A comment which could only be made by someone who has never struggled financially. "Oh, yes I have," I can hear you reply, "I once had a kitchen remodeled and had to live with the countertops being slightly the wrong shade because it would have cost more to have them redone." See, when you're actually poor, expenses have a way of multiplying to match or exceed available income. You've never been there, so you wouldn't understand.
John Lasher "You've never been there, so you wouldn't understand." I feel that is an unhealthy mentality to have whether you are rich or poor. I agree with you that money can and will be tight from time to time, but I feel that most financial struggles can be avoided with a little foresight. A lot of people tend to spend outside of their means. But to those few who genuinely have a reason to struggle, I feel for them.
Anton Zuykov The banks were bailed out of 700 Billion dollars which is only 800 Billion short of total student loan debt. All you have to do is cut some military funding or... I don't know stop bombing random people in 3rd world countries for no discernable reason.
Michael Vorgitch Sixty percent of people that have new car loans are there months behind on their payments.Good luck getting someone to pay a car loan that was just forgiven for their student loan.Don't think that would end well.Once your car is repossessed and sold at auction you still owe the difference.
My career lasted only somewhat longer than it took to pay off the student loan. I wish I just got a job at the post office. I'd had made more money and I'd still be working.
They still say that. If you want to be a doctor or lawyer or engineer, that's one thing but if you want a secure living and you don't know what to do, get a government job or a trade job. Be a plumber.
*+Robert Holdgate:* Pieces of socialist culture have been tacked onto American culture, mainly to justify the existence and growth of a massive entitlements bureaucracy. The resulting drain on the US economy is strangling the affluent traditional American culture that preceded it, in part by design.
A person in America shouldnt have to go into lifelong debt just to get a degree and get a job and contribute to society. I racked up $110k in student debt to get a job that pays $50,000. The American way of life is dying.
Darren Krock They do not have to go into that much debt, they choose to. Earning a college degree and having good judgement is not necessarily mutually inclusive.
My wife and I both have college debt. I make enough to pay the loans and a mortgage, but I'm working a job that doesn't even require a high school diploma. Meanwhile, my wife keeps applying for jobs that require a bachelors degree but only pay 35k. I did learn a lot from college, but it didn't advance my career prospects.
Scott e The Post Office is hiring they pay more than 35k a year.But the job actually requires physical work and a lot of stress.More than people may think.
Kay Cutler and unfortunately what you don't realize is that there are countless people like me that only have a high school diploma and I make $80k a year working as an electrician for the state of NY, (I'm definitely not bragging I'm just trying to show that there are other options) SMH every body else in my family has Masters degrees and Doctorates making about the same money as me, but when you factor in there student loans, they might as well be making 40 - 50k a year.
The whole industry is a scam. You want people to pay the loans back? Give them jobs that make that degree worth it. I agree that it is a contract that should be fulfilled, but the scam is what needs to be addressed. We have a very highly educated cadre of baristas, pizza delivery drivers, Uber & Lyft drivers, retail employees...
James Dunkerson dont buy a worthless degree. You dont need a college degree or even a high school degree to make a 6 or 7 figure salary, its all about knowing how to sell something of value.
James Dunkerson sorry to hear a out tbe bad purchase. This is a successful business but they are praying on those to stupid and financially illiterate to know they are being bent over and rocked. If we are to ever fix this problem we must start by education our youth about proper financial usage.
Only if people are guided into the required fields (robotics, etc) Otherwise they will continue to waste their time and money on Comparative English Literature and expect to be able to do anything with it.
Larry Jones that makes no sense. It’s not about choosing whether or not to go to college. College is necessary, it shouldn’t be something only accessible to the wealthy. College prices are ridiculous, I should not be paying so much money for a class that only meets three times a week, half of my professors use the exact same power point every year and don’t even grade assignments- they use an online database that does it for them, which I also had to pay for. The point isn’t that we don’t want to pay anything for college (which would be amazing) it’s that we shouldn’t be putting ourselves in a debt that will haunt us for the rest of our lives for something as basic as an education. It’s not as simple as saying “don’t get steak, get a cheeseburger” if the steak is what will allow you to make a living. I’m disabled, I can’t work a full time minimum wage job, for me, college is not a choice, or is a necessity if I want to live an independent life.
Jared some students like me were defrauded by for-profit schools. Yes, I signed the agreement but they didn’t follow through on the school’s end. That’s why I applied and had my student loans forgiven.
I actually am self employed now had really low offers and may I should have taken one of them but I decided to work for myself. I did not need a degree for it at all. So after not being employed for 6 months I stopped and worked for myself. That was 12 years ago. I am however having a very hard time right now due to the economy.
Federal student loans should not have interest. The government shouldn't be making 6% interest on people's education. Especially since most college graduates cant find a decent job
Ok, since most college graduates cant find a job why are thry wasting their time with college? Thats a drain on the system and costs years of productivity. How about dont go to college unless you can afford it since its a waste of time?
nope, you dug your own ditch now lay in it. no one forced you to go to college. that was your fault. hint: never sign anything that says you owe money for life. maybe if you used your highschool skills you would of read that in the paper work.
The true problem, which all of these talking heads ignore, is that the feds allowed public universities and colleges to "jack" the tuition totally out of whack from the economy as a whole. I paid off my student loans under the 10 year period. I finished schooling in 1971, my total debt was only around half of my first year's income. That was reasonable; now students are faced with loans that are several times their starting salaries. It's stark raving insane!!
University are private institutions just like a hard drive company or what not. Governments don't legally have any rights to mandate university tuition fees.
It's a broken system. For the last 20-30 years, society has stressed going to college as a necessity when it is not. So they give us student loans and schooling, but where are the jobs that they've promised along with college?
Student Loan program don't want parents to know about Double Consolidation. If your (parent) and your child have student loans, you can do a Double consolidation and qualify for more lower payment plans.
What is someone forces the company to commit fraud? Since they are on the other side of the contract then are you going to do? The problem in this world is someone is forcing something. Then you have to reconsider your stance on the issue.
Sure , just stop paying. First you screw the taxpayers, then you can’t buy a home, rent an apartment, buy a 🚘, The loan is NEVER dischargeable , it follows you till the day you die, they can garnish your wages, even your social security. Oh yah, just quit paying your loans . You’ll show them!!!!!
Explain how paying a few dollars a month is going to help when the interest rate is probably much more than a few dollars? All the debtor is doing is acknowledging the debt so they can be sued later. What needs to be done is for the system to be returned to the way is was in the late'70's when I was in grad school. The money was sent from the gov't to the university. The university did not give me the loan; I only signed documentation that paid for the school and their fees. No, I did not get money for living expenses or books and supplies; the money was just for school. When I left school the interest rate was a flat 3%; it did not change. I was able to pay off the loan within a few years. The cost of the universities is exorbitant now and the interest rate borders on illegal.
Ryan Davidson So what? Nothing new. So they give billions away....what can you do about it? ..how does that stop you from getting an education? I still went to school and pursued a marketable career during a recession and mortgage loans reaching over 20%. Was fresh out of high school and had more important things to think about like my future. Rather save myself than the world. If you're a guy you better be more concerned about divorce,weaponized kids,and courts which is something in your life you can control.
BlackWorldTraveler I have had a lot of success, too. That’s not the point. The point is you help your own before you help others. That’s called common sense and our government lacks it.
Ryan Davidson What can you do about it? I've been to over 57 countries backpacking,exploring,Peace Corps,volunteering,etc... realized I can't save the world Family first with me and we network amongst each other. I'm near two universities and have a soft spot for the ones that work and take school/career seriously so I tip well and encourage them because I've been there. Best I can do. Doing fine without depending on government help. Just a tool if needed. Can't just sit around and wait for the government to make up their mind and do good things. I'm also apolitical. Life is too short.
Marsha Miller I took my medical assistant degree and now I’m a PCA and I care for the elderly in their homes and I didn’t need a college degree to do this job
Maybe because at the age of 17 or 18 you really aren't responsible enough or have enough life experience to realize what you're getting into when you take out student loans (after all of society beats it into your head for your entire childhood and teen years that you're supposed to). Then, as adults, we come to realize how predatory and evil private student loans are, and how awful they are when compared to other kinds of debt, which makes us feel scammed and manipulated. On top of that, most people don't make nearly enough even after college to justify the insane costs of their education, which compounds on our feelings of being cheated. On top of that, we come to learn how much better so many other countries higher education system is even though we grew up thinking we were such a civilized and progressive country. I mean, really the list goes on.
Rathernot Disclose also, great post. Very accurate. And dont forget they can't be claimed in bankruptcy. That makes it sound fair...br to get out of debt, but youre still in debt when it's complete...fair
Rathernot Disclose, You have now become someone else's easy money... You need to come to terms with the fact that we live in a, all for me none for you society.
Parents are brainwashed by media, and teachers who don't have any life experience outside the schooling system. What kind of advice do you think you'll get from someone who goes from school to college to teaching school? Most teachers are effectively children.
So at 17 and 18 they say they are very matured to vote which decides country’s future but well they are too young to decide something for them self .. get out of that victim mentality .. people in India China and other countries are working hard and here people just want to be victim !!
@@Kauffman578 depends on the degree. Business, engineering, law, and medical degrees are worth it. If you can get through school. Otherwise just go to trade school.
I’ve told my children time and again that their better off starting a business than taking out loans for worthless degrees. The borrower is a space to the lender is my message to them.
Dave Ramsey and Suze Orman have wonderful advice...college savings accounts! However, make sure that you save up for retirement first. You can get a loan or should we say a death loan for college or your daughter can get a scholarship, employer tuition assistance, etc but you can't get any of that for retirement.
Entry level positions, offering $12 an hour, wanting 5 years experience, preferably in software that is only 2-3 years old. Part-time, so no health or other benefits
Your employer will pay you what you are perceived to be worth. Your bachelor's degree in psychology means nothing to most business owners. Furthermore, you do NOT go to a four year university for anything that doesn't basically GUARANTEE you at LEAST 45k within six months of graduation.
It is. Theres apps that can teach you a foreign language for free and these courses on college require you to buy a $200 book on top of the class. Yes, we need to learn, but school is over priced and it under performs.
Anyone under the age of 21 should not be allowed to borrow money. Period. It's not legal to drink under 21, so it should be the same deal with debt. If you can't be trusted to hold your liquor, you can't be trusted to go into debt.
stfu. I'm poor and still pay off my loans and I got loans at 18 years of age. Just because the legal drinking age is 21 doesn't mean everything should be. If you want to get real technical, everything should be illegal until 25 because that's the age your brain is fully developed for the average person. A bunch of 16 year olds crash their cars so does that mean I should pay the cost and not drive at that age? I've never been in an accident. I am now 24. Your argument has no logic.
Does it ever bother anybody, the government was willing to give the banks a bailout, but wouldn't give the American public who owe student loans a big huge bail out and forgive everybody's loan
Robert san diego. The student loans are from banks not the government. Even the Federal Reserve is privately owened and has nothing to do with the government like most people think.
The banks were forced by the government to engage in risky behaviour. Then the banks, even the ones that did not need it, were forced by the government to take the bail-outs, because the government didn't want the markets to discriminate against the failing banks. You complain about the bail-outs, but would you want the government to stop insuring the money that you deposit?
After worrying ourselves sick like the boomers do for most of our lives, we've become completely desensitized to the peril of 'debt'. We don't buy in, and they can't stand it. What incentive is there to work your life away and struggle with your needs while the wealthy always WANT more? People have given up.
Danny Exactly! I refuse to be a tax paying debt slave to this society. I used to think this was the greatest country on earth. I’m not so sure about that now
So here's my thing, I dont want loan forgiveness or any income based repayment. I would like to pay back what I took out plus a little bit on top. I understand that these business have to make money. But taking out $44,000 bucks and then having it equal to $140,000+ after you get done making the minimum payments of 500+ 186 months. The government lets these greedy businesses get away with it and the American people are the ones who suffer. I'll probably will die with these loans under my name. "Well guy you should have saved up money and read the fine print". Well its kinda tough to do when you're pressured by family and friends of the family (along with society) to get a college degree to make something of yourself.
