We need more people like this woman in our communities. As a matter of fact I would take a thousand of people like her to replace out politicians in office right now . Mam you are a class act and we would be honored to have more like you
Totally love her. She's super smart and I love how she doesn't let anyone dodge her questions. She maintains composure and self-control, even when he (and others) repeatedly dodge or try to revise her question. I sent her a personal letter about my situation with federal loans--just to cheer her on and thank her. She rocks.
Doesn't it make you feel all warm and fuzzy to know that students and their relatives in financial difficulties can depend on the touchy-feely good will and kindness of our major financial institutions? Myself, I would feel much better if I knew they could rely on rights afforded by cold hard statutes and regulations.
You're right, there are no rights for borrowers are there? These asshole banks (who created the last crash in 2008) create their own rules and we must sign off on them if we want any money lent to us. The most ridiculous rule is you can't have loans forgiven for any reason, not even death. This kind of value of the money lent out doesn't make sense if we keep printing money anyway and also the banks have insurance for defaults, they make money either way. Investors also bet against people like myself on wall street (a private student loan borrower). It's like the student loans are just an even bigger version of the same shit that caused the mortgage crisis. Only thing is I can't figure out how this can all pop, or when. Maybe everyone has to just refuse to pay for things to return to "normal"
I paid my student loan several times over, but finally I paid it off. Never, never again I would take another student loan. I tell people; Do not take a student loan, get a job, save your money and then go to college and pay it yourself. College cost is incredibly ridiculous. Don't they get enough money by charging taxes to "in district" businesses and home owners?. I understand paying for private colleges and universities, but paying for State colleges and universities?. That's non sense. Then there's this; the prices for books are even more ridiculous and funny hough, when they buy it back, they pay you 5 dollars for a book you paid "to them" 100 or more. I've seen people with a BA making 21K a year working odd jobs while others on the street as home less.
This is what happens when education becomes a for-profit industry. In order to provide people with a proper education, we must look beyond what capitalism dictates, and move towards a model that is more in the favor of the student.
argent2020 The moment anyone (or this president) proposes any idea or initiative similar to that, there be would be an immediate negative response and be pounced on by the extreme right wing machine. They would be called an ultra-liberal and a socialist traitor looking to drive this country into the ground and changing our way of life! ANY idea that is for the good and for the well being of the working middle class is a threat to the establishment and to the way they fleece America.
Ms Warren exemplifies all that is needed in this greedy, hateful, economic system. She is brilliant in her analysis, her way of presenting the problems and possible solutions. Most of all, she is kind and caring of her fellow Man. Warren for President!!!
They all try to pull a song and dance act on Senator Warren, but she never concedes because she knows what she is talking about and will ask a specific question until it is actually answered or that the song and dance person is exposed.
People keep calling for Ms. Warren to run for president. While I would love to have someone *like* her in the position - there is no one else out there right now. And if she were to become president, she would be WAY too hamstrung by unavoidable politics to really accomplish the things we believe she can. In her current position, she doesn't have to kiss the arse of both sides - she can lay it on the line, bluntly and honestly. She's a much, much greater asset to all of us right where she is.
Wait so a mother of 3 took a 100k loan and had her parents cosign for it? It's their responsibility to pay it then. This woman and her parents made an incredibly foolish financial decision and now this Senator is using it to make herself look good on camera. Fantastic.
So a large section of american college students are making foolish financial decisions? That's not what the banks and employers and guidance counselors and politicians have been saying...
The dead woman's parents need a Bail Out! Stop suckin the ass of the big banks. They're can get a trillion dollar bail out from tax payers, why not the little man.
I don't give a shit about the banks. No one forced this woman to take the loan and now she AND her parents have crushed themselves by signing for it. There are SO many better options than that. Now she's dead and this Senator is actually USING her death to make herself look like a hero when she's not. She's a social broker and is capitalizing for political points with ignorant voters who only want to hear "Mean banks bad! Foolish decision not my fault! Me love Warren!"
