debt. This is a fundamental flaw in the current monetary system. Fractional reserve banking.
Student loans are a choice!! There are so many greater avenues to going to school debt free such as scholarships, joining the military, employer tuition assistance. Loans are the lazy way to higher ed.
I’m reading all these comments and it’s mind blowing how much WE are in debt. My loans add up to $136,078.98. I obtained an associates (community college), then a bachelors and then an MBA. By no means am I complaining, “ get rid of my debt.” My only gripe is that the interest rate be lowered and allow students to pay towards their principal.
Go to an expensive 4 year college for a while and see what goes on at the frat houses and you will be cured of any compassion for the people struggling with student debt. They want to spend their college years partying and getting laid while accruing debt, then they should have to deal with that debt, not the taxpayers.
As someone who made that mistake (and I learned my lesson big time) I agree with that. Unlike the college drop outs, I actually finished my degree in 6 yrs instead of 4 though.
My view has always been why should the blue collar workers have to pay for my Engineering degree? Wouldn't be fair at all. It would be like asking the poor to pay me to make more money than them. Federal student loans at 3.8% are extremely reasonable. Federal loans are enough for a good state school too. Also just a note, if you didn't qualify for some kind of academic scholarship you don't belong in STEM or arguable in college at all for that matter. Just the way it is.
Winston Churchill my federal loans were at 8% which sucked but if we could make student loans 1-2% that'd be really helpful and people would still have to pay it back
Based on the speed they’re walking, I don’t think the camera operate is walking backwards. It would be tiring and difficult to do that long even with someone else guiding them. Im sure the camera is on a gimbal. The gimbal may be attached to something that rolls, or the camera operator is walking forward while shooting back over their shoulder.
how about making it illegal for banks to lend this high priced unsecured money for school, for totally unqaulified borrowers? how is that ok and why do we not shut it down?!
I would say that student debt is "unforgivable" becouse you GET knowledge, abilities, degree. If you want student debt to be forgiven, then your degree should be taken from you.
Stop getting debt you can't afford with degrees you can't make an money off. You can study Irish female movie star history at the local community college
You borrow money, you pay it back. No one complains about not being able to repay mortgages yet they whine about how student loan is IMPOSSIBLE to get rid of and it’s UNFAIR.
You'll DIE in DEBT. Did they say a 65 y.o. man was trying to get a damn student loan debt discharged? 65 years old and he CONTINUES to struggle with a mountain of student loan debt. The realities of modern ENSLAVEMENT are: They don't discharge (1) student loans (2) child support payments, and (3) IRS tax payments. Be wise people. PEACE.
Many flat out don't pay it back and some forget about it. Retiring baby boomers are beginning to be reminded by having their social security check garnished monthly.
an example of undue hardship is when you get diagnosed with cancer, and the doctor tells you that you only have 6 months to live so basically, you,ll never be able to use undue hardship as an excuse to try to wiggle your way out of paying back your college debt
As an international student I pay three times more than what the citizen of an X country can pay and I do pay it in cash. I still can not get why they do get student loan unless they are going for a law degree or medicine.
Why not just pay them off? Kinda like how you pay off a house, a car, a credit card, and everything else in life instead of finding out a way to weasel out of them? Before you attack me or give excuses, what in the world is stopping people from slowly but surely paying them off?
In High school you should know what career you want to get into then go to college ONLY IF it will help get you there. You don't need an Art degree to do art. It is better to do freelance art project to get experience to do gain art experience. The ART degree means nothing and will not get you an ART job.
Don’t borrow money!! Not for school, not for cars, not for anything. Here’s how to avoid student loans: 1. Apply for 1,000 scholarships. Literally 1,000. You’ll get rejected for 950 but you’ll get 50. If you get 50 at $2,000 a pop, you just paid for a very nice school. 2. Go to a community college the first two years. 3. WORK in school. You can make $1,500 a month delivering pizzas at night five days a week. The Average price of tuition at a state school is $12,000. Saying you’re going to be in debt for life because you took out student loans, you’re just hopeless. That is absolutely ridiculous. Get on a written budget, work like a crazy person, and PAY. IT. OFF. Millennials call into the Dave Ramsey show every week who paid off their loans in a 2-3 years. YOU CAN DO IT!! I think is awful people try to get them dismissed. You took out the money. You owe it. This is America. You can do anything and be anything you want to be. Work your ass off and get rid of it.
The banks are guaranteed, they have no risk. Navient received $37 of every $38 collected the gov receives $1, they have no risk only profits. The owner of Navient owns the largest private golf course on the planet. Wall Street treat bundled debt like bonds which is backed by the US government. It is a low risk high gain investment. The schools receive more money than ever, they have no risk. So the people who bear the risk students and taxpayers. The result is inflated tuitions and predatory lending, indentured servitude. John Locke once wrote, "it is immoral to sell oneself into slavery." The issue is the system is lopsided and immoral. There are many better policy solutions. Has there ever been an analysis of how much is spent supporting a system like this rather than simply providing grants? Seriously if Navient is making this much profit why not create a simpler solution where there is no debt?