@Team Americana do you not see anything wrong with how much interest loan companies charge tho? I only had 3k in loans and I'm still trying to pay them off 6 years later, my balance hasn't budged. Loan servicers are predatory. People can't afford more than the minimum payment because we all have real lives and more important bills to pay. Going to college doesn't guarantee you a job that pays well. If you physically can't pay more than the minimum, there is NOTHING that you can do to combat it. You have no choice but to just take it and remain in debt.
@thatsmysherman "Well guy you should have saved more money and read the fine print." Not only should you have done that but also you "should have been working at least three to four jobs as well." 😒 Been there heard that. I feel like such a sucker right now.
We bailed the banks out and not Homeowners. Bail the Students Out and eliminate the bloated administration's. Streamlining the exponential growth of New College Administrative Departments will go a long way to solve this problem of Insolvency.
The thing is you can't file for bankruptcy, there is no 🏡 to goto foreclosure proceedings or a 🚘for repossession the 🏦 picked the perfect loans and will get their 💵💵💵 regardless
Pelosi & Co. have investments in banks that have millions, probably billions, out in student loans. Pelosi twisted the laws to ensure her investment stays strong.
ryvr madduck yeah real smart, you signed a contract without reading it. saying youd pay it all back with intrest and you habe the debt for life. you know thats how slavery started? you should of did a lot more reading as a kid.
unleashed rider, I never took out a student loan. I didn't have to back in the late eighties/early nineties. My four year degree cost me eight thousand dollars TOTAL tuition, books everything by the time I finished in 1993. I went to a local State university where tuition was sixty five dollars per credit hour, and I took some basic ed classes at the community college for about twenty five per credit hour. That eight thousand dollars will today only pay for ONE YEAR at the same school. THAT is the Pelosi legacy.
I think it's unfair to say this is for-profit colleges. State colleges are guilty of it too. They are expensive also and don't provide students with adequate education or experience.
K Gates College is not essential unless you’re majoring in engineering, medicine, stem, or science. I mean I’ve only graduated high school and live in Maryland; I’ve been able to gain well paying employment just off of work experience. I work in IT and all you need is a cert that cost little to no money. You can start out making 40K-60K a year. Mind you with no debt.
K Gates, you're so right. It's good to see there is SOMEONE out here who understands the BS witch hunt against For-Profit schools. They ALL charge too much, not just for-profits.
There should not be any interest rates on student loans. The government should not be profiting from interest rates, they should be profiting from educating their citizens. College should not be free, but the loans should not kneecap the students either.
Well, I agree with the no interest, but they should get something other than them being employed. Why not make it so they pay twice what they borrowed? Take it a small amount every paycheck, and the borrowers can decide to pay it off faster.
Jack Lan Actually, small businesses have been crushed by the loosening of regulations, which have tipped the scales in the favor or large corporations. The Telecommunications Act of 1996 is a perfect example.
And this is the thinking that made the government $20 trillion in debt. The government doesn't generate revenue with what it does, so it has to survive on taxes and is basically an economic black hole.
Mech now that is something that should change. In order for credit companies to make more money, they have advertised to businesses that paying to obtain your credit history will tell them if they should hire you. This disproportionately targets the poorest people, keeping them in the lowest paying jobs, and not allowing them to crawl out poverty. Shame on them for selling a lie, and shame on businesses for believing if you have dinged credit, you're untrustworthy. It's just such bs
make rent affordable maybe people will have the ability to pay. is ridiculous that people in their late 20s have to have room mates in order to live somewhere.
Stop going to college. Learn a trade or acquire certification through a community college. Work experience in my experience is more sought after than just a degree.
Also, the rules keep changing too fast for us to keep up. Most people went to college to learn trades because there were not enough jobs to offer them experience, and counsellors and enrollment salesmen told them they would be more competitive with more skills. A lot of skills learned on the job a few decades ago have to be obtained at the workers' expense now; it's another facet of how the cost of doing business is being externalized onto the worker.
What too many just do not get is that people choose not to pay them because there are more important things that need to be paid first such as food, transportation, housing, insurance, medical, utilities. When people are not able to earn enough to pay those basic expenses because the jobs just are not there. If they own nothing they are better off, as they have nothing to lose. Also many of the expenses that people have are mandated on them, how long will people go on like there is nothing that they can do when they are getting squeezed harder and harder each month?
David Gill They don't even hire based on your credit score anyway. Her comment is just plain stupid. If you have the quals and meet the criteria for a job, you will get hired most likely
You don't usually know somebody's credit score when deciding whether or not to hire them, but yeah, if I happen to know that a potential candidate has a poor credit score, that's probably going to be an automatic no. You can't handle your own finances, so how am I supposed to trust you with mine?
Yes, I’ll hire someone who majored in communications or kinesiology and racked up $50,000 in debt for it. I’m sure they are responsible and know how to make great decisions.
I was a teacher, change states and your degree is no good. Stop teaching until your kids are in school, credentials expire. I see dentists, lawyers MBA, and even engineers now out of work.
I'm really starting to think that colleges have bent us over with no vasoline. 80K in with minimal return on that invest. I didn't mention the bs classes that you have to take during your first two years. 90% of us don't even use any of that.
Yea Its Like I Get That You Need A Basic Understanding of Math, That's Important. But We All Have A Calculator In Our Back Pocket, So There Is Little To No Need For The Paper & Pencil Method & Technique of Finding The Answer. But Why 99% of People Need To Know How To Do Geometry, Trigonometry & Calculus Is Beyond A Waste of Time Outside of The Hand Full of Jobs Where That Is Required...
An easy way to solve this problem is to charge 1% interest to start with and if the person pays on time for a specific amount of time, eliminate the interest. The interest is killing these kids.
@@SalafiJustice Obviously you know about God being against usury but have not read much else in that "good book". For instance, those "who claim to be of our brother Judea but are, in actuality, of the synagogue of Satan"...have you read it? It's in there. Let me enlighten you as to whom Jesus was referring....Way back, these Kenites(the son's of Cain) were already busy inundating as the scribes of Judea and "keeping the books" for the tribe of Levites(the priests). They function today in many facets of "money changers".The Tribe of Judea today(Israel; The Jews) still continue to suffer much due to this blatant ignorance of the understanding of GOD'S Word. So , if you don't know truth, how do I put this nicely?...shut up.
go to college get a degree and work for 12 dollars an hour. could have done that without a degree oh by the way who gives thousands of dollars to a 20 year old with no credit no job and no money? a loan shark or government
I remember when I first started applying for student loans I thought it was weird that nobody wanted to know how smart I was or how much money I was likely to make after graduating.
When you've been told your whole life you need to go to college after highschool, what do you want to do? Most 18 year olds should barely be trusted to drive a car. Now they are signing for loans that cost almost as much as their parents houses they grew up in. I argued with my parents for months when I graduated highschool, I didn't want to go into that sort of debt. They pushed me into going, I graduated couldn't find a job, then I got sick with chronic pancreatitis, can't work full time, with 50k in loan debt, plus hospital bills I can't afford. It's not that I don't want to pay my loans, I CAN'T.
Sorry to hear you got sick. And I can relate I was sent to a college I didn’t want to attend but my parents did the same thing. Only difference was I’m not in debt (I worked full time or part time and took part time classes) did get hired and worked only to see my industry get outsourced. Changed careers and look back at it all and can say it wasn’t worth the money time or effort. Hope you’re getting better.
I thought I was different. I told myself I am a smart and a great peoples person I will easily get a job. I graduated two years ago and have filled out over 1000 applications at least. Nothing I work as a laborer basically for a family construction company making 16$ an hour. I spend 4 years of my life in stress to not be able to even get an office assistant job.
It's not going to affect the economy. What affects the economy is making it impossible to pay these loans, so we as young people can't enter society by being able to buy homes, cars, and grow families. The majority of us with student loans are desperate. We are locked into the industry that sold us lies and dreams. Private loans are what make up the majority of lenders. Private loans don't care about us, because they are still banking. We would pay our loans back and stay out of default, if they would just accept more flexible payments. And they don't. And no one cares that college has become a business and no longer a place for higher learning. Even small public colleges are charging more than they need to for people to attend. And loan companies thrive on this. And no one wants to regulate it because it only affects hard working Americans that want to still strive for the dream that we work hard and success will happen. But we can't get anywhere with unsustanible incomes that all go to student loans. How am I supposed to responsibly be an adult and pay my water bill when my entire check goes to my 1500 minimum loan payment every month. Guys I'm a teacher. I have a passion for teaching kids. And I'm paying for it when the only thing I did wrong was choose a local in-state college that told an 18 year old me my hard work would pay off.
The video made it sound like you could negotiate your loans and pay what you could afford. I was actually under the impression they could just garnish wages to force these loans to be paid. We all got free money from a bank with absolutely no collateral, just the promise we'd work and pay it off. If they they allow ppl out of these debts, banks have no faith in these loans, they will no longer make 'em. The industry didn't sell you anything really, its teachers and parents that tell kids to go to college...then just forget to mention that you should go into STEM to have a good chance at a salary. Perhaps the burden is on the students/parents to understand what their education really buys them...not the loan company, not even the school really. They taught you whatever useless major was chosen, there's no promise in ur acceptance letter that you will get xyz job. Having home, cars, family isn't really a right in the sense that the government should make sure you can AFFORD those things.
Karin Maaka; There was no where in my post that i had claimed that teaching is a useless major. Tho in USA, I don't think teachers are as in demand as you think, otherwise wouldn't they have a better wage?
I went to college and I repaid my loans. One of my sons is now going and we will help pay back his loans. I will concede that when I graduated the economy was way better. I was able to graduate with a business degree, move to Houston, find a job, get an apartment, buy a car, and shop for pretty clothes on the weekends because that is what was important to me. Now I see my neighbors kids moving back home and looking for work that pays minimum wage. New economic numbers coming out and being revised show that we may have entered another recession. I see this problem only getting worse.
I fear we are entering another recession. I'm 25, graduated with a business degree and live in the Seattle area. I was recently laid off and have been searching for a month now. Not one interview. It's really difficult to get a job. Basically, to get a good paying job you have to know someone in a company.
Not only was the economy much better years ago, cost of education was 40X more affordable in many states. In California college used to cost $20 a semester and this was till the 1990's in the Jr colleges and till the 1970's at CSU's. Problem with education and medical is the expenses have gone up many times faster than income or inflation. This is due to many factors, and with most things regulations are not setup for the best for all, but the best for a few that earn a large income from the regulations. Teachers earn about the same as the janitor, and it is the people that are in administration that earn the most. After all people are hired each time more regulations are imposed, but this is not the case when it comes to hiring teachers, doctors, or anyone else. After all the regulations and laws being enforced are far more important than the lives of all the people in this and most other countries.
E. Harris In Chicago, an apartment that was once $800-900 a few years ago is now anywhere between $1500-3000 and this isn’t even in a fully safe neighborhood. 😳
Let me stop buying food and heat and pay back my student loans. The government has raised the minimum wage to a level that 20 per hour is barely able to pay for a meager life. Money is worthless because the government has devalued it so much by handing it out way too easily. So student loans that were taken out when money was worth something and 20 per hour was a good wage are killing us because we now have to make 40 per hour just to keep up with money devaluation but most jobs still start out at sub 20 per hour levels. And they wonder why there is so much default.
with an attitude like that no wonder.....lol get into trades - they PAY YOU to learn and work. Takes no time at all to become a crew lead, making a lot of money. You'll never hand out a resume again, you will be contacted by companies that WANT YOU to work for them.
Student loans need to be able to be included in bankruptcies. Period. If they're not, it creates a moral hazard. It opens the firehose of money because all the risk is on the borrowers, and none on the lenders. When you mix that with an economy designed to outsource jobs and destroy the middle class, you end up with what we have... 300,000 waiters and waitresses with college degrees defaulting on their loans. If they reformed "bankruptcy reform" and started including student loan debt in bankruptcies again, it will pop the student loan/university education bubble freeing a bunch of financial slaves in the process. And that's a good thing.
The problem then is a college graduate can walk out the door and declare bankruptcy the same day they graduate. Most college students have near 0 in assets anyways.