RUdigitized You're comically biased. Why should bankruptcy discharge the mortgage on your second (and third, and fourth, and fifth) house(es) but not on student loans? Everyone on the right argues that if you're not happy being explo- I mean, working minimum wage, you should go out and get an education and pull yourself up by your bootstraps. People do that with education loans. Frankly, I'd just like to hear you admit your philosophy: "Fuck you, I've got mine."
stripeynu You don't know me. I suppose I am comically biased towards common sense so thanks for the compliment. Where is the father in all of this? Why are you not blaming the college that only-so-gladly took this poor innocent little helpless family's money? If the Right's motto is "Fuck you I've got mine" then the Left's is "Take no responsibility no matter what."
Let me ask you again, Mr. Hunt.... do you have ANYTHING but TALKING POINTS in response the question I had to re-ask you 4 different ways so you would have 5 opportunities to actually GIVE A DAMN ANSWER?!?!?!?!?
I attended a total of 3 semesters of college, 2 of which I completely failed due to online school. I took out private loans for some reason because I thought they had the same regulations, but it turns out the my private loan servicer forced me to continue paying interest DURING the pandemic, while I had no job and no way to get back into college. I regret and despise taking out these private student loans
Senator Warren, thank you for asking the tough questions! We need more politicians like you who hold others accountable for their actions and for their "doublespeak."
Please tell me... and give statistical data to back your assertion that "Student load discharge is an option in bankruptcy." You didn't answer any better than "The bank representative" who "was a joker" (I know many who tried to get student loans discharged through bankruptcy, including me. Even after being declared disabled, it took me 20 years to get them discharged)
Dominique Actually studies show that over 50% of people do get some relief in trying to discharge their loans in bankruptcy. It is a very difficult fight and you have to prove undue hardship. It can take years! The last major case took over a decade.
You're right. But unlike other types of loans, it is a fight. The last major case took over 10 years to get relief. And lawyers will not touch student loan bankruptcy. So you have a low income person, who has to take off work to fight, so under more strain, and is unknowledgeable in the laws vs. a big bank attorney. Sure, they can do research, but why is it such a pain when any other bankruptcy situation can hire an expert. Why? Why is it easier for someone who ran up $50k in credit cards or gambling but not student loans?
Dominique Since you called me out.... Just filing bankruptcy alone does not discharge student loans. One must file an adversary proceeding inside the bankruptcy case. This is a lawsuit within the bankruptcy. Depending on what court circuit the debtor lives in, the standard for discharging student loans is different. The two main tests are: totality of circumstances and the Brunner Test. The Brunner Test is what controls where I am in Orlando. The 3 prongs of the Brunner test are: you made a good faith effort to repay; you cannot maintain a minimal standard of living; and, the condition will last for a long time. I sat in on a private student loan trial in Orlando a few months ago. The debtor had loans with Sallie Mae and NCT (all private). Sallie Mae stipulated and agreed to discharge the loans one day before trial. Unfortunately, NCT won at trial. It could have been better facts. But in all, it was a success. This debtor discharged half of her private student loan debt... just because she tried and had an attorney willing to try. Not all bankruptcy attorneys are afraid to try. But the facts have to be very good to discharge. Although some judges are more willing to partially discharge loans around the country. As far as statistics, please see: getoutofdebt.org/53143/a-look-at-sallie-mae-student-loans-discharged-in-bankruptcy-in-2012 As to federal loans, if your income is low enough to qualify under the Brunner test, then you likely qualify for an income driven repayment plan.
Senator Warren, I have watched what you have said over the last year or so. You make sense of issues that others would prefer to 'muddy' As to your detractors they do not merit comment. You speak open & free it makes a big difference. Thank you Nick (from the UK).
If I go to community college and take out a modest loan that I pay back I get no relief. But someone who goes to Harvard gets a bailout. The real catch is of course the guy who goes to Harvard will probably make more money than the guy who goes to community college. Yet, the Harvard guy gets a bailout. This nothing more than a giveaway to the rich
Liawatha earned $350k at Harvard teaching one class! She's part of the real problem. Interest rates on school loans is a minor issue compared to the real thrives of out for-profit educational system!