A few years out of school ... and assuming you're making your payments on time ... and assuming your income rises as you change jobs ... and assuming you are keeping experian up-to-date with the changes in your income... and assuming your student loans total less than 25K ... and assuming you haven't consolidated your student loans into a single loan... and assuming your credit score is increasing... yes you can get rid of student debt by transferring money from your credit card accounts to pay off your student loans. You'll end up trading higher interest rate for total budget minimum monthly payment relief. But eh. You can get rid of CC debt in bankruptcy. But why would you want to declare bankruptcy?
Modern days slavery hahahaha! You want to get higher education very good! But you have to sell me your soul work for me forever. American dream world is following.
don't take debt that you cannot repay.. simple. Students are responsible for their own ridiculous stupidity, taking $100,000 in debt to get an English degree that they know pays only $30k/yr... irresponsible, and now they cry and want the rest of society to pay. Shame
Don't think someone will be able to pay off a debt? Don't give them a loan. Irresponsible lending, and now they cry and want the rest of society to pay. Shame.
the debt wouldn't be so bad if the fucking interest wasn't so high. They set my student loan payment at $200 a month but $180 was going to interest ($6 a day) so I got a second part time job to double my monthly payment I had less than $20k borrowed so I was able to pay it off sooner. I don't know how the people with $50-$100k do it!
I want to hear a student loan discussion about and by people who did everything right and are still irrationally impacted by their student loans. I worked through undergrad to pay for my living expenses and was very blessed that my tuition at a very inexpensive 4 year school was paid for by my grandparents. I went to grad school, which, across the board, doesn't vary much in cost between private and public institutions (I didn't have an in state option) for a very highly demanded, highly regarded, low-paying career (when compared to the cost of getting there and competition). If I lived on $1000 per month and paid every other cent into my student loans, I would have them paid off in six years. After 8 years of post secondary education (so I'm 26), I could start at 0/pay off my loans by the age of 32. Getting married, buying a house, beginning a 401K, having a child in no way fits in this life that I'm in. I understand that I'm expected to pay back the money. But we shouldn't force our millenials and gen Zer's into this hole to work out of.
My opinion is that Banks lobbying Politicians is the main cause. Which led to increase of the tuition fees so the banks can loan the amount at a high interest rate with a very air tight repayment system which turns students into their ideal slave.
Americas and their debts are interesting because it's evidently a case of the blind leading the blind. Side note, these two are lovers from careful observation.
Student debt is no harder to get rid of than any other kind of debt. Unless you learned how to create money out of thin air in college ANY debt is hard to get rid of!
The first two things of the Brunner test seems fair and quite easy to do, but the last one is the one that makes that a ridiculous standard. They just need to get rid of the last standard on the brunner test.
"Oh hey there, we're really intellectual and creative individuals because we can walk around Washington sq park and film in black and white while discussing the crippling student debt thats impacting not only the next generation of America but will nonetheless have an effect on the world. Oh by the way, we go to one of the most expensive and overrated schools in the nation where the student body consists of either kids coming from wealth or those taking out insane amounts of student loans...the thing we're discussing"
"Undue Hardship" ~ inability to cover basic monthly expenses(rent, power, food). Predatory lending/collection industry fuels desperation and tendency/propensity towards criminality.
Dont worry guys, we have a lot of University administrators out there giving themselves high-6 figures and 7 figures salaries. They will gladly accept to help out with your fucking student loans.... *cough*cough*
Student loans will likely never change cause if the bankruptcy laws are changed everyone would immediately file for bankruptcy as soon as they graduate and students would make no effort to pay it back.
You can get rid of student debt tho.. pay it off and stop whining for something you decided to do. Yeah, youre fucked but you got your degree. Fair trade off. Wether your degree helped you: that is another story.
Here's the overall system the older people have left behind for us, the presumed "leaders of the future": 1. go to college or university (because everybody told you to all your life) 2. get a student loan (because you or your parents aren't rich enough to pay) 3. graduate with degree & student debt 4. need to find a job right after graduating 5. nobody will hire you because you don't have experience or 20ish certificates they're looking for in applicants BECAUSE YOU WERE TOO BUSY EARNING YOUR FUCKING DEGREE TO DO ANYTHING ELSE 6. get shitty job with shitty pay instead 7. spend the rest of life barely getting by while paying off student debt All the while the few privileged people or super lucky gifted geniuses get off clean with a degree and an actual livable start to a future. I was lucky enough to have a dad that could pay for everything, but I still live off of not much. I am so thankful I have no student debt, but I hate that this system exists. I hate that I have to see my friends suffer this indignity instead of living up to their potential their colleges and universities were supposed to prepare them for. Instead of a utopia where knowledge is valued instead of money, we live in a system that places priority on competition over cooperation. I live in Canada, but I bet it's even worse in America. THIS IS A DISGRACE!!!!
People want debt forgiveness but then Congress needs a discussion about limits to those loans and how it can be spent. Students need a yearly finance class when they sign those loans. I saw kids spend like kings and queens during college from luxury apts., to eating out daily, cars, spring break in Mexico and shopping trips. Many of them will be able to land solid jobs to pay off their loans. The people who can’t afford to pay the loans back need to be looked at closer. I think a small fraction of people are truly hardship cases. 1/10 maybe Like they said though you can’t still be spending on luxuries and claim bankruptcy or avoid consequence for those actions.