The problem is when you receive so much mail from these lenders and then over the course of the years they are continually changing their names or are selling your loan to another lender. It's hard to keep up with who your lenders are. Then you look at the when payments (and you happen to have several of them from several different lenders), you are very much intimidated because your paycheck just might cover most of all the payments. But you won't be able to make rent, your car payment, feed the kids, and pay any other bills. It's not that we are not wanting to pay back or are trying to skip out and hold it to the tax payer. We are the taxpayers. It's that our wages are not sufficient.
I swear they're going try some messed up tactics to get them to pay or bring back debtors prisons. Possibly also preventing them from escaping by not letting them renew or apply for passports. This may turn ugly if more people decide to stop paying.
you can pay $10/month for 25 years under the new repayment plans, sure. in the end your loans are :forgiven" and you get a huge tax bill for hundreds of thousands of dollars because the amount is considered income for that year. WHAT A JOKE.
i had a friend who managed to pay for college with credit cards. soon as she graduated she filed bankruptcy. once her credit was in good order she got her masters. the system isnt set up for good honest people.
why would it be a waste? she has her degree and had her own apartment while in school. it is possible that she wasnt completely honest. so, i know that she had a good paying job that she wouldnt have gotten without school. that was after bankruptcy.
zylons1191 This. When I first got my price for school, they gave me a "need based" award on my package. A few months later I had applied for and received another government grant just a bit larger than this award. After enrolling and receiving an official notice of the amount of aid I was getting with the government grant included, the goverment grant had essentially replaced my need based grant and I was still paying the same amount as if the government hadn't stepped in. The reason that college prices are so high are that there is such a high demand for them and that colleges know most students can get loans so easily. And they know that the low income students who can't get the loans will have the difference paid off for them by the government as well. The cost is so high because there has been artificially created demand that does not really exist. The only way to fix the problem is to lower demand by either A. Making high schools teach ACTUAL skills that employers will value fresh out of high school or B. the government needs to stop guaranteeing loans so that more students are hesitant about going to college with its high price and will choose more cost effective educations like community college, goading 4 year schools to lower tuition to get them back.
From The Little River sorry to hear that, moving may be your solution. A lot of jobs have moved to other states with better business friendly regulations
Student Loan program don't want parents to know about Double Consolidation. If your (parent) and your child have student loans, you can do a Double consolidation and qualify for more lower payment plans.
The worst part is, over 60% of all jobs in America, used to be on the job training. When the late 1990s and early 2000s came around, Clinton started passing laws making everything his generation got for free, now cost over $30,000 with the new certification laws. The majority of jobs that pay above minimum wage, now requires a degree. I remember my older brother who was Gen X getting grandfathered in. I thought I could get on the job training as well, but nope. I gotta get into $30,000 dollars worth of debt for something that used to be free. Bush was no better. In fact he was worse. Not only did he expand the fields of study that would require degrees, he also wanted a war with Iraq. But he had no money to do it with, so he went to China. China said sure, but we want over half of your blue collar jobs sent to us. And what does Bush do? He goes right ahead with it. These were all boomers that made these laws up. So many boomers were out of work at the time, either because they sucked at their job or were let go, but they still needed an income. So they pushed for the certified laws to be put in place, so they will be the ones teaching the classes. So we do what our parents say and listen to our elders, because they know whats best. We go into these colleges, get into massive debt, then get out hoping to find the job we went there for, Just to find out, that the vast majority of them, have been sent overseas. So I don't wanna hear about the stupid phrase "Listen your elders, they know whats best" ever again. And nope, I didn't go into the liberal arts, and anyone that did, is an idiot thinking they're gonna find a job in that field. I went into CNC Machining, and AutoCAD, constructing metal crates and cargo containers, just to graduate and find out that those jobs are no longer available. They have either been sent to China, India or Mexico. So you would think, the boomers could have at least left us the minimum wage jobs, or anything else that was still around which hadn't been sent to Asia. Nope, boomer democrats needed votes in order to beat Bush. So they invited the entire third world to come in illegally and take what was left, as long as they vote democrat. And now they wonder why millions of students are defaulting on their loans. There's nothing left, they handed it all away, because of their own selfishness. Not to mention raising taxes on us, because so many of them haven't prepared for retirement. So they're now living off of our last nickel and dimes, forcing us to pay into social security programs. The same social security programs that will not be around when we reach their age. You would think, maybe they could at least pay a little more in taxes, to maintain their own good. Nope, wrong again. Good luck finding a politician that will raise taxes on those over 65. Any politician who does, is immediately seen as an evil monster that wants to throw granny off the cliff, instead of making sure her medicare is getting paid. So, they instead pass it off to the rest of us. Both Dems and Repubs do this shame game, whenever it comes to seniors paying for their own well being. Because we can't have seniors paying for their own things, oh no. We'll just sacrifice their children for it.
Hennessy Blues I am from India and believe me you only need a iti degree for most factory jobs and also the education is relatively cheep you pay only hundreds of dollars at most per semester unless you study in private institutions those are very costly
Just forgive all the damned loans already. Yes, I paid back tens of thousands in loans, but I support writing it off for the good of the country. Let's make higher education free for all who are qualified. Enough of the horrid present system already.
And my son is paying his student loan for his masters in Elementary Literacy, but works overseas because the pay for teachers with advanced degrees is in his current country, pays over twice what he can earn in the US. So a man with incredible education whose goal is to teach youngsters to love reading for the sake of reading is lost to students in the US. He also has a passion for teaching grammatically correct English.
So how exactly is "$10.00" a month going to pay off the continuous acquiring interest rates that keep stacking up on the student loans? How exactly is paying a small amount towards the debt going to make it go away in the long run? It won't and here is why. Unless you have a good paying job, own a successful business with an annual income of at least 6 figures, or heaven forbid win the lottery for millions, no one is ever really going to pay off debt. It's just a way for the government to collect more money from folks who were promised great jobs, from some degree, at some college, which in turn didn't really teach them much of anything for starters.
The idea is give them something to keep your credit score afloat. It's not working. People know they were scammed and are refusing to pay. Some go overseas and start a new life.
keygoshima - it's not, but it lowers your interest and makes the account current after the program. Depending on the amount owed, you can pay of off and don't need a 3 figure salary.
How about not being in debt slavery? It's literally impossible to get out of student debt, so the next best thing is to not pay.... It's not all about pride, how about the fact that something may happen, and you literally cannot make enough money to live let alone pay back a loan that's probably thousands of dollars.
For anybody going into College or University look at the job market first. Job market doesn't need business men or artist or dancers or etc. The current job market is looking for engineers and medical professionals. What I mean by that is you will have a much greater chance of finding a job by choosing one of those two majors but it's not allows guaranteed.
He means we don't need people with stupid business admin degrees. Of course we need industrialists and entrepreneurs! But, you won't learn how to become those two things by getting a degree a MBA or business admin degree. Get a STEM degree or get certified for a less than $1k and start your own business.
the job market only needs slaves and that is the purpose of college creating indentured servants. as far as engineering goes yeah they'll hire you for $12 an hour as an independent contractor..........
bussiness administration or management degree is the most worthles degree ever but finance and accounting can provide a solid career......other than that stem is the way to go and even with a degree in that nothing is guaranteed.
I disagree. As long as you know your major probably wont help you in getting a job, have all the fun in college as long as it last. Just make sure mommy & daddy can pay your bills or some can after college
I thought going to college would give me a better future. On TV, they advertise "finding success" by attending college. "Make a better future for yourself at SoandSo College." Bunch of bologna! You do better buying college yourself. In high school kids, LITERAL KIDS, are vehemently encouraged to go to college, and if they don't, they'll "struggle for the rest of their lives." I don't mind paying back my loans, but the schools don't tell you that you will be paying back at a rate that's unaffordable to you, and I was 17 years old when I fell into the trap. If I'm only making $1,000 a month, but I have to pay $300/month, how am I supposed to live?
If you have the drive and smarts and energy, university will only waste your time. I am fed up with how so many brainless kids are getting lied to, as if a degree is in fact the ONLY way to a secure future. It's not and never will be.
You earn your degree but theres still a competition to get the job because there are many other candidates for that same job with the same degree that you have but with more 'experience' than you. So you cant get the job with no or little experience but your still expected to pay back your student loan..what a scam...
Immortal 86 its called survival of the fittest, evolution, trust me its good thing. By the way going to college doesnt mean you are buying a job, you are buying the possibility of education but not the promise of education or a job.
I think most people with student debt want to pay it back even if their degree is not paying off. I don’t believe people just go like... “it’s going to mess up my credit but I don’t care, I’m not paying.” If they do not pay is because they are not able to
The van life is better. You can park by the beach, the mountains. If you go grocery shopping your house is already with you. If you go to work, your home is already in the parking lot.
Correct make a Financial offer so lucrative for the borrower that if they for fill their end a large portion will be wiped out. Still only those who wanted to have good credit will bite. Or have other good existing debts current and paid.
I had a loan with American Education Services... for $88k, I stoped paying, I did it to pay rent and buy food, I had to make a choice.. Years later they took me to court, and lost. I am happy that I no longer have to pay that company.. In the 7 years I paid them they got 60k out 60k loaned, just lost out on their loan shark interest. Which would have went on for 30 years. Student loans are sucking the life out of people. Go to school for years, have 5 years worth of income owed. Take 20-30 years to pay off... That sounds like a terrible situation for anyone. And buy the way the area i live in.. the rent went up 45%.. but wages didn’t... WALL STREET JOURNAL, GO LOOK UP AMERICAN EDUCATION SERVICES AND THIER BAD BEHAVIOR...
I won in court because the attorney used the wrong name on the law suit for their end. Also they had 0 documents. Just my name address and a dollar amount
Why O Why: I can tell you with 100% certainty who you voted for. You don't think your name isn't on some list somewhere of your default. A banker never forgets, and never will. Alexandra Ocasio-Cortez could get elected the next president and it wouldn't change anything. Because banks have figured out, that socialist have no money, and never will: and that if the socialist do want any money, they will have to pay for it in blood. The rules have changed my friend. There is no such thing as a free lunch: never was, never will.
Na, if you research European education they have a huge crisis right now. The immigration is a huge issue. The crisis is to make money most people that work in higher fields go.to other countries to avoid the taxes. So the people that actually make the money to pay in the system work outside the nation.
What many people dont understand if you dont attend the 'right college' or get the 'right' degree you are essential wasting your money. Many people who are poor or dont have parents who had attended college often dont have the guidance to make the best choice of what is best for their child. I grew up poor and I only attended community college but I graduated in a field in demand, computer science and its worked out for me. I never had any student loans as my college was inexpensive, maybe 350.00 or so a semester and I worked at factory on 2nd shift. I feel for the young people. Many should really think about attending trade school, as the trades pay well and they are not being outsourced. I could have easly been an electrician but in my day they trades were talked down, which is nonsense. The other issue is many colleges are not all about learning but the college experience, which is great if your family has money.
@@neftalicortez2625 Not tell you get your juernyman. Witch can take years before you star making a good living. The same amount of years it takes to get an engineering degree.
I agree. something to fall back on. Your words have alot of humility and intelligence about them. you are right and that's the reason you were blessed not to be in student loan debt.
the stress of being in debt is crushing for many people. So many young people are carrying huge debts at a time when they should be enjoying life and saving for their first home. A much more sensible debt is. Mortgage
Iain Dennis a mortgage is not a sensible debt. You don't need a mortgage to continue to live life. A house is a luxury in the grand scheme. Ps: I live in my vehicle and work full time, my "home" was paid off for 3 months salary. Can live wherever I wish and move jobs wherever and always be minutes away from work, it's awesome. I like having money in the bank more than debt on paper.
Snow 123 change your view on life. Jobs just to get money are for the brainwashed. Quit your job and find your work. Stop looking to others for your happiness then maybe you will find peace.
Snow 123 whatever you want to be your reality my friend. Don't strive to be a man of success in a job, but be a man of value. nobody can take that away.
Pretty much why I never went to school after hs. I have friends still in major debt. I've been working a average paying job for about 10 years and bought my house with that money. I don't live a rich life but I survive and am closer to being debt free than most of these people.