Bravo. For gods sake, if you do not run for president, Lets hope you will be vice president. I wish and hope for many more like you to take over the government and bring it to an adult level once again.
Education should be affordable for all, and when you make education not accessible you see corruption and crime rise in all areas of society. Thanks Warren!
I pray that you do run for president Senator Warren and that they don't end up buying you in the long run like they do so many others who intentions are in the right place. Im a hugh fan. I see you as one of 3 political figures that I feel is truly of and for the people
When I took out student loans I was required to pay a premium for life insurance so that the loan would be paid off if anything happened to me. Isn't that still the case?
I wouldn't mind if Liz would speak more about lowering the cost of higher education- the main reason behind student loan crisis- by publicly funding it more, the way Germany & other places do. Sometimes, I'm tempted to emigrate to Germany for their more sensible education policies!
I have student loans with Citizen's Bank. I can't pay them because I support a family of four and earn less than $20,000/yr. The option they offered me is that they'll sue me :D Still won't be able to afford toothpaste or clothes or food. But I will get sued for "all my money."
My issue is with Citizen"s and Sallie Mae and a dead cosigner. My father signed for my son and passed away. I immediately checked their policy and over the phone, and on the loan itself, and both put the burden on the borrower. The problem is neither bank will write a written release to the estate of my father! Is there something I'm missing here? Are they above the law in honoring their contracts as written in the loans and confirmed on the phone? Is there any way to remedy this? Who do you have to call to shine the light on the shady bankers?
Since that comment, to my surprise, two days ago Sallie Mae came through and sent a letter that will satisfy the probate judge. The larger loan , with Citizen's and First Mark is still pending, Thanks to my very smart , homebound sister, and US Navy bound son, they seem to have gotten it done. I'm a little worried about military service at this time though, but every generation I can remember are vets so can't tell him no. It might vbe worse at home!
Senator Warren, you are an amazing and stalwart defender of the interests of everyday citizens. I wish we could vote in 534 congressmembers just like you. Thank you!
She grills the hell out of them forcibly to get transparency and they have nowhere to go and then expose themselves for the crooks they are! The US needs 10 of her!
I agree and disagree with the senator on this. I agree that the parents of the deceased woman should be able to have the loan greatly reduced and/or declare bankruptcy. I disagree with the idea that they are victims. They co-signed on a 100K loan for nursing-school. That was a foolish idea. At some point, personal accountability has to be taken by the parents. Also, Americans need to educated about finances and proper money management. However, if the government reduced military spending by a third to a half, that would free up tax-dollars for universal higher education, universal health-care, a universal basic income guarantee; while not raising a one penny of taxes for the middle-class, rich, or poor. Also, the aforementioned scenario would eliminate the need for many wasteful, ineffective government programs--including welfare. Overall, it is an issue of prioritizing, not austerity. Should the U.S. spend money on war, finance, and entertainment? Or on educating, caring-for, and protecting its citizens? What I suggest is not a purely socialist-state. It is a mixed economy--which has always proven to be the most effective and humane.