When you go through bankruptcy, you typically lose the stuff that you own. It is a little hard to lose the knowledge that you gained in college. With any loan, there is some kind of collateral involved. The collateral with student loans is the inability to make it just go away. With all this knowledge out there now, and all the talk about it, why are people continuing to dig themselves such a hole?
Food for thought: we spend over a trillion dollars in Social Security and anyone under the age of 30 will never a see a dime of this money...if all the Social security assets were dumped into paying off student loans there would be next to no debt
+TheFallenPure why should the retirees who need social security pay off student loans for people who were stupid enough to willingly taken on a bunch of debt?
+TheFallenPure Dont worry, even if they decided to dump the military and all superflous expenses, you wouldnt be seeing a dime from it anyway. You should just go back to working and dont expect change. Your country has a malignant cancer that has spread everywhere.
+Pooh Bear That is my point tho! The people working shouldnt be giving to people who retired. I am saving my money and they were all in the same place i was....why would i pay for you because you did not save?
It is not hard to pay back loans. All you do is make the monthly payments and eventually it gets paid off, just like a car loan or a home mortgage. Why are student loans such a burden, but a 500 a month car loan isn't.
What they should do is have a waiting period, say 5-10 years. Give the students a chance to try to pay it back but if they really can't then just let them discharge it in bankruptcy. If it isn't going to work out let them get a second chance like other debts. Student loans (and child support) are the modern day debtors prison.
steve b You don't have the slightest clue on how money works do you? What you think is money, is in fact debt. Federal Reserve Notes, they print at free will and use as toilet paper, meanwhile we bust our asses to earn it. Then, these schools, and the crooks in the government make metric f*CK tons of money on the front end by securitizing the loans and then force you pay back with interest, keeping you a debt slave for the next 20-30 years. So please, who's really the stupid one here? The students who pay or don't pay????
steve b almost everyone can bankrupt most debts away but not everyone does. BK is necessary to our system to allow orderly relief from debts when there is no other way. Nobody is glib about filing bankruptcy. It's a second chance, a do over.
steve b Pay it back with debt? Money = debt, debt = money. The ponzi scheme behind gov't guarantees raised college education more than 1000% in the same time frame when inflation was not even a fraction of that. Therefore government intervention forced us to take out the loans in which they got from my signature via securitization, and fractional reserve banking. Meaning, I gave them the means to get the money to begin with. Get educated and learn that they didn't give you money. I don't ever remember getting a suitcase of money given to me to pay for school. Don't be an idiot and learn how the system works. Ever wonder why in other 1st world countries like S. Korea that college only costs on average $7k a year, and over here it's $50k? And to add fuel to the fire, they come over here, and the government pays 100% for their education, while American's can't do that! If you're not pissed off, then you're not paying attention.
"A crack" or "ajar"? After looking these words up in the dictionary (merriam webster and oxford) along with the subsequent - slightly and tiny - words, a door ajar or open a crack have an opening that's relatively the same. Hope to see more of you guys using this format. Great show! Great fun! Insightful and engaging, thank you!
First of all - it's not fully true that you can never declare bankruptcy to nix your student loans. It depends on the amount. Let's say you have 22K in SL. And 5 years into your loan you have a balance of 13K. In those 5 years - assuming you've been making your payments - you've established credit card credit. You could pay off the 13K - using your CC credit line then declare bankruptcy. You'd be foolish to do that - because you'd have bad credit for the next 7 years -but you could. On the other hand.
If you have 50K (or more) in student loans - then yes - even if you make your payments you're unlikely to get a separate line of credit to loan yourself into bankruptcy.
The taxpayers pay for the education and healthcare for me and many others. I got this by serving for many years in the US Military. Keep in mind that service members also pay taxes.
Say something about those federal income-driven repayment plans that make federal student loan repayment really reasonable and in effect allow any remaining balance after 20 years to be forgiven. Rather than trying to "hit a home run" by proving undue hardship, just take advantage of the repayment programs that exist. Some of these limit your monthly repayments to 15% of your disposable income which is that amount which exceeds the official federal poverty line amount.
The comment about not going to an expensive school like NYU would make more sense if there were good, reasonably priced options. In my state, state university is 25,000 per year for in state student. It is half NYU but it is NOT affordable to go to state university even. I have a law degree and a job at over 100k but I cant send my kids to state university without living with my family....dont blame students. school is too expensive!
they should offer debt forgiveness loans: a loan that would focus on repaying student loans to help them on the path to show they are in unduehardship to declare bankruptcy at an earlier date than now. just an idea
All knowledge and expertise should be shared freely. Groomed,coddled and cared for. Would you bill your children for teaching them things? My heart teaches me many things,and the lessons are free. When you don't pay for something with money, it's supposedly :"free". But the insult is that nothing of "value" is free at all...especially you.
A college degree is like gold. As the number of people with gold increases, the value of the gold decreases.
I used this same supply and demand argument regarding women being almost forced into workforce by feminist propaganda. But I was struck down as a sexist pig.
I know!
beautifully said, very true
Win!
Project Mayhem actually, You cant increase gold. Gold is finite. You probably meant federal reserve notes..
Stop going to high priced schools and try going to community college for the first couple years. Then switch over to a moderate 4 year college for the last two years if you have to get a degree. Start paying on the interest as soon as possible.