What will motivate us? How about keeping your end of the bargain with loan forgiveness programs? (It takes 6-9 months just to process the applications, and they’re riddled with problems) How about not charging nearly 7% interest that capitalizes every year? The government IS a predatory lender.
sounds like my student loans.. borrowed 30k.been in default once. will be again soon as my next job looks like burger king.ive only managed to pay back about 15-20k. i now owe almost 50k...i will die with this debt. my fault for dropping out instead of finishing. wish there was an interest limit or something. my last payment plan was almost 300 a month set to increase over time to 600 a month. still cant believe i didnt finish. dumb dumb dumb
I finished two unrelated programs and still can't get any job better than BK or McDonalds, these people hire anybody and a degree in not required. Its funny because some of the crew have more education than the GM LOL
With Trumps 200 Billion he gave to the Military we could have funded ( Free College, Free Healthcare, and would still have 130 billion left ) Republicans say we dont have the money for it..... we would actually save money
My father makes $100k a year working for CSX as a train dispatcher (think air traffic controller, except for trains). He never went to college, but makes 3x more than I do. So how can an uneducated, and unskilled worker make more than most college educated graduates? To be honest, I'm going to have to say the employer. While my father has worked hard on his own merits and deserves the fruits of his labors, my grandfather did the same thing with no college education and formal training. Neither one of them ever had to intern or volunteer at their workplaces either. So how did these high school graduates make more money than most college students? I think it has to do with the the employers' attitudes today than in the past. Employers today want highly educated workers, but they set the standards almost too high, with no real training programs set in place. Most job listings have such ridiculous expectations (ex. Work this many years in this industry, have this kind of experience, this degree, etc.) that it makes hard to try to live up to those expectations. So I must ask, why should we have to live up to these high, almost unreal expectations when past generations could get hired without college degrees? *Note: I am in no way condoning those who have chosen not to pay off their loans. I am merely stating an observation, and opinion. Be responsible, and pay your loans off.
@@davidgill3356 that her dad and grandfather making more than her her. Even though she holds a degree while they don't. You would think it would be the opposite
Alex To go why would you think that? Depends on what the degree is in, depends on what value she creates and how competitive her field is. Id say the root of this problem is that people think a degree in and of itself is worth something or entitles you to something. Her father and grandfather were part of a huge commercial cog that generates billions of dollars. They do a job where a mistake on their part can cost thousand or millions, not to mention putting lives and the environment at risk. They make good money because they provide a valuable and critical service that takes extensive training and experience to do safely and efficiently.
I would take 5 years in a prison labor camp in exchange for cancelling half of my debt and reducing interest rates from 6% to 3%, but I'm just a lazy entitled millennial.
And let's remember that all the Baby Boomers who call us "entitled millennials" went to college practically for free. My uncle went to USC in the 1960s. Guess how much his tuition was? 0. It's also worth noting that the Democrats tried to reduce the interest rate on student loans but were blocked by the Republicans. Vote Blue.
Randy M prison is forced labor too, screw it man. Just live an all cash, under the table life. Wait it out and the loan will be sold to collection agencies who offer better payment deals. I was offered to pay back half my loan but it's still 125k that I don't have and if I did I would spend it on a home, screw the loan company. Go get it from the school that lent it out and promised me a career!
You definitely dont want prison, buttrape is no fun from what i hear. Better to simply leave the reservation! I hear haiti is nice this time of year. Legit. Maybe the answer is for those of us who want to make life better, leave, and go somewhere that actually wants to be better. Seems to me this country WANTS to rip itself apart. Maybe its time to step back and let it happen. Viva la mexico!!
But ..... the shiny drones ..... with auto stabilization, wide angle lense, 5 hours of continuous flight time and missiles ..... the flying boom sticks
Oh what? The retraining meme didint pay off? The conception that nearly the entire economy could move to college educated positions didint work out? Who could have guessed.
Man, I love listening to interviews with non-politicians where the interviewee actually answers the exact questions he was asked and does not resort to an onslaught of logical fallacies to avoid the truth. As for student loans, what the system really needs is a 100% default rate. Then legislation WILL be passed. I just checked the University of Maryland webpage. When I got my degree there I paid in a little over a grand a year to study full time in-state. Now it's close to $11,000!!! Shame on them!
You lost me at "what will motivate them to start paying it back."
It's not a problem of motivation. It's a problem of not having the money.
A comment which could only be made by someone who has never struggled financially. "Oh, yes I have," I can hear you reply, "I once had a kitchen remodeled and had to live with the countertops being slightly the wrong shade because it would have cost more to have them redone."
See, when you're actually poor, expenses have a way of multiplying to match or exceed available income. You've never been there, so you wouldn't understand.
@John Lasher Bingo! If one doesn't have it to give, you can't pay it back.
John Lasher yeah it feels hopeless
John Lasher "You've never been there, so you wouldn't understand." I feel that is an unhealthy mentality to have whether you are rich or poor. I agree with you that money can and will be tight from time to time, but I feel that most financial struggles can be avoided with a little foresight. A lot of people tend to spend outside of their means. But to those few who genuinely have a reason to struggle, I feel for them.
Adrian the Great I’ll agree to that
You can bail out the banks millions in debt but not your people
Anton Zuykov The banks were bailed out of 700 Billion dollars which is only 800 Billion short of total student loan debt. All you have to do is cut some military funding or... I don't know stop bombing random people in 3rd world countries for no discernable reason.
The logic (even though ridiculous as it may be) is that the banks provides lots of jobs to people. If they crumble, then the economy collapses.
Ding ding ding ding ding!
Mike McGlock so forgive the loans and they will buy houses and cars, things that stimulate the economy more than bailing out the 1 percent.
Michael Vorgitch Sixty percent of people that have new car loans are there months behind on their payments.Good luck getting someone to pay a car loan that was just forgiven for their student loan.Don't think that would end well.Once your car is repossessed and sold at auction you still owe the difference.
Idk if anyone has noticed, but our generation is really pissed off about that bank bailout
Ahvay Carlton
you should be.
If they dont like to pay for other peoples mistakes then they should ask for more socialism
Why does this generation take the loans knowing they chose a worthless degree in today's economy. Grow up!
You should be more pissed off about 911.
Banks had to pay back the money; the bank bailouts were not a get out of jail free card.
Getting a college degree was the worst financial decision I have ever made.
My career lasted only somewhat longer than it took to pay off the student loan. I wish I just got a job at the post office. I'd had made more money and I'd still be working.
They still say that. If you want to be a doctor or lawyer or engineer, that's one thing but if you want a secure living and you don't know what to do, get a government job or a trade job. Be a plumber.
Yeah. Be a plumber. Yesterday I had to pay a plumber $800 to replace a water heater.
Yup. Good money plus training, certification, unions sometimes. A real ladder to climb.
Yeah. I'm really upset about it.
They CAN'T pay it back. Simple.
Derek Williams don’t get bs degrees
Trading Wizard again don’t get a bs degree like liberal arts
zack9912000 Great solution, cut away pieces of our culture because it doesn’t fit into the machine
*+Robert Holdgate:* Pieces of socialist culture have been tacked onto American culture, mainly to justify the existence and growth of a massive entitlements bureaucracy. The resulting drain on the US economy is strangling the affluent traditional American culture that preceded it, in part by design.
I could but will not. Principle.
A person in America shouldnt have to go into lifelong debt just to get a degree and get a job and contribute to society. I racked up $110k in student debt to get a job that pays $50,000. The American way of life is dying.
Who's fault is that you spent so much on a useless degree?
Darren Krock
They do not have to go into that much debt, they choose to. Earning a college degree and having good judgement is not necessarily mutually inclusive.
That SUCKS. I never stepped foot in a classroom. Learned a trade. $86K this year. Only going up.
@@nicksmith8166 What do you do? What trade? :]
Crazywaffle5150 im guessing something electrical they pay very well
My wife and I both have college debt. I make enough to pay the loans and a mortgage, but I'm working a job that doesn't even require a high school diploma. Meanwhile, my wife keeps applying for jobs that require a bachelors degree but only pay 35k. I did learn a lot from college, but it didn't advance my career prospects.
Scott e what do you do for a living ?
Kevin Schmidt basket weaving :) pays 7.25 an hour. Awesome degree, you should go for it
Good on you for paying them back.
Scott e bet you wish you learned a trade instead.
Scott e The Post Office is hiring they pay more than 35k a year.But the job actually requires physical work and a lot of stress.More than people may think.
College, the most successful Ponzi Scheme ever......
Yes!
Kay Cutler and unfortunately what you don't realize is that there are countless people like me that only have a high school diploma and I make $80k a year working as an electrician for the state of NY, (I'm definitely not bragging I'm just trying to show that there are other options) SMH every body else in my family has Masters degrees and Doctorates making about the same money as me, but when you factor in there student loans, they might as well be making 40 - 50k a year.
80k in New York isn't very much, at least not in Brooklyn or Manhattan.
Went to trade school paid my debt in 3yrs
@@mecca3000 80k in NY, that ain't chyte so glad you are not bragging
Banks got bailed out students got sold out!
you can't run a country without banks .... easy money was to easy for some students ...
@@reference2me what? There are lots of banks, those are private entities, let them fail and close down
Where have I heard that before?
@@randymorrison1761 We are the 99%
@@reference2me GOP is all about the free market until its their money at risk.
The whole industry is a scam. You want people to pay the loans back? Give them jobs that make that degree worth it. I agree that it is a contract that should be fulfilled, but the scam is what needs to be addressed. We have a very highly educated cadre of baristas, pizza delivery drivers, Uber & Lyft drivers, retail employees...
James Dunkerson dont buy a worthless degree. You dont need a college degree or even a high school degree to make a 6 or 7 figure salary, its all about knowing how to sell something of value.
Jmn9998 way too late!
James Dunkerson sorry to hear a out tbe bad purchase. This is a successful business but they are praying on those to stupid and financially illiterate to know they are being bent over and rocked. If we are to ever fix this problem we must start by education our youth about proper financial usage.
Jmn9998 except over half of all jobs will require a BA by 2020, the fact is we need more people to graduate collage
Only if people are guided into the required fields (robotics, etc) Otherwise they will continue to waste their time and money on Comparative English Literature and expect to be able to do anything with it.
"The government is wondering what will motivate people to pay it all back."
Answer: Nothing.
That's so ironic, because I'm sitting out here wondering what would motivate the gov't to start making good on some of its promises, too.
A revival of middle class wages.
How about garnishing their checks?
what checks? people who are unable to pay their loans also just happen to be below the garnishing threshold of mean poverty anomaly
again look at the previous comment
Heres a solution: Dont charge as much for college. Prices are ridiculous!
Here's a solution...if you can't afford steak, then have a cheeseburger.
Larry Jones that makes no sense. It’s not about choosing whether or not to go to college. College is necessary, it shouldn’t be something only accessible to the wealthy. College prices are ridiculous, I should not be paying so much money for a class that only meets three times a week, half of my professors use the exact same power point every year and don’t even grade assignments- they use an online database that does it for them, which I also had to pay for. The point isn’t that we don’t want to pay anything for college (which would be amazing) it’s that we shouldn’t be putting ourselves in a debt that will haunt us for the rest of our lives for something as basic as an education. It’s not as simple as saying “don’t get steak, get a cheeseburger” if the steak is what will allow you to make a living. I’m disabled, I can’t work a full time minimum wage job, for me, college is not a choice, or is a necessity if I want to live an independent life.
And do not lure 17-18 year olds to take extraordinary amounts of loans. This is fraud and moral corruption.
Rent or debt payment. You tell me.
Jared some students like me were defrauded by for-profit schools. Yes, I signed the agreement but they didn’t follow through on the school’s end. That’s why I applied and had my student loans forgiven.
Jared being honorable doesn’t stop you from being homeless. Any person with a brain would pay their rent before a student loan
@Ambition Freeman why lie to us about it? We dont know you
Yes
That’s not even a choice but pretty soon they are making it that you won’t afford either.
56,000 in debt and never got a job in my field.
Joey Guillen What did you major in?
A B. S. in Network and Telecommunications Management
Joey Guillen That sucks. Maybe things will improve as economic growth is up and more and more people use techonology.