i don't believe they co-signed a loan for 100,000 dollars. they cosigned a loan when she started school ,which was obviously a lot lower, every semester after that the interest as well as the principal increased. they were helping their daughter achieve a dream. that she died suddenly is an unfortunate tragedy, and the lender should be compassionate, instead of" we are owed the money and screw you". i think the investors in the bank can well withstand a slight loss in their portfolio. not everything should be based on a bottom line. let's take each case on it's merits. let us not forget the banking scandals the taxpayer has forgiven over the years. hardly anyone was held accountable. the same should be applied to individual citizens
The article I read said that the parents cosigned a loan for $100,000 dollars. Now, ideally, the lender should forgive or greatly reduce the loan, given the tragic circumstances. However, they aren't obligated to, and the parents aren't victims. They knew the risks when they signed. Freedom is messy and complicated. You can't have freedom and total economic security. Why? Because some people don't want to help others, or do the "right" thing of their own volition. I wish that everybody would be generous, kind, and capable of applying common-sense as a tool to solve ethical and financial problems--but there are always going to be those who view the world differently. That's why people in our nation need to understand that capitalism is predatory. It is everyman for himself. It is freedom. Freedom isn't always right or good. Also, I'm a liberal. I believe in social programs, rights, ect. But, as I get older, I realize that: 1. The U.S. is big country with a complex, diverse population 2. And, as a result, there are many individuals that will not share our (liberals) world-view. 3. There are some people who will never think that helping others is a good idea. So, I feel compassion for the the parents and the children. However, people in our country need to get a bit more street-wise about Capitalism--for their own good and protection. Capitalism isn't friendly. Period. End of subject.
Oh I agree that Americans need financial education, but as long as the only source of information is Wall Street and Politicians who are wholly owned subsidiaries of said banking interests, the likelihood of good information begin made to Americans is slim at best. Banks like us stupid. A parent will do anything for their child. Invest in their future and support them in succeeding. That's what parents do. They had no way of knowing their child was never going to be able to pay off her debt due to death. Perhaps they should have also had some kind of insurance policy that would have paid the debt off, but that's 20/20 hind site. This situation demands that real people in harms way be protected by parasitic banking, an educational system that has lost its way (can anyone explain to me why a Dean of ANY College should make tens of millions of dollars on the back of students who will spend their entire youth paying off their student loans. We are raping the future to line the pockets of a vanishingly small few. This is wrong, it has always been wrong and nothing you can say or do will make it right. This needs to end now.
Yes. I agree. However, why does an individual need a $100,000 loan to go to nursing school? There are plenty of other options--though she might have had to work as well. No, not all parents are that supportive of their children. My father said that he wouldn't help me--even if he was a millionaire. In many ways, my father's lack of concern was damaging to my self-esteem. But, it also made me a lot more streetwise and self-reliant.
awaretenacious Please never tie your self-esteem to the actions of others, it is a perfect recipe for a miserable existence. You are a fully evolved, self fulfilling, capable and responsible human being, and what your Father does or doesn't do has no bearing and in no way reflects on your worth, dignity or value as a human being. That's just something I needed to get off my chest. As for the parents in this case, if their daughter was working to become a nurse practitioner, it would be easy to send that kind of money (such a nurse if only a hop, skip and a jump from being a doctor and can make some diagnoses and write prescriptions. Also, if she changed her major a couple times, and went to a high end 4 year Univ. it would be easy to run up such a tab. Once the loan for education passes $20,000 or exceed 5 times the expected annual disposable income of a person on leaving college, the loan should include an insurance policy that pays on default. It makes the cost of the loan higher, but man, it would save people's lives in situation like this. Perhaps the insurance should be provided by the government to keep greedy self serving ass-hats out of the money grubbing. You know, if the wealthy paid a twentieth of their fair share in taxes, we stopped building bombs, and we made Universities tow the line about the cost of education, we could send our kids to college for free.
She belongs in the white house as president or vice president, and the sooner the better. I had read that the banking industry was terrified of her and now I see why. She handles herself as well as any man up there, maybe better.
!!!YOU TELL THEM LIZABETH!!!... ..Senators Democrat Elizabeth Warren, and Independent Bernie Sanders.are SADLY the two Senators who seem to be DOING SOMETHING FOR THE COMMON PEOPLE...
It's been 4 years. It appears private lenders aren't going to be making repayment more realistic for borrowers, nor any income-based repayment ideas on their part. If they don't want kids to be defaulting, then they need to adapt their terms to reflect the continuous low wages in relation to rent costs as well as how hard the job market still is.
She is one badass lady! Throughout her career she's always shown that she actually gives a damn about people. While most people in politics just care about money and power, she actually cares about people, she always has them in mind. Its really hard to respect anyone in our government, but I find it easy to respect her.