Most americans don't have enough common sense to go to a more affordable 2 year community college because we have been indoctrinated to go to high priced Pedigree Private Universities.
+prettysteeve47
Here in Tulsa if you went to school here (and a certain grade level I think) 2 years Jr college is free.
But many people don't do it.
Sure wish I had the opportunity to do this when I was getting my associates degree.
BlackWorldTraveler yes i went to TCC except mine wasn't free during that time :(. I don't understand why people don't take advantage of it go for marketable degree instead useless degree and rack up all this debt and complain how they can't find a job or pay back debt.
A few issues: if you want a prestigious internship, community college isn't going to cut it.
Most community colleges are already beyond capacity. Everyone that should can't just up and enroll. The school would collapse under the influx of students.
Ironic how they made this video next to one of the most egregious offenders for charging absurd prices: New York University
so true.
I wouldn't call that ironic, so much as fitting for a video on student debt. The location fits the topic.
Do you realize how high the salaries for their graduates are?
An NYU degree in many majors will lead to superior earnings! Those lead to the ability to pay of the debt more rapidly. My daughter was able to pay off hers before she was 30!
Exactly! It's a great school also.
2:52 "Undue hardship" is for people with disabilities that are so severe that they can't physically work. Not for stupid losers looking to scam their way out of repaying a debt.
watwat79 - Here here! The lady is not even making a valid point.
LOL!
So here I am with my degree, majored in 12th Century Norwegian Literature, and I'm having to repeat all day "Did you wanna supersize that"? Brilliant people!?!
+Firebomb1987Useful you say? Useful? What is useful is knowing how to say "Did you wanna supersize that"? Now we're talking "useful".
+pranksterguy1 That degree will also get you a job in Mcdonalds but you need to be flexible because there we say "would you like some fries with that?"
Welcome to the New America which is governed by liberal AND conservative extremist
Student loans are not like your mortgage or car loan. That is why they are treated differently in bankruptcy law. There is no asset to back them up - a.k.a. an unsecured loan. You are literally giving money to an 18 year old on their word alone that they will pay it back. What is to stop people from getting done with school and having no real assets declaring bankruptcy to get their loans forgiven? Nothing. That is why they are so hard to discharge is because there is nothing of value to take if you decide to go bankrupt.
No, they are treated differently because when the bankruptcy laws were re-written, congress abolished the opportunity to file bankruptcy for student loans. Please live and learn.
What about personal loans and credit cards?????
I suppose they can't take away knowledge
Hey Ben, I know someone who was able to discharge $50K in credit card debt. What asset was backing up that debt?
Credit card debt is unsecured to and is bankruptable. Going through bankrupty is a really bad event for the borrower. If it was bankruptable it would make lenders less likely to loan which would push college prices down. It would also make lenders more likely to work with debters buy lowering interest rates.
They should get rid of the high interest not the principal.
we have no interest on our loans in nz. it's sweet as
K Henderson It's the interest that is killing people.
The thing is these loans have no risk because no one can defalt on them. Even if the loanee refuses to pay the government will garnish the money. Colleges continue to increase tutition due to loans being so easy to get, because there is no risk for banks. If people could default on student loans you would see far less loans being given out, less students at colleges and tutition would go down to true market value.
Discharge the interest payment via bankruptcy, but not the principle.
Graduated in 2013 with $40k in student loans. Paid them off in 2 years. Ppl need to cut their lifestyles down to nothing, increase their wages, and just pay it off. I don't understand why my peers are so damn lazy.
+dung tran some ppl dont have $1,500 to pay towards student loan every month for 2 years,
dung tran That would work if people had a decent paying job. The interest is ridiculous.
axeblue I agree. Not everyone can get a decent paying job. I hate people who is able to pay their debt but loon down on others.
+tehagan37 if you know you're not gonna be able to pay it back then don't take it out in the first place
dung tran graduated in 2014 and should be done with my loans next year. So excited!
We should forgive debt for public school teachers and older siblings who have to take custody of younger siblings due to parental death or failure.
Twinkie Who's supposed to pay for that?
"I'll take 'Things Public School Teachers Say'" for a thousand, Alex...
They should have to pay double just for you being stupid
They have loan forgiveness programs for public sector workers. However you have to work for ten years in a given area. Also I’m not sure what happens to the interest if you drop out of the program.
@@shapeshfters forgot. 10 years, 120 payments. Must. Be in right payment plan. Must have picked right job. So far only 96/30000 have qualified...lol...
Student loan debt sucks, especially for undergrads but i think we sometimes treat it like a death sentence. It's not. We do a terrible job of teaching people the basics of financial literacy in elementary, middle, and high school. We need to start there and not when the problem has ballooned. That being said, and I know that this does not apply to everyone, my piece of advice to anyone who is collapsing under the weight of the debt would be to do anything within your (legal) power to get rid of it as fast as you can. Dave Ramsey is right. I had over $60,000 in grad school loans and paid it off in less than 2.5 years. It can be done. You can do it.
They don't want to. Like people on welfare and government assistance.
How about this. You say you are so disabled you can't pay your loan back, you forfeit that degree you say is useless. In a bankruptcy the bank takes back your house, your car, your rented furniture. Why couldn't the college take back your credentials? Especially since your saying it can't help you pay that money back
People should be required to pay their debt.