I actually am self employed now had really low offers and may I should have taken one of them but I decided to work for myself. I did not need a degree for it at all. So after not being employed for 6 months I stopped and worked for myself. That was 12 years ago. I am however having a very hard time right now due to the economy.
Joey Guillen ohh my that's bad but then again not surprised
Federal student loans should not have interest. The government shouldn't be making 6% interest on people's education. Especially since most college graduates cant find a decent job
Money is not free you idiot. Someone has to pay interest.
Ok, since most college graduates cant find a job why are thry wasting their time with college? Thats a drain on the system and costs years of productivity. How about dont go to college unless you can afford it since its a waste of time?
Mark Gorman- Education for young people should be free you moron.
@@markgorman4805 Money is not free but you can spend $700b a year to bomb people in third world countries
@@donhouston916 We should not bomb either. It is not a binary choice.
if you can bail out banks you should be able to bail out students
Auto Industries were bailed out.
federal reserve bailed the banks. oh, btw the federal resrve isnt a government entity...
nope, you dug your own ditch now lay in it. no one forced you to go to college. that was your fault.
hint: never sign anything that says you owe money for life. maybe if you used your highschool skills you would of read that in the paper work.
SPC FUZZY You guys do understand that when the banks got bailed it out it wasn’t just the big guys getting saved ? Who has money in the banks ? idiots
Big Red really you believe that? Do some research?
I'll pay when wallstreet pays back all the money they took from the bailouts.
Amos Johnson thats the spirit
Amos Johnson Or how about the 2 trillion our government borrowed from Social Security?
Amos Johnson best answer!
Have obama print up some more money to hand out since he's so good at it.
Socialist security money has always been treated like general revenue since it was implemented. There's no account of money stored away for you.
The true problem, which all of these talking heads ignore, is that the feds allowed public universities and colleges to "jack" the tuition totally out of whack from the economy as a whole. I paid off my student loans under the 10 year period. I finished schooling in 1971, my total debt was only around half of my first year's income. That was reasonable; now students are faced with loans that are several times their starting salaries. It's stark raving insane!!
Yup this is a big problem. Although I suppose you can't rly control the private schools jacking up the prices
University are private institutions just like a hard drive company or what not. Governments don't legally have any rights to mandate university tuition fees.
@@y0ungj0m Private bodies respond to incentives.
It's a broken system. For the last 20-30 years, society has stressed going to college as a necessity when it is not. So they give us student loans and schooling, but where are the jobs that they've promised along with college?
Auto mechanics, plumber, electrician, welder, etc.
Yay school ...... a way to give people depression, poverty and well a piece of paper
Should let no account plebs infest universites
Move to China, like the jobs did!
Student Loan program don't want parents to know about Double Consolidation. If your (parent) and your child have student loans, you can do a Double consolidation and qualify for more lower payment plans.
when people stop playing your game you are going to lose any power you had over them.
What is someone forces the company to commit fraud? Since they are on the other side of the contract then are you going to do? The problem in this world is someone is forcing something. Then you have to reconsider your stance on the issue.
Curt Brennan or you can just take the car and screw them!!!!
They have a lot of money.
Curt Brennan Capital REDISTRIBUTION!!!
What a concept.
Until they come seizing your property, if you have any, that is.
Sure , just stop paying. First you screw the taxpayers, then you can’t buy a home, rent an apartment, buy a 🚘, The loan is NEVER dischargeable , it follows you till the day you die, they can garnish your wages, even your social security. Oh yah, just quit paying your loans . You’ll show them!!!!!
Explain how paying a few dollars a month is going to help when the interest rate is probably much more than a few dollars? All the debtor is doing is acknowledging the debt so they can be sued later. What needs to be done is for the system to be returned to the way is was in the late'70's when I was in grad school. The money was sent from the gov't to the university. The university did not give me the loan; I only signed documentation that paid for the school and their fees. No, I did not get money for living expenses or books and supplies; the money was just for school. When I left school the interest rate was a flat 3%; it did not change. I was able to pay off the loan within a few years. The cost of the universities is exorbitant now and the interest rate borders on illegal.
We give away billions to other countries while our infrastructure, healthcare and education system all need a massive overhaul. 🤦♂️
Ryan Davidson
So what?
Nothing new. So they give billions away....what can you do about it? ..how does that stop you from getting an education?
I still went to school and pursued a marketable career during a recession and mortgage loans reaching over 20%.
Was fresh out of high school and had more important things to think about like my future.
Rather save myself than the world.
If you're a guy you better be more concerned about divorce,weaponized kids,and courts which is something in your life you can control.
BlackWorldTraveler I have had a lot of success, too. That’s not the point. The point is you help your own before you help others. That’s called common sense and our government lacks it.
Ryan Davidson
What can you do about it?
I've been to over 57 countries backpacking,exploring,Peace Corps,volunteering,etc... realized I can't save the world
Family first with me and we network amongst each other.
I'm near two universities and have a soft spot for the ones that work and take school/career seriously so I tip well and encourage them because I've been there.
Best I can do.
Doing fine without depending on government help. Just a tool if needed.
Can't just sit around and wait for the government to make up their mind and do good things.
I'm also apolitical.
Life is too short.
You do realize the money we send to other countries are loans that need to be paid back for the most part in the end its a financial hedge
I’ve been saying that for years
President Trump said that years ago on the Oprah show
I took my college degree and went into truck driving where I don't even need a high school diploma.
Marsha Miller Good Job man I drive a small garbage truck. I got my AAS degree in automotive pointless.
I know a friend who finished college joined the army as a 88M mos as a truck driver finished his service now works as a truck driver making good money
Same here! But funny thing I wanted to be a trucker since age 15 but 22 is the required age
Marsha Miller I took my medical assistant degree and now I’m a PCA and I care for the elderly in their homes and I didn’t need a college degree to do this job
Get it from the pentagon! They've got 21 trillion dollars we'd like back. Problem solved.
Pentagon stays. Get rid of the dep of education. Waste of money which can just go back into the economy and create more jobs.
Maybe because at the age of 17 or 18 you really aren't responsible enough or have enough life experience to realize what you're getting into when you take out student loans (after all of society beats it into your head for your entire childhood and teen years that you're supposed to). Then, as adults, we come to realize how predatory and evil private student loans are, and how awful they are when compared to other kinds of debt, which makes us feel scammed and manipulated. On top of that, most people don't make nearly enough even after college to justify the insane costs of their education, which compounds on our feelings of being cheated. On top of that, we come to learn how much better so many other countries higher education system is even though we grew up thinking we were such a civilized and progressive country. I mean, really the list goes on.
Rathernot Disclose also, great post. Very accurate. And dont forget they can't be claimed in bankruptcy. That makes it sound fair...br to get out of debt, but youre still in debt when it's complete...fair
Rathernot Disclose, You have now become someone else's easy money... You need to come to terms with the fact that we live in a, all for me none for you society.
Parents are brainwashed by media, and teachers who don't have any life experience outside the schooling system. What kind of advice do you think you'll get from someone who goes from school to college to teaching school? Most teachers are effectively children.
Anyone who know how to do 5 grade math can understand student loans.
So at 17 and 18 they say they are very matured to vote which decides country’s future but well they are too young to decide something for them self .. get out of that victim mentality .. people in India China and other countries are working hard and here people just want to be victim !!
I have a child and after experiencing student loan. I am going take sure she never takes out this death loan.
No college,needed
@@Kauffman578 depends on the degree. Business, engineering, law, and medical degrees are worth it. If you can get through school. Otherwise just go to trade school.
I’ve told my children time and again that their better off starting a business than taking out loans for worthless degrees. The borrower is a space to the lender is my message to them.
Dave Ramsey and Suze Orman have wonderful advice...college savings accounts! However, make sure that you save up for retirement first. You can get a loan or should we say a death loan for college or your daughter can get a scholarship, employer tuition assistance, etc but you can't get any of that for retirement.
Maybe don't pay people with bachelors $12 an hour. It's easy to make double that waiting tables.
Your job isn't in demand is why you make 12 an hour.
Should have thought about it before getting degree in woman's studies.
Entry level positions, offering $12 an hour, wanting 5 years experience, preferably in software that is only 2-3 years old. Part-time, so no health or other benefits
Get a degree thats worth more than that, not the employers problem.
Your employer will pay you what you are perceived to be worth. Your bachelor's degree in psychology means nothing to most business owners.
Furthermore, you do NOT go to a four year university for anything that doesn't basically GUARANTEE you at LEAST 45k within six months of graduation.
Biggest scam in history
And two to take them. Shoulda gone to trade school
Then I still had to move all over the country to move up the ladder. Life is tough only the though or well bred survive
Not even close, think about what you are saying.
It is. Theres apps that can teach you a foreign language for free and these courses on college require you to buy a $200 book on top of the class.
Yes, we need to learn, but school is over priced and it under performs.
One of them...
Anyone under the age of 21 should not be allowed to borrow money. Period. It's not legal to drink under 21, so it should be the same deal with debt. If you can't be trusted to hold your liquor, you can't be trusted to go into debt.
Buddy Dyer 👏
Buddy Dyer alcohol should be illegal just like opioids. Deal with life sober, losers!
Buddy Dyer my parents wanted me to go into debt.. So it's depressing
stfu. I'm poor and still pay off my loans and I got loans at 18 years of age. Just because the legal drinking age is 21 doesn't mean everything should be. If you want to get real technical, everything should be illegal until 25 because that's the age your brain is fully developed for the average person. A bunch of 16 year olds crash their cars so does that mean I should pay the cost and not drive at that age? I've never been in an accident. I am now 24. Your argument has no logic.
You can also serve and die for your country at 18; but can't have a liquor.
Stop letting your children bankrupt themselves with this crazy debt for diploma scam!!!! Stay out of debt!!!!
Does it ever bother anybody, the government was willing to give the banks a bailout, but wouldn't give the American public who owe student loans a big huge bail out and forgive everybody's loan
Robert san diego. The student loans are from banks not the government. Even the Federal Reserve is privately owened and has nothing to do with the government like most people think.
The Gov & bankers are pulling the strings. They want us in debt, easy way to control people.
The banks were forced by the government to engage in risky behaviour. Then the banks, even the ones that did not need it, were forced by the government to take the bail-outs, because the government didn't want the markets to discriminate against the failing banks. You complain about the bail-outs, but would you want the government to stop insuring the money that you deposit?
Robert san diego Ding ding ding!!!
Robert san diego It's always bothered me...
After worrying ourselves sick like the boomers do for most of our lives, we've become completely desensitized to the peril of 'debt'. We don't buy in, and they can't stand it. What incentive is there to work your life away and struggle with your needs while the wealthy always WANT more? People have given up.
Danny Exactly! I refuse to be a tax paying debt slave to this society. I used to think this was the greatest country on earth. I’m not so sure about that now
So here's my thing, I dont want loan forgiveness or any income based repayment. I would like to pay back what I took out plus a little bit on top. I understand that these business have to make money. But taking out $44,000 bucks and then having it equal to $140,000+ after you get done making the minimum payments of 500+ 186 months. The government lets these greedy businesses get away with it and the American people are the ones who suffer. I'll probably will die with these loans under my name. "Well guy you should have saved up money and read the fine print". Well its kinda tough to do when you're pressured by family and friends of the family (along with society) to get a college degree to make something of yourself.
Facts
I don't think you understand what compound interest is. If you went to college and didn't learn this, you need to get a refund.
@Team Americana do you not see anything wrong with how much interest loan companies charge tho? I only had 3k in loans and I'm still trying to pay them off 6 years later, my balance hasn't budged. Loan servicers are predatory. People can't afford more than the minimum payment because we all have real lives and more important bills to pay. Going to college doesn't guarantee you a job that pays well. If you physically can't pay more than the minimum, there is NOTHING that you can do to combat it. You have no choice but to just take it and remain in debt.
@thatsmysherman "Well guy you should have saved more money and read the fine print." Not only should you have done that but also you "should have been working at least three to four jobs as well." 😒 Been there heard that. I feel like such a sucker right now.
Blame the 12th grade teachers for lying to their students.
Stray Dog it's not koolaid
Here's an idea: make it possible to afford living costs AND loan payments!