Thankfully in the UK our student loans are only paid back if the individual earns over £25,000 annually and the amount taken from the individual each month is not a lot. Also after a certain amount of time the debt is written off and cannot be passed on to other people.
I don't get it, a mother of 3 that took out a $100k loan and got the parent to co-sign to get an "education" then died, and now the grand parents has the look after those 3 kids and has to pay for her $100k loan, and the bank refuses the parents to file bankruptcy ?, whats wrong with these banks ?. I know in Canada if a student borrows money from the bank which is a "student line of credit" and takes out a maximum of $40k for a 5 years tuition and we have 20 years to pay out. But if he/she dies the bank just makes the co-signer signs a relief form and from there the bank deletes the account. But in my opinion the banks in America is too greedy for money.
We did consolidate with Citizens Bank, and the monthly payment is way to high! They need to wipe out all the interest on student loans that accrued on a loan that started out at $25,000 and is now $60,000. That would help out everyone who is in so much student debt!
Watching this over in New Zealand. Nice to think someone over there's standing up for people getting so badly taken advantage of by morally bankrupt banks.
The fact of the matter is that banks get to play in the game, and make all the rules so we as consumers are already screwed the second we borrow any money... Pay cash for everything!!!
+Thomas DiNardi Its so much worse than that... check out videos on how the Federal Reserve works. We've already been sold into slavery... the money that you an I spend is their money... the Government literally yield over the power to create currency to the Banks, its their money. We need to burn down the banks.
preach on lady. I agree. Why is it OK to file for bankruptcy on credit card debt that usually gets accumulated by carelessness but none for student loans?
+aval7 Student loans are often taken on carelessness too. Mine certainly were. A complete lack of investigation into how useless for-profit colleges are. I should've known.
If only one bank is offering student debt relief, due to a death, that's more than enough. Use that bank when getting that student loan. Or, insure that life.
It seems wrong that banks successfully got bankruptcy legislation to benefit themselves and oppose legislation that might benefit the rest of us if we get in serious financial trouble. Everone should be able to get a fresh start if it is approved by a federal judge for cause. The theory is we have done away with debtor prisons. Now I'm not so sure.
This guy is a joke. Banks are in for the profit, they do not forgive loans, and if they take a chargeoff, its because they can't collect it, or the party is deceased with no estate. You can have a family with loss of income, orphans even, and it there is a defaulted mortgage they would foreclose. Banks have no heart, I worked as a collector for a bank. The tools collectors need to save their loans is the ability to re-write loans to where repayment is affordable. And if unable to repay, take the loss, even if through bankruptcy.
She should have thought, or at least the parents, to have life insurance enough to at least cover part of that. In any event, it is a sad situation for the parents; even though they knew they would owe it if she didn't pay, one way or another.
siuwahchan I don't know, but a nice place to start might be the completely insane wage of College Administration. A UC Chancellor retires with a nice little lump worth several million dollars. That's the retire ment... you know, I'm not working any more, so excuse me while I make off with the tuition of several hundred students as a parting gift.There's been endless scandals on School Administration using tax dollars to redecorate their homes, pay for lavish parties, line deep expense accounts chock full of questionable spending. All on the backs of tax payers and the tuition of out children.We pay taxes for State Colleges. The State Colleges and Universities should be free or damn close. The Junior Colleges should be absolutely free. In fact they should use digital textbooks, that cost just enough to pay for the digital resources that distribute them.This the future... you know, informed citizenry? Technological Advance? Global Competition? Fiscal health and well being? Hello, anybody listening? We either remove the carpet baggers and institute education that serves the public or we reap the wind.
this is potentially the best person in a political position in this country. i hesitate to call her a politician because so far she doesn't seem "owned & bought". i hope she stays that way and someday runs for the president of the USA. I'm looking at BramSLI1 below saying he's vote for warren over clinton....and id have to agree!