If anything, there should be a cap on the compounded interest.
Mark Cuban is correct about student loans. Students need to have less access to student loans. This will force colleges to reduce costs.
I’ll tell you how to get rid of it. Stop going to these high priced schools and go to community college. Do your readership. No need to go to a private school when you can go to a public school for a cheaper price. Look for any scholarships. Know how to MANAGE YOUR MONEY properly. You don’t need a brand new laptop, school supplies, new clothes, shoes, the latest smartphone, etc.
There's no reason why you need to attend a high priced university such as NYU and then expect taxpayers to pay your way when you don't feel like paying back the loans. Go somewhere else that's cheaper.
But why is that different from getting other types of debt which are forgiven when declaring bankruptcy?
Andre Lee When someone declares bankruptcy, the taxpayers are not footing the bill. In bankruptcy a judge oversees the disposition of assets to pay for non-performing loans, and perhaps approves renegotiated loans.
Chumpets on Parade with "Allegations and Negotiations:" Too Bad, So-Sads (who ELSE Protects Corporatist Cucz)? Thanks, "CaliforniaArchitect.":) STEIN?..JUST FINE?!:) FEEL THE BUERN and Be a Fan?!:D
+CaliforniaArchitect how does that make sense? Ppl in my family have declared bankruptcy & didn't lose anything- they just had a ton of credit card or medical bills, filed bankruptcy & got rid of it. then the medical/credit card companies probably just write it off as a loss on taxes- therefore hurting the economy.
Probably comes from a person who believes in hiring individuals based on what school they went too 😂 great irony.
Because their focus is on the fastest internet speed, the latest phone, $8 lattes and tattoos.
@Pmoose Travern any ink work?
Student loans kept the system from crashing. Increased the money supply so that other entities could keep existing. Money is created as debt. This is a fundamental flaw in the current monetary system. Fractional reserve banking.
Student loans are a choice!! There are so many greater avenues to going to school debt free such as scholarships, joining the military, employer tuition assistance. Loans are the lazy way to higher ed.
"get rid of" = you and I pay
I’m reading all these comments and it’s mind blowing how much WE are in debt. My loans add up to $136,078.98. I obtained an associates (community college), then a bachelors and then an MBA. By no means am I complaining, “ get rid of my debt.” My only gripe is that the interest rate be lowered and allow students to pay towards their principal.
I realize that these woman are walking through NYC and are not being harassed at all.
Romeo Reyes yeah, but they do have an obvious camera following them, and are in a group.
Maybe because a camera person is following them.
Letting an 18 year old borrow so much student loans should be a crime. Their success is not guaranteed
Go to an expensive 4 year college for a while and see what goes on at the frat houses and you will be cured of any compassion for the people struggling with student debt. They want to spend their college years partying and getting laid while accruing debt, then they should have to deal with that debt, not the taxpayers.
As someone who made that mistake (and I learned my lesson big time) I agree with that. Unlike the college drop outs, I actually finished my degree in 6 yrs instead of 4 though.
Can bail out Wall Street which crippled the economy but can't help people with student loans.
Capitalism's works, just saying.
My view has always been why should the blue collar workers have to pay for my Engineering degree? Wouldn't be fair at all. It would be like asking the poor to pay me to make more money than them. Federal student loans at 3.8% are extremely reasonable. Federal loans are enough for a good state school too. Also just a note, if you didn't qualify for some kind of academic scholarship you don't belong in STEM or arguable in college at all for that matter. Just the way it is.
Winston Churchill my federal loans were at 8% which sucked but if we could make student loans 1-2% that'd be really helpful and people would still have to pay it back
Bravo to the man recording this entire video while walking backwards.
Based on the speed they’re walking, I don’t think the camera operate is walking backwards. It would be tiring and difficult to do that long even with someone else guiding them. Im sure the camera is on a gimbal. The gimbal may be attached to something that rolls, or the camera operator is walking forward while shooting back over their shoulder.
Wow, we really have to pay back a student loan? Can't we get a do-over? This is harsh, we all need lawyers...
how about making it illegal for banks to lend this high priced unsecured money for school, for totally unqaulified borrowers? how is that ok and why do we not shut it down?!
almost impossible to pay them off? please... I paid mine off. Does no one in this new generation know about sacrifice?
Mike Stevens I paid mine off too but I only had $27k and I did it in 2 years with a pretty low salary prob half what these guys make
I would say that student debt is "unforgivable" becouse you GET knowledge, abilities, degree. If you want student debt to be forgiven, then your degree should be taken from you.
Stop getting debt you can't afford with degrees you can't make an money off. You can study Irish female movie star history at the local community college
or just dont do it at all, do online or something, everything's on the cloud these days
You borrow money, you pay it back. No one complains about not being able to repay mortgages yet they whine about how student loan is IMPOSSIBLE to get rid of and it’s UNFAIR.
You borrow the money for school... you pay it back.
Dave Smith So profound
Maybe Hillary and Obozo can help them repay school loans. Hope &
Change 😂😂😂😂😂😂
Sure, just eliminate the interest.
No one's going to pay, that's the beauty of it.
No one has to pay: just pay the principle.