SailorCrescent Potter it is
crumbs You must be over 40. Because thats an out of touch statement
I pay both easily. No problem.
You shoukd make that possible. Or did you mean someone else should make it possible for you? Who should be responsible for you I wonder?
We bailed the banks out and not Homeowners. Bail the Students Out and eliminate the bloated administration's. Streamlining the exponential growth of New College Administrative Departments will go a long way to solve this problem of Insolvency.
Nobody should be bailed. Period. People should be held accountable for their own actions.
Well, it looks like the student loan bubble is almost ready to burst.
The thing is you can't file for bankruptcy, there is no 🏡 to goto foreclosure proceedings or a 🚘for repossession the 🏦 picked the perfect loans and will get their 💵💵💵 regardless
Donald Kasper That's a good idea!!!!!
Pelosi & Co. have investments in banks that have millions, probably billions, out in student loans. Pelosi twisted the laws to ensure her investment stays strong.
ryvr madduck yeah real smart, you signed a contract without reading it. saying youd pay it all back with intrest and you habe the debt for life. you know thats how slavery started? you should of did a lot more reading as a kid.
unleashed rider, I never took out a student loan. I didn't have to back in the late eighties/early nineties. My four year degree cost me eight thousand dollars TOTAL tuition, books everything by the time I finished in 1993. I went to a local State university where tuition was sixty five dollars per credit hour, and I took some basic ed classes at the community college for about twenty five per credit hour. That eight thousand dollars will today only pay for ONE YEAR at the same school. THAT is the Pelosi legacy.
I think it's unfair to say this is for-profit colleges. State colleges are guilty of it too. They are expensive also and don't provide students with adequate education or experience.
K Gates College is not essential unless you’re majoring in engineering, medicine, stem, or science. I mean I’ve only graduated high school and live in Maryland; I’ve been able to gain well paying employment just off of work experience. I work in IT and all you need is a cert that cost little to no money. You can start out making 40K-60K a year. Mind you with no debt.
K Gates, you're so right. It's good to see there is SOMEONE out here who understands the BS witch hunt against For-Profit schools. They ALL charge too much, not just for-profits.
K Gates very guilty
Right on!
Then don't go to such a college. You had options didn't you moron.
There should not be any interest rates on student loans. The government should not be profiting from interest rates, they should be profiting from educating their citizens. College should not be free, but the loans should not kneecap the students either.
Then why loan money.
I can tell you're not an accountant.
100% agree
Exactly
Well, I agree with the no interest, but they should get something other than them being employed. Why not make it so they pay twice what they borrowed? Take it a small amount every paycheck, and the borrowers can decide to pay it off faster.
How about u create jobs for people with college degrees that pay good wages so they can afford to pay it back
Jack Lan, we cant have intelligent comments here okay? Unacceptable.
Jack Lan Actually, small businesses have been crushed by the loosening of regulations, which have tipped the scales in the favor or large corporations. The Telecommunications Act of 1996 is a perfect example.
Your people are taking all of them since they’re being outsourced to your country India.
John W You’re insane. The cost of compliance for said regulations crushes most small businesses.
And this is the thinking that made the government $20 trillion in debt. The government doesn't generate revenue with what it does, so it has to survive on taxes and is basically an economic black hole.
.Wow,you need good credit to be employed. Nice system.
Mech now that is something that should change. In order for credit companies to make more money, they have advertised to businesses that paying to obtain your credit history will tell them if they should hire you. This disproportionately targets the poorest people, keeping them in the lowest paying jobs, and not allowing them to crawl out poverty.
Shame on them for selling a lie, and shame on businesses for believing if you have dinged credit, you're untrustworthy. It's just such bs
angeleyes green you could build good. Credit on a low income salary
make rent affordable maybe people will have the ability to pay. is ridiculous that people in their late 20s have to have room mates in order to live somewhere.
SICKFREDO whis supposed to do that?
Rent should not exist to begin with.
G M housing should be free? How does that work?
David Gill
“How does that work?”
Yeah, I’m not going to teach you to read.
Rent control is the best way to destroy a city other than bombing.
Stop going to college. Learn a trade or acquire certification through a community college. Work experience in my experience is more sought after than just a degree.
Ivan Dunn what trade? Truck driver will be obsolete, and computers and robots will do everything faster than humans.. We're screwed!
Also, the rules keep changing too fast for us to keep up. Most people went to college to learn trades because there were not enough jobs to offer them experience, and counsellors and enrollment salesmen told them they would be more competitive with more skills. A lot of skills learned on the job a few decades ago have to be obtained at the workers' expense now; it's another facet of how the cost of doing business is being externalized onto the worker.
Hollywood Art Chick so true! I wish the school guaranteed a job because they give you loans like it's play money, then RIP you off in interest.
eddieisfiction
With the amount of illegal immigration coming in, those will no longer pay what you think. In fact, those jobs are already being hit.
College is indeed a scam.
What too many just do not get is that people choose not to pay them because there are more important things that need to be paid first such as food, transportation, housing, insurance, medical, utilities. When people are not able to earn enough to pay those basic expenses because the jobs just are not there. If they own nothing they are better off, as they have nothing to lose. Also many of the expenses that people have are mandated on them, how long will people go on like there is nothing that they can do when they are getting squeezed harder and harder each month?
You can do something - agitate, vote, get out and get others to vote. Get rid of corporate dominance.
Start voting people out who don't care about you and start voting people in who will go to work for you.
Right on!!!
ua-cam.com/video/fc_qETHYi3Q/v-deo.html
You can start with not voting Rethuglican
Hire them, do not profile them on their credit history while hiring. It will give people the motivation to pay back their loans.
Blue Yellow why would you hire someone who isn’t responsible enough to pay their debts? Especially when you have others who do.
David Gill They don't even hire based on your credit score anyway. Her comment is just plain stupid. If you have the quals and meet the criteria for a job, you will get hired most likely
You don't usually know somebody's credit score when deciding whether or not to hire them, but yeah, if I happen to know that a potential candidate has a poor credit score, that's probably going to be an automatic no. You can't handle your own finances, so how am I supposed to trust you with mine?
You hire them
Yes, I’ll hire someone who majored in communications or kinesiology and racked up $50,000 in debt for it. I’m sure they are responsible and know how to make great decisions.
I have a university degree and am working for minimum wage.
That’s your fault. Probably got a degree in something useless. Stop crying from your dumb mistakes
I was a teacher, change states and your degree is no good. Stop teaching until your kids are in school, credentials expire. I see dentists, lawyers MBA, and even engineers now out of work.
Ur probably not very smart then
Winnipeg Boii I’m still finishing my degree and I make 55k a year... in a somewhat low income area
Where is this area? I am looking to get a job somewhere besides California... it’s impossible to live there.
I'm really starting to think that colleges have bent us over with no vasoline. 80K in with minimal return on that invest.
I didn't mention the bs classes that you have to take during your first two years. 90% of us don't even use any of that.
I had to take a bowling course my last semester to graduate. I wish I never went to college.
I agree, we were feed a bunch of BS, God help us.
those bs classes have been around for decades, btw.
Hahaha that comment made me laugh so hard "I'm really starting to think that colleges have bent us over with no vasoline"
Yea Its Like I Get That You Need A Basic Understanding of Math, That's Important. But We All Have A Calculator In Our Back Pocket, So There Is Little To No Need For The Paper & Pencil Method & Technique of Finding The Answer.
But Why 99% of People Need To Know How To Do Geometry, Trigonometry & Calculus Is Beyond A Waste of Time Outside of The Hand Full of Jobs Where That Is Required...
An easy way to solve this problem is to charge 1% interest to start with and if the person pays on time for a specific amount of time, eliminate the interest. The interest is killing these kids.
@@SalafiJustice Obviously you know about God being against usury but have not read much else in that "good book". For instance, those "who claim to be of our brother Judea but are, in actuality, of the synagogue of Satan"...have you read it? It's in there. Let me enlighten you as to whom Jesus was referring....Way back, these Kenites(the son's of Cain) were already busy inundating as the scribes of Judea and "keeping the books" for the tribe of Levites(the priests). They function today in many facets of "money changers".The Tribe of Judea today(Israel; The Jews) still continue to suffer much due to this blatant ignorance of the understanding of GOD'S Word. So , if you don't know truth, how do I put this nicely?...shut up.
@@SalafiJustice In times of economic hardship, socialism and fascism gain popularity. I think you might be a subscriber to the latter.
Dilettante_Elite _ I’m s subscriber to Gods law not your western garbage.
@@dakotayounger6988 yeah, that so called "good book" is full of lies and hypocrisy. You do know that right?
Obviously you haven't studied and shut up
go to college get a degree and work for 12 dollars an hour. could have done that without a degree
oh by the way who gives thousands of dollars to a 20 year old with no credit no job and no money? a loan shark or government
Lke Mccl. Bank give it away for tuition just to screw you.
Lke Mccl WELL......😯🤭
Correction US government
I remember when I first started applying for student loans I thought it was weird that nobody wanted to know how smart I was or how much money I was likely to make after graduating.
Lke Mccl more like go into stem and make $50+ an hour lol
When you've been told your whole life you need to go to college after highschool, what do you want to do? Most 18 year olds should barely be trusted to drive a car. Now they are signing for loans that cost almost as much as their parents houses they grew up in.
I argued with my parents for months when I graduated highschool, I didn't want to go into that sort of debt. They pushed me into going, I graduated couldn't find a job, then I got sick with chronic pancreatitis, can't work full time, with 50k in loan debt, plus hospital bills I can't afford.
It's not that I don't want to pay my loans, I CAN'T.
I'm so so sorry this has happened to you!!
Sorry bro... Wish you good health
Sorry to hear you got sick. And I can relate I was sent to a college I didn’t want to attend but my parents did the same thing. Only difference was I’m not in debt (I worked full time or part time and took part time classes) did get hired and worked only to see my industry get outsourced. Changed careers and look back at it all and can say it wasn’t worth the money time or effort.
Hope you’re getting better.
I thought I was different. I told myself I am a smart and a great peoples person I will easily get a job. I graduated two years ago and have filled out over 1000 applications at least. Nothing I work as a laborer basically for a family construction company making 16$ an hour. I spend 4 years of my life in stress to not be able to even get an office assistant job.
@@BidiguiloChefao is this a boomer commenting ? Or someone with no problems
Get us six-figure jobs...then the govt can get their cash. How can you pay back a student loan on a $15-20/hr job
Carol Dickson who should get you a job? Hows that going to work?
It's not going to affect the economy. What affects the economy is making it impossible to pay these loans, so we as young people can't enter society by being able to buy homes, cars, and grow families. The majority of us with student loans are desperate. We are locked into the industry that sold us lies and dreams. Private loans are what make up the majority of lenders. Private loans don't care about us, because they are still banking. We would pay our loans back and stay out of default, if they would just accept more flexible payments. And they don't. And no one cares that college has become a business and no longer a place for higher learning. Even small public colleges are charging more than they need to for people to attend. And loan companies thrive on this. And no one wants to regulate it because it only affects hard working Americans that want to still strive for the dream that we work hard and success will happen. But we can't get anywhere with unsustanible incomes that all go to student loans. How am I supposed to responsibly be an adult and pay my water bill when my entire check goes to my 1500 minimum loan payment every month. Guys I'm a teacher. I have a passion for teaching kids. And I'm paying for it when the only thing I did wrong was choose a local in-state college that told an 18 year old me my hard work would pay off.
The video made it sound like you could negotiate your loans and pay what you could afford. I was actually under the impression they could just garnish wages to force these loans to be paid. We all got free money from a bank with absolutely no collateral, just the promise we'd work and pay it off. If they they allow ppl out of these debts, banks have no faith in these loans, they will no longer make 'em.
The industry didn't sell you anything really, its teachers and parents that tell kids to go to college...then just forget to mention that you should go into STEM to have a good chance at a salary. Perhaps the burden is on the students/parents to understand what their education really buys them...not the loan company, not even the school really. They taught you whatever useless major was chosen, there's no promise in ur acceptance letter that you will get xyz job.
Having home, cars, family isn't really a right in the sense that the government should make sure you can AFFORD those things.
@@ICYkoncept teaching isn't a useless major. Teachers are in demand all over the world
Karin Maaka; There was no where in my post that i had claimed that teaching is a useless major. Tho in USA, I don't think teachers are as in demand as you think, otherwise wouldn't they have a better wage?
Wow this spoke to me
I went to college and I repaid my loans. One of my sons is now going and we will help pay back his loans. I will concede that when I graduated the economy was way better. I was able to graduate with a business degree, move to Houston, find a job, get an apartment, buy a car, and shop for pretty clothes on the weekends because that is what was important to me. Now I see my neighbors kids moving back home and looking for work that pays minimum wage. New economic numbers coming out and being revised show that we may have entered another recession. I see this problem only getting worse.
I fear we are entering another recession. I'm 25, graduated with a business degree and live in the Seattle area. I was recently laid off and have been searching for a month now. Not one interview. It's really difficult to get a job. Basically, to get a good paying job you have to know someone in a company.
Not only was the economy much better years ago, cost of education was 40X more affordable in many states. In California college used to cost $20 a semester and this was till the 1990's in the Jr colleges and till the 1970's at CSU's. Problem with education and medical is the expenses have gone up many times faster than income or inflation. This is due to many factors, and with most things regulations are not setup for the best for all, but the best for a few that earn a large income from the regulations. Teachers earn about the same as the janitor, and it is the people that are in administration that earn the most. After all people are hired each time more regulations are imposed, but this is not the case when it comes to hiring teachers, doctors, or anyone else. After all the regulations and laws being enforced are far more important than the lives of all the people in this and most other countries.
E. Harris In Chicago, an apartment that was once $800-900 a few years ago is now anywhere between $1500-3000 and this isn’t even in a fully safe neighborhood. 😳
Let me stop buying food and heat and pay back my student loans. The government has raised the minimum wage to a level that 20 per hour is barely able to pay for a meager life. Money is worthless because the government has devalued it so much by handing it out way too easily. So student loans that were taken out when money was worth something and 20 per hour was a good wage are killing us because we now have to make 40 per hour just to keep up with money devaluation but most jobs still start out at sub 20 per hour levels. And they wonder why there is so much default.
If money is devalued then the loan you took out would be easier to pay ....
with an attitude like that no wonder.....lol get into trades - they PAY YOU to learn and work. Takes no time at all to become a crew lead, making a lot of money. You'll never hand out a resume again, you will be contacted by companies that WANT YOU to work for them.
Student loans need to be able to be included in bankruptcies. Period. If they're not, it creates a moral hazard. It opens the firehose of money because all the risk is on the borrowers, and none on the lenders. When you mix that with an economy designed to outsource jobs and destroy the middle class, you end up with what we have... 300,000 waiters and waitresses with college degrees defaulting on their loans. If they reformed "bankruptcy reform" and started including student loan debt in bankruptcies again, it will pop the student loan/university education bubble freeing a bunch of financial slaves in the process. And that's a good thing.
Brian: what you wish for you won't get. Since when is life fair. Banks hold money. ~. Banks do not lose money.
The problem then is a college graduate can walk out the door and declare bankruptcy the same day they graduate. Most college students have near 0 in assets anyways.
What a stupid comment. No it doesnt.
Bull, pay for you exaggerated self worth
And interest will go to 19% same as on unsecured credit cards. Current system is much better.
"They can't buy cars [on credit]" lol pay cash for a car you can actually afford. Can't afford a $30k car? Then don't buy one.
PaleBear correct, live with-in your means, and these credit leaches will wither at the vine.
Good credit is for things you can afford now but want to pay for later.
Why don't they all just stop paying? I'd like to see it happen, the loan agencies would go bust!!! Make it happen people!!
Seriously, Americans need to protest like the Europeans do.
Are you saying my credit card is a magic thingy with free money?
The problem is when you receive so much mail from these lenders and then over the course of the years they are continually changing their names or are selling your loan to another lender. It's hard to keep up with who your lenders are. Then you look at the when payments (and you happen to have several of them from several different lenders), you are very much intimidated because your paycheck just might cover most of all the payments. But you won't be able to make rent, your car payment, feed the kids, and pay any other bills. It's not that we are not wanting to pay back or are trying to skip out and hold it to the tax payer. We are the taxpayers. It's that our wages are not sufficient.
namparoger ; and you are right on!
The biggest fear of the market is poor people realizing they don’t have to pay this debt.
Mack: don't worry: the banks aren't about to let them off.
I swear they're going try some messed up tactics to get them to pay or bring back debtors prisons. Possibly also preventing them from escaping by not letting them renew or apply for passports. This may turn ugly if more people decide to stop paying.
Karin: what you are saying is absolutely true.
What do you mean..they dont have to pay it back?
Yep
Why cant you trade in your degree for your debt...... answer is cuz lenders know the degree aint worth it🤣.
you can pay $10/month for 25 years under the new repayment plans, sure. in the end your loans are :forgiven" and you get a huge tax bill for hundreds of thousands of dollars because the amount is considered income for that year. WHAT A JOKE.
i had a friend who managed to pay for college with credit cards. soon as she graduated she filed bankruptcy. once her credit was in good order she got her masters. the system isnt set up for good honest people.
nope. bankruptcy is only 7 years? she has her masters and lives in a nice house in new york
why would it be a waste? she has her degree and had her own apartment while in school. it is possible that she wasnt completely honest. so, i know that she had a good paying job that she wouldnt have gotten without school. that was after bankruptcy.
you dont have to be living in squalor until you file for bankruptcy and then after you do file you then go and find a good job.
this was also 20 years ago. maybe laws have changed?
this happens because of easy access to student loans and anyone can borrow
So colleges naturally raise their prices ... I don't know how people don't get this
KyleTVProductions They powers that be desire this. It keeps people slaves to debt until they die, unfortunately.
John Kevin it sort of has to be like insurance where the lender negotiated with the college to get the loan regulated.
AND you cant file for bankruptcy
zylons1191 This. When I first got my price for school, they gave me a "need based" award on my package. A few months later I had applied for and received another government grant just a bit larger than this award. After enrolling and receiving an official notice of the amount of aid I was getting with the government grant included, the goverment grant had essentially replaced my need based grant and I was still paying the same amount as if the government hadn't stepped in.
The reason that college prices are so high are that there is such a high demand for them and that colleges know most students can get loans so easily. And they know that the low income students who can't get the loans will have the difference paid off for them by the government as well. The cost is so high because there has been artificially created demand that does not really exist. The only way to fix the problem is to lower demand by either A. Making high schools teach ACTUAL skills that employers will value fresh out of high school or B. the government needs to stop guaranteeing loans so that more students are hesitant about going to college with its high price and will choose more cost effective educations like community college, goading 4 year schools to lower tuition to get them back.
If i can't get a job with my degree I ain't paying
iggy fugazi if you picked a stupid degree for a job that doesn’t exist that is your problem
From The Little River sorry to hear that, moving may be your solution. A lot of jobs have moved to other states with better business friendly regulations
Student Loan program don't want parents to know about Double Consolidation. If your (parent) and your child have student loans, you can do a Double consolidation and qualify for more lower payment plans.
That's your problem if you can't get a job. Not ours. Maybe think twice next time you want invest in a useless degree.
@@littleriver1355 Career Advising? You? LOLOLOLOLOLOLOLOL
The worst part is, over 60% of all jobs in America, used to be on the job training. When the late 1990s and early 2000s came around, Clinton started passing laws making everything his generation got for free, now cost over $30,000 with the new certification laws. The majority of jobs that pay above minimum wage, now requires a degree. I remember my older brother who was Gen X getting grandfathered in. I thought I could get on the job training as well, but nope. I gotta get into $30,000 dollars worth of debt for something that used to be free.
Bush was no better. In fact he was worse. Not only did he expand the fields of study that would require degrees, he also wanted a war with Iraq. But he had no money to do it with, so he went to China. China said sure, but we want over half of your blue collar jobs sent to us. And what does Bush do? He goes right ahead with it. These were all boomers that made these laws up. So many boomers were out of work at the time, either because they sucked at their job or were let go, but they still needed an income. So they pushed for the certified laws to be put in place, so they will be the ones teaching the classes.
So we do what our parents say and listen to our elders, because they know whats best. We go into these colleges, get into massive debt, then get out hoping to find the job we went there for, Just to find out, that the vast majority of them, have been sent overseas. So I don't wanna hear about the stupid phrase "Listen your elders, they know whats best" ever again. And nope, I didn't go into the liberal arts, and anyone that did, is an idiot thinking they're gonna find a job in that field. I went into CNC Machining, and AutoCAD, constructing metal crates and cargo containers, just to graduate and find out that those jobs are no longer available. They have either been sent to China, India or Mexico.
So you would think, the boomers could have at least left us the minimum wage jobs, or anything else that was still around which hadn't been sent to Asia. Nope, boomer democrats needed votes in order to beat Bush. So they invited the entire third world to come in illegally and take what was left, as long as they vote democrat. And now they wonder why millions of students are defaulting on their loans. There's nothing left, they handed it all away, because of their own selfishness. Not to mention raising taxes on us, because so many of them haven't prepared for retirement. So they're now living off of our last nickel and dimes, forcing us to pay into social security programs. The same social security programs that will not be around when we reach their age.
You would think, maybe they could at least pay a little more in taxes, to maintain their own good. Nope, wrong again. Good luck finding a politician that will raise taxes on those over 65. Any politician who does, is immediately seen as an evil monster that wants to throw granny off the cliff, instead of making sure her medicare is getting paid. So, they instead pass it off to the rest of us. Both Dems and Repubs do this shame game, whenever it comes to seniors paying for their own well being. Because we can't have seniors paying for their own things, oh no. We'll just sacrifice their children for it.
Hennessy Blues I am from India and believe me you only need a iti degree for most factory jobs and also the education is relatively cheep you pay only hundreds of dollars at most per semester unless you study in private institutions those are very costly
I’m his generation. Nothing was free then either!
The bottomless pit of military spending is never scrutinized. That's billions upon billions.
Wally Kaspars 1.5 trillion on a new war machine...there is ur college right there
College: The most successful pyramid scheme of all time
Into The Void look up pyramid scheme, because this isnt one. If you are in student loan debt, this proves why your education was worthless.
Just forgive all the damned loans already. Yes, I paid back tens of thousands in loans, but I support writing it off for the good of the country. Let's make higher education free for all who are qualified. Enough of the horrid present system already.
And my son is paying his student loan for his masters in Elementary Literacy, but works overseas because the pay for teachers with advanced degrees is in his current country, pays over twice what he can earn in the US. So a man with incredible education whose goal is to teach youngsters to love reading for the sake of reading is lost to students in the US. He also has a passion for teaching grammatically correct English.
Make student loan payments 100% tax deductible and they'll be getting paid off in droves.
smells like a bubble to me.
Bubbles are created by rich retards not investing with capital. All financialization will pop the economy real soon.
So how exactly is "$10.00" a month going to pay off the continuous acquiring interest rates that keep stacking up on the student loans? How exactly is paying a small amount towards the debt going to make it go away in the long run? It won't and here is why. Unless you have a good paying job, own a successful business with an annual income of at least 6 figures, or heaven forbid win the lottery for millions, no one is ever really going to pay off debt. It's just a way for the government to collect more money from folks who were promised great jobs, from some degree, at some college, which in turn didn't really teach them much of anything for starters.
Its a scam because the debt grows in the books and after 20 years becomes an IRS debt
The idea is give them something to keep your credit score afloat. It's not working. People know they were scammed and are refusing to pay. Some go overseas and start a new life.
Nobody was promised anything you idiot. You just assumed you could get a great paying job in the field of "how to make smart youtube comments".
keygoshima - it's not, but it lowers your interest and makes the account current after the program. Depending on the amount owed, you can pay of off and don't need a 3 figure salary.
keygoshima
The government doesn't want you to pay it back, they want to collect more taxes, perpetually.
I'll pay my student loan when the pentagon finds the lost 22 trillion.
lol!
I thought I was the only one who just doesn’t open any mail
How about not being in debt slavery? It's literally impossible to get out of student debt, so the next best thing is to not pay....