You'll DIE in DEBT. Did they say a 65 y.o. man was trying to get a damn student loan debt discharged? 65 years old and he CONTINUES to struggle with a mountain of student loan debt. The realities of modern ENSLAVEMENT are: They don't discharge (1) student loans (2) child support payments, and (3) IRS tax payments. Be wise people. PEACE.
Many flat out don't pay it back and some forget about it.
Retiring baby boomers are beginning to be reminded by having their social security check garnished monthly.
No one twisted your arm to go in debt. Pay your bill
The audio on this is great!
an example of undue hardship is when you get diagnosed with cancer, and the doctor tells you that you only have 6 months to live
so basically, you,ll never be able to use undue hardship as an excuse to try to wiggle your way out of paying back your college debt
If you die you don't have to pay your student loan debt.
COco Yo yo unless you have a cosigner
I think the people who lended you the money have a soul collector so they can squeeze every penny out of you, even by selling your soul
As an international student I pay three times more than what the citizen of an X country can pay and I do pay it in cash. I still can not get why they do get student loan unless they are going for a law degree or medicine.
Why not just pay them off?
Kinda like how you pay off a house, a car, a credit card, and everything else in life instead of finding out a way to weasel out of them?
Before you attack me or give excuses, what in the world is stopping people from slowly but surely paying them off?
Many live at home and can only find low paying jobs.
Many highly educated grads are living at the SalyAnn.
In High school you should know what career you want to get into then go to college ONLY IF it will help get you there. You don't need an Art degree to do art. It is better to do freelance art project to get experience to do gain art experience. The ART degree means nothing and will not get you an ART job.
Sorry this format of a walking discussion/interview is a fail in my opinion. It is distracting and seems kind of silly.
Don’t borrow money!! Not for school, not for cars, not for anything. Here’s how to avoid student loans:
1. Apply for 1,000 scholarships. Literally 1,000. You’ll get rejected for 950 but you’ll get 50. If you get 50 at $2,000 a pop, you just paid for a very nice school.
2. Go to a community college the first two years.
3. WORK in school. You can make $1,500 a month delivering pizzas at night five days a week. The Average price of tuition at a state school is $12,000.
Saying you’re going to be in debt for life because you took out student loans, you’re just hopeless. That is absolutely ridiculous. Get on a written budget, work like a crazy person, and PAY. IT. OFF. Millennials call into the Dave Ramsey show every week who paid off their loans in a 2-3 years. YOU CAN DO IT!!
I think is awful people try to get them dismissed. You took out the money. You owe it. This is America. You can do anything and be anything you want to be. Work your ass off and get rid of it.
You get rid of debt by paying it off. Stop whining.
why are you taking useless degrees?
The banks are guaranteed, they have no risk. Navient received $37 of every $38 collected the gov receives $1, they have no risk only profits. The owner of Navient owns the largest private golf course on the planet. Wall Street treat bundled debt like bonds which is backed by the US government. It is a low risk high gain investment. The schools receive more money than ever, they have no risk.
So the people who bear the risk students and taxpayers.
The result is inflated tuitions and predatory lending, indentured servitude.
John Locke once wrote, "it is immoral to sell oneself into slavery."
The issue is the system is lopsided and immoral. There are many better policy solutions.
Has there ever been an analysis of how much is spent supporting a system like this rather than simply providing grants? Seriously if Navient is making this much profit why not create a simpler solution where there is no debt?
Where was it filmed? Looks like a really nice place.
A few years out of school ... and assuming you're making your payments on time ... and assuming your income rises as you change jobs ... and assuming you are keeping experian up-to-date with the changes in your income... and assuming your student loans total less than 25K ... and assuming you haven't consolidated your student loans into a single loan... and assuming your credit score is increasing... yes you can get rid of student debt by transferring money from your credit card accounts to pay off your student loans. You'll end up trading higher interest rate for total budget minimum monthly payment relief. But eh. You can get rid of CC debt in bankruptcy. But why would you want to declare bankruptcy?
Modern days slavery hahahaha! You want to get higher education very good! But you have to sell me your soul work for me forever. American dream world is following.
this was pretty terrible.
don't take debt that you cannot repay.. simple. Students are responsible for their own ridiculous stupidity, taking $100,000 in debt to get an English degree that they know pays only $30k/yr... irresponsible, and now they cry and want the rest of society to pay. Shame
Don't think someone will be able to pay off a debt? Don't give them a loan. Irresponsible lending, and now they cry and want the rest of society to pay. Shame.
the debt wouldn't be so bad if the fucking interest wasn't so high. They set my student loan payment at $200 a month but $180 was going to interest ($6 a day) so I got a second part time job to double my monthly payment I had less than $20k borrowed so I was able to pay it off sooner. I don't know how the people with $50-$100k do it!
I want to hear a student loan discussion about and by people who did everything right and are still irrationally impacted by their student loans. I worked through undergrad to pay for my living expenses and was very blessed that my tuition at a very inexpensive 4 year school was paid for by my grandparents. I went to grad school, which, across the board, doesn't vary much in cost between private and public institutions (I didn't have an in state option) for a very highly demanded, highly regarded, low-paying career (when compared to the cost of getting there and competition). If I lived on $1000 per month and paid every other cent into my student loans, I would have them paid off in six years. After 8 years of post secondary education (so I'm 26), I could start at 0/pay off my loans by the age of 32. Getting married, buying a house, beginning a 401K, having a child in no way fits in this life that I'm in. I understand that I'm expected to pay back the money. But we shouldn't force our millenials and gen Zer's into this hole to work out of.