It's not all about pride, how about the fact that something may happen, and you literally cannot make enough money to live let alone pay back a loan that's probably thousands of dollars.
Join the military: you are going to war whether you like it or not. You think China can survive without us: think again.
Stop spending on War.
Stupid statement.
For anybody going into College or University look at the job market first. Job market doesn't need business men or artist or dancers or etc. The current job market is looking for engineers and medical professionals. What I mean by that is you will have a much greater chance of finding a job by choosing one of those two majors but it's not allows guaranteed.
He means we don't need people with stupid business admin degrees. Of course we need industrialists and entrepreneurs! But, you won't learn how to become those two things by getting a degree a MBA or business admin degree.
Get a STEM degree or get certified for a less than $1k and start your own business.
the job market only needs slaves and that is the purpose of college creating indentured servants. as far as engineering goes yeah they'll hire you for $12 an hour as an independent contractor..........
The engineers they can get from India instead.
bussiness administration or management degree is the most worthles degree ever but finance and accounting can provide a solid career......other than that stem is the way to go and even with a degree in that nothing is guaranteed.
I disagree. As long as you know your major probably wont help you in getting a job, have all the fun in college as long as it last. Just make sure mommy & daddy can pay your bills or some can after college
I thought going to college would give me a better future. On TV, they advertise "finding success" by attending college. "Make a better future for yourself at SoandSo College." Bunch of bologna! You do better buying college yourself. In high school kids, LITERAL KIDS, are vehemently encouraged to go to college, and if they don't, they'll "struggle for the rest of their lives." I don't mind paying back my loans, but the schools don't tell you that you will be paying back at a rate that's unaffordable to you, and I was 17 years old when I fell into the trap. If I'm only making $1,000 a month, but I have to pay $300/month, how am I supposed to live?
If you have the drive and smarts and energy, university will only waste your time. I am fed up with how so many brainless kids are getting lied to, as if a degree is in fact the ONLY way to a secure future. It's not and never will be.
The Nuharoo except more and more jobs will require 4 year degrees and by 2020 over half of all jobs will require a BA
No one put a gun to anybody's head and force them to sign those paper.
You earn your degree but theres still a competition to get the job because there are many other candidates for that same job with the same degree that you have but with more 'experience' than you. So you cant get the job with no or little experience but your still expected to pay back your student loan..what a scam...
Immortal 86 its called survival of the fittest, evolution, trust me its good thing. By the way going to college doesnt mean you are buying a job, you are buying the possibility of education but not the promise of education or a job.
I think most people with student debt want to pay it back even if their degree is not paying off. I don’t believe people just go like... “it’s going to mess up my credit but I don’t care, I’m not paying.” If they do not pay is because they are not able to
liz Platero I agree. imo it's not that daunting. when you have the money you have it.
none of these people will be buying a house in the future
That's what the plan is.
The van life is better. You can park by the beach, the mountains. If you go grocery shopping your house is already with you. If you go to work, your home is already in the parking lot.
Waive half of the balance and stop the interest.
I would say that we need to invest in interest free loans through third parties
Fletch Davidson Right after they do it for home owners that are under water on their loans.Because they have jobs, and families to care for .
That would be sweet
Correct make a Financial offer so lucrative for the borrower that if they for fill their end a large portion will be wiped out. Still only those who wanted to have good credit will bite. Or have other good existing debts current and paid.
nah bro, suffer from your loans forever
The worst is the University of Phoenix
Why?
and Devry University
Can't pay a loan back when costs are rising and wages aren't budging and traditional college is long outdated.
I had a loan with American Education Services... for $88k, I stoped paying, I did it to pay rent and buy food, I had to make a choice.. Years later they took me to court, and lost. I am happy that I no longer have to pay that company.. In the 7 years I paid them they got 60k out 60k loaned, just lost out on their loan shark interest. Which would have went on for 30 years. Student loans are sucking the life out of people. Go to school for years, have 5 years worth of income owed. Take 20-30 years to pay off... That sounds like a terrible situation for anyone. And buy the way the area i live in.. the rent went up 45%.. but wages didn’t... WALL STREET JOURNAL, GO LOOK UP AMERICAN EDUCATION SERVICES AND THIER BAD BEHAVIOR...
Nathan Franklin How did you win in court? Did your credit score suffer?
I won in court because the attorney used the wrong name on the law suit for their end. Also they had 0 documents. Just my name address and a dollar amount
Why O Why: I can tell you with 100% certainty who you voted for. You don't think your name isn't on some list somewhere of your default. A banker never forgets, and never will. Alexandra Ocasio-Cortez could get elected the next president and it wouldn't change anything. Because banks have figured out, that socialist have no money, and never will: and that if the socialist do want any money, they will have to pay for it in blood. The rules have changed my friend. There is no such thing as a free lunch: never was, never will.
or you could forgive those loans....
You cant just forgive debt.
Free college destroys nations look at Germany in 10 years it will be a 3rd world nation.
With free college there is no skilled labor.
Na, if you research European education they have a huge crisis right now. The immigration is a huge issue. The crisis is to make money most people that work in higher fields go.to other countries to avoid the taxes. So the people that actually make the money to pay in the system work outside the nation.
European middle class is on par with our low income earners.
What many people dont understand if you dont attend the 'right college' or get the 'right' degree you are essential wasting your money. Many people who are poor or dont have parents who had attended college often dont have the guidance to make the best choice of what is best for their child. I grew up poor and I only attended community college but I graduated in a field in demand, computer science and its worked out for me. I never had any student loans as my college was inexpensive, maybe 350.00 or so a semester and I worked at factory on 2nd shift. I feel for the young people. Many should really think about attending trade school, as the trades pay well and they are not being outsourced. I could have easly been an electrician but in my day they trades were talked down, which is nonsense. The other issue is many colleges are not all about learning but the college experience, which is great if your family has money.
Trades do not pay well. Most start at 12 bucks an hour.
@@Crazywaffle5150 depends on the trade
@@neftalicortez2625 Not tell you get your juernyman. Witch can take years before you star making a good living. The same amount of years it takes to get an engineering degree.
I agree. something to fall back on. Your words have alot of humility and intelligence about them. you are right and that's the reason you were blessed not to be in student loan debt.
"Computer science"? You mean assembling computers? If so that is not the field of computer science. You are a factory laborer.
the stress of being in debt is crushing for many people. So many young people are carrying huge debts at a time when they should be enjoying life and saving for their first home. A much more sensible debt is. Mortgage
Iain Dennis a mortgage is not a sensible debt. You don't need a mortgage to continue to live life. A house is a luxury in the grand scheme. Ps: I live in my vehicle and work full time, my "home" was paid off for 3 months salary. Can live wherever I wish and move jobs wherever and always be minutes away from work, it's awesome. I like having money in the bank more than debt on paper.
intx123 whatever you wanna think doesn't make it my reality and your idea of so called "glamor" is not my idea peace
Snow 123 change your view on life. Jobs just to get money are for the brainwashed. Quit your job and find your work. Stop looking to others for your happiness then maybe you will find peace.
Snow 123 whatever you want to be your reality my friend. Don't strive to be a man of success in a job, but be a man of value. nobody can take that away.
Pretty much why I never went to school after hs. I have friends still in major debt. I've been working a average paying job for about 10 years and bought my house with that money. I don't live a rich life but I survive and am closer to being debt free than most of these people.
What will motivate us? How about keeping your end of the bargain with loan forgiveness programs? (It takes 6-9 months just to process the applications, and they’re riddled with problems) How about not charging nearly 7% interest that capitalizes every year? The government IS a predatory lender.
sounds like my student loans.. borrowed 30k.been in default once. will be again soon as my next job looks like burger king.ive only managed to pay back about 15-20k. i now owe almost 50k...i will die with this debt. my fault for dropping out instead of finishing. wish there was an interest limit or something. my last payment plan was almost 300 a month set to increase over time to 600 a month. still cant believe i didnt finish. dumb dumb dumb
gregory burczyk get another student loan and finish it.
I finished two unrelated programs and still can't get any job better than BK or McDonalds, these people hire anybody and a degree in not required. Its funny because some of the crew have more education than the GM LOL
gregory burczyk hide, change identity, don't pay back, it's a scam!
They cut off all my credit cards and pretty much flagged me from getting any type of loan until i pay them back
With Trumps 200 Billion he gave to the Military we could have funded ( Free College, Free Healthcare, and would still have 130 billion left ) Republicans say we dont have the money for it..... we would actually save money
"We've quit compounding predatory interest" would get them to open that letter
My father makes $100k a year working for CSX as a train dispatcher (think air traffic controller, except for trains). He never went to college, but makes 3x more than I do. So how can an uneducated, and unskilled worker make more than most college educated graduates? To be honest, I'm going to have to say the employer.
While my father has worked hard on his own merits and deserves the fruits of his labors, my grandfather did the same thing with no college education and formal training. Neither one of them ever had to intern or volunteer at their workplaces either. So how did these high school graduates make more money than most college students? I think it has to do with the the employers' attitudes today than in the past.
Employers today want highly educated workers, but they set the standards almost too high, with no real training programs set in place. Most job listings have such ridiculous expectations (ex. Work this many years in this industry, have this kind of experience, this degree, etc.) that it makes hard to try to live up to those expectations.
So I must ask, why should we have to live up to these high, almost unreal expectations when past generations could get hired without college degrees?
*Note: I am in no way condoning those who have chosen not to pay off their loans. I am merely stating an observation, and opinion. Be responsible, and pay your loans off.
mraaronhd what makes you think hes unskilled? His education is on the job for the job hes doing.
@@davidgill3356 you're missing her point altogether
Alex To go what point? Is he really unskilled or not? Is he uneducated or not?
@@davidgill3356 that her dad and grandfather making more than her her. Even though she holds a degree while they don't. You would think it would be the opposite
Alex To go why would you think that? Depends on what the degree is in, depends on what value she creates and how competitive her field is. Id say the root of this problem is that people think a degree in and of itself is worth something or entitles you to something. Her father and grandfather were part of a huge commercial cog that generates billions of dollars. They do a job where a mistake on their part can cost thousand or millions, not to mention putting lives and the environment at risk. They make good money because they provide a valuable and critical service that takes extensive training and experience to do safely and efficiently.
300k. I can’t afford them. I’m sorry. I don’t know how to dig myself out. Subsidies do not work.
I would take 5 years in a prison labor camp in exchange for cancelling half of my debt and reducing interest rates from 6% to 3%, but I'm just a lazy entitled millennial.
And let's remember that all the Baby Boomers who call us "entitled millennials" went to college practically for free. My uncle went to USC in the 1960s. Guess how much his tuition was? 0.
It's also worth noting that the Democrats tried to reduce the interest rate on student loans but were blocked by the Republicans. Vote Blue.
Randy M prison is forced labor too, screw it man. Just live an all cash, under the table life. Wait it out and the loan will be sold to collection agencies who offer better payment deals. I was offered to pay back half my loan but it's still 125k that I don't have and if I did I would spend it on a home, screw the loan company. Go get it from the school that lent it out and promised me a career!
You definitely dont want prison, buttrape is no fun from what i hear. Better to simply leave the reservation! I hear haiti is nice this time of year. Legit. Maybe the answer is for those of us who want to make life better, leave, and go somewhere that actually wants to be better. Seems to me this country WANTS to rip itself apart. Maybe its time to step back and let it happen. Viva la mexico!!
No guys no, we need more tanks and drones for freedom.
But ..... the shiny drones ..... with auto stabilization, wide angle lense, 5 hours of continuous flight time and missiles ..... the flying boom sticks
Yes we do
Freedom isn’t free.
Oh what?
The retraining meme didint pay off?
The conception that nearly the entire economy could move to college educated positions didint work out?
Who could have guessed.
Man, I love listening to interviews with non-politicians where the interviewee actually answers the exact questions he was asked and does not resort to an onslaught of logical fallacies to avoid the truth. As for student loans, what the system really needs is a 100% default rate. Then legislation WILL be passed. I just checked the University of Maryland webpage. When I got my degree there I paid in a little over a grand a year to study full time in-state. Now it's close to $11,000!!! Shame on them!