My opinion is that Banks lobbying Politicians is the main cause. Which led to increase of the tuition fees so the banks can loan the amount at a high interest rate with a very air tight repayment system which turns students into their ideal slave.
Is it smarter for me to start paying it while I'm in college? At least some of the interest.
Ty so much. I work a min wage job so I have to do some major crunching on my needs and bills before I can start paying my loans off.
A very well done walk down the avenue chit chat piece. Excellent filming and conversation.
Americas and their debts are interesting because it's evidently a case of the blind leading the blind.
Side note, these two are lovers from careful observation.
Student debt is no harder to get rid of than any other kind of debt. Unless you learned how to create money out of thin air in college ANY debt is hard to get rid of!
good information, thank you. I like this format too
This was a very educational video. There was a lot that I didn't know about getting getting student loans discharged.
If we are just "opening a crack," then this is not really a big deal because most people would not be able to sneak into the crack anyways.
The first two things of the Brunner test seems fair and quite easy to do, but the last one is the one that makes that a ridiculous standard. They just need to get rid of the last standard on the brunner test.
Squirrel at 9:50 yay :). But seriously a good video, except that it is a bit long, especially wrt Bloomberg standards.
"Oh hey there, we're really intellectual and creative individuals because we can walk around Washington sq park and film in black and white while discussing the crippling student debt thats impacting not only the next generation of America but will nonetheless have an effect on the world. Oh by the way, we go to one of the most expensive and overrated schools in the nation where the student body consists of either kids coming from wealth or those taking out insane amounts of student loans...the thing we're discussing"
"Undue Hardship" ~ inability to cover basic monthly expenses(rent, power, food). Predatory lending/collection industry fuels desperation and tendency/propensity towards criminality.
Dont worry guys, we have a lot of University administrators out there giving themselves high-6 figures and 7 figures salaries. They will gladly accept to help out with your fucking student loans.... *cough*cough*
Student loans will likely never change cause if the bankruptcy laws are changed everyone would immediately file for bankruptcy as soon as they graduate and students would make no effort to pay it back.
You can get rid of student debt tho.. pay it off and stop whining for something you decided to do. Yeah, youre fucked but you got your degree. Fair trade off. Wether your degree helped you: that is another story.
Here's the overall system the older people have left behind for us, the presumed "leaders of the future":
1. go to college or university (because everybody told you to all your life)
2. get a student loan (because you or your parents aren't rich enough to pay)
3. graduate with degree & student debt
4. need to find a job right after graduating
5. nobody will hire you because you don't have experience or 20ish certificates they're looking for in applicants BECAUSE YOU WERE TOO BUSY EARNING YOUR FUCKING DEGREE TO DO ANYTHING ELSE
6. get shitty job with shitty pay instead
7. spend the rest of life barely getting by while paying off student debt
All the while the few privileged people or super lucky gifted geniuses get off clean with a degree and an actual livable start to a future. I was lucky enough to have a dad that could pay for everything, but I still live off of not much. I am so thankful I have no student debt, but I hate that this system exists. I hate that I have to see my friends suffer this indignity instead of living up to their potential their colleges and universities were supposed to prepare them for. Instead of a utopia where knowledge is valued instead of money, we live in a system that places priority on competition over cooperation. I live in Canada, but I bet it's even worse in America. THIS IS A DISGRACE!!!!
Sad how Americans are economically exploited and oppressed with taxes, bills, and way too much responsibility that they are Stuck with forever.
Freddy Bradley Sounds to me like your afraid of responsibility you damn child
People want debt forgiveness but then Congress needs a discussion about limits to those loans and how it can be spent. Students need a yearly finance class when they sign those loans.
I saw kids spend like kings and queens during college from luxury apts., to eating out daily, cars, spring break in Mexico and shopping trips.
Many of them will be able to land solid jobs to pay off their loans.
The people who can’t afford to pay the loans back need to be looked at closer.
I think a small fraction of people are truly hardship cases. 1/10 maybe
Like they said though you can’t still be spending on luxuries and claim bankruptcy or avoid consequence for those actions.
When you go through bankruptcy, you typically lose the stuff that you own. It is a little hard to lose the knowledge that you gained in college. With any loan, there is some kind of collateral involved. The collateral with student loans is the inability to make it just go away.
With all this knowledge out there now, and all the talk about it, why are people continuing to dig themselves such a hole?
Loaners will work until they die
Love the casual format
How about we only forgive my student loan debt?
Food for thought: we spend over a trillion dollars in Social Security and anyone under the age of 30 will never a see a dime of this money...if all the Social security assets were dumped into paying off student loans there would be next to no debt
+TheFallenPure why should the retirees who need social security pay off student loans for people who were stupid enough to willingly taken on a bunch of debt?
+TheFallenPure Dont worry, even if they decided to dump the military and all superflous expenses, you wouldnt be seeing a dime from it anyway.
You should just go back to working and dont expect change. Your country has a malignant cancer that has spread everywhere.
+TheChangNetwork Technically retirees wouldn't be paying it off, the people working and paying taxes would be paying it off.
+Pooh Bear That is my point tho! The people working shouldnt be giving to people who retired. I am saving my money and they were all in the same place i was....why would i pay for you because you did not save?
TheFallenPure
Its called community, so that old people dont end up dying on the streets.
I know, a truly foreign concept to americans.
It is not hard to pay back loans. All you do is make the monthly payments and eventually it gets paid off, just like a car loan or a home mortgage. Why are student loans such a burden, but a 500 a month car loan isn't.
What they should do is have a waiting period, say 5-10 years. Give the students a chance to try to pay it back but if they really can't then just let them discharge it in bankruptcy. If it isn't going to work out let them get a second chance like other debts. Student loans (and child support) are the modern day debtors prison.
Default risk is built into the interest rate.
Challenge the debt and get it discharged completely. learn the game, expose their fraud, and FORCE them to delete it.
steve b You don't have the slightest clue on how money works do you? What you think is money, is in fact debt. Federal Reserve Notes, they print at free will and use as toilet paper, meanwhile we bust our asses to earn it. Then, these schools, and the crooks in the government make metric f*CK tons of money on the front end by securitizing the loans and then force you pay back with interest, keeping you a debt slave for the next 20-30 years. So please, who's really the stupid one here? The students who pay or don't pay????
steve b almost everyone can bankrupt most debts away but not everyone does. BK is necessary to our system to allow orderly relief from debts when there is no other way. Nobody is glib about filing bankruptcy. It's a second chance, a do over.
steve b Pay it back with debt? Money = debt, debt = money. The ponzi scheme behind gov't guarantees raised college education more than 1000% in the same time frame when inflation was not even a fraction of that. Therefore government intervention forced us to take out the loans in which they got from my signature via securitization, and fractional reserve banking. Meaning, I gave them the means to get the money to begin with. Get educated and learn that they didn't give you money. I don't ever remember getting a suitcase of money given to me to pay for school. Don't be an idiot and learn how the system works. Ever wonder why in other 1st world countries like S. Korea that college only costs on average $7k a year, and over here it's $50k? And to add fuel to the fire, they come over here, and the government pays 100% for their education, while American's can't do that! If you're not pissed off, then you're not paying attention.
"A crack" or "ajar"? After looking these words up in the dictionary (merriam webster and oxford) along with the subsequent - slightly and tiny - words, a door ajar or open a crack have an opening that's relatively the same.
Hope to see more of you guys using this format. Great show! Great fun! Insightful and engaging, thank you!
First of all - it's not fully true that you can never declare bankruptcy to nix your student loans. It depends on the amount. Let's say you have 22K in SL. And 5 years into your loan you have a balance of 13K. In those 5 years - assuming you've been making your payments - you've established credit card credit. You could pay off the 13K - using your CC credit line then declare bankruptcy. You'd be foolish to do that - because you'd have bad credit for the next 7 years -but you could. On the other hand.
If you have 50K (or more) in student loans - then yes - even if you make your payments you're unlikely to get a separate line of credit to loan yourself into bankruptcy.
The taxpayers pay for the education and healthcare for me and many others. I got this by serving for many years in the US Military. Keep in mind that service members also pay taxes.
Say something about those federal income-driven repayment plans that make federal student loan repayment really reasonable and in effect allow any remaining balance after 20 years to be forgiven. Rather than trying to "hit a home run" by proving undue hardship, just take advantage of the repayment programs that exist. Some of these limit your monthly repayments to 15% of your disposable income which is that amount which exceeds the official federal poverty line amount.
Quit trying to break the 4th wall. We know everyone involved has read the required stories.
please make this a series
thinking about the cam guy walking backwards so long is making anxious
The comment about not going to an expensive school like NYU would make more sense if there were good, reasonably priced options. In my state, state university is 25,000 per year for in state student. It is half NYU but it is NOT affordable to go to state university even. I have a law degree and a job at over 100k but I cant send my kids to state university without living with my family....dont blame students. school is too expensive!
Funny these women with all this debt be the first ones to act like they are better than their man when they get the degree.
Wizard? 8:40
This is why our money is debt
More, please! More!
That was fun, keep it up.
I haven't been able to find work in 2 years.
they should offer debt forgiveness loans: a loan that would focus on repaying student loans to help them on the path to show they are in unduehardship to declare bankruptcy at an earlier date than now. just an idea
Everyone I know has paid their student debt off.
This entire topic is mute as the USA is planning to have Hyper-Inflation in early 2018 and that will wipe 100% of ALL debts.
The word is "moot".
You are correct. Thanks for the Grammatical correct.
Where’s this inflation?
she talks so slow and keep saying umm…. umm…. i can't deal
All knowledge and expertise should be shared freely. Groomed,coddled and cared for. Would you bill your children for teaching them things? My heart teaches me many things,and the lessons are free. When you don't pay for something with money, it's supposedly :"free". But the insult is that nothing of "value" is free at all...especially you.
Just do yourself a favor and check Dave ramsey on yt. You can thank me later
Instead of taking a student loan, just apply for a bussiness loan.
Quit crying and pay your debt no one twisted your arm