I love it...and this is why I did not choose any private loan options while in college. A least the federal government with take a minimal payment based on how much I earn ( based on the programs she is speaking of) without threatening to sue me...though with 17,000$ I have in student debt I probably won't pay it off til I'm 60.
To me the thought ' pay $i000,000" for an education has so many things wrong in it. Thanks for trying to bring reason to a system that is unfair to the American public, the student, and that family, and our economy. Again, thanks for trying.
Thank You Elizibeth Warren. My suggestion, allow me to use my Degree as Colateral for the Loan. They told me I would have a higher income with the degree, which turned out to be untrue. so by law that should mean there is no consideration for the loan. How do you prove "no consideration" ?. By looking at income records of course. If the degree has not proven to provide the higer level of income as it was said to provide, then it can not be valid consideration. The remidy is easy, just write the Degree off as null and void. Close the students files, allow no access to the students transcripts for any purpose. Remove all records for the years attended under the loans. Students who graduate put a lot of work into it, obviously with good intention, because it is not easy. It is really sad if we continue to let good Americans get there future ruined by trying to better themselves with a College Education. I can see holding them to the principle, but the removal of the college credentials should be a fair trade off for removal of the intrest, that is in my book anyways.
Oh Elizabeth! You are a beacon of hope. Thank you
"4 out of 7000?" hahahaha
that was awesome
Sen. Warren, you are perfect!
Thank you, Senator. Much, much respect to you.
LMAO ... are you serious Dude ?
We need more people like this woman in our communities. As a matter of fact I would take a thousand of people like her to replace out politicians in office right now . Mam you are a class act and we would be honored to have more like you
I'll take Warren for President over Clinton (Goldman-Sachs) any day. This is what we desperately need right now.
Is Clinton currently working for Goldman-Sachs?
celebrity19812004 she takes vast amounts of money from them for speaking at their events. That's close enough for me.
As much as I admire Mrs. Clinton, I'm with you. I would not only vote for Sen. Warren but be a delegate to assist for her election!
celebrity19812004 Clinton has been connected to Big Banking since she was a Walmart lawyer when they occupied the Oklahoma Governors Mansion.
I think you mean Arkansas Governor's Mansion.
Please share this with a student! They need to know who is actually fighting for them in Washington.
Keep up the great work Senator.
Totally love her. She's super smart and I love how she doesn't let anyone dodge her questions. She maintains composure and self-control, even when he (and others) repeatedly dodge or try to revise her question. I sent her a personal letter about my situation with federal loans--just to cheer her on and thank her. She rocks.
Doesn't it make you feel all warm and fuzzy to know that students and their relatives in financial difficulties can depend on the touchy-feely good will and kindness of our major financial institutions? Myself, I would feel much better if I knew they could rely on rights afforded by cold hard statutes and regulations.
You're right, there are no rights for borrowers are there? These asshole banks (who created the last crash in 2008) create their own rules and we must sign off on them if we want any money lent to us. The most ridiculous rule is you can't have loans forgiven for any reason, not even death. This kind of value of the money lent out doesn't make sense if we keep printing money anyway and also the banks have insurance for defaults, they make money either way. Investors also bet against people like myself on wall street (a private student loan borrower). It's like the student loans are just an even bigger version of the same shit that caused the mortgage crisis. Only thing is I can't figure out how this can all pop, or when. Maybe everyone has to just refuse to pay for things to return to "normal"
Put them all in prison
Sen. Warren is a national treasure. I would be proud to have her as my President. She is a hero/heroine of the people.
I paid my student loan several times over, but finally I paid it off. Never, never again I would take another student loan. I tell people; Do not take a student loan, get a job, save your money and then go to college and pay it yourself. College cost is incredibly ridiculous. Don't they get enough money by charging taxes to "in district" businesses and home owners?. I understand paying for private colleges and universities, but paying for State colleges and universities?. That's non sense. Then there's this; the prices for books are even more ridiculous and funny hough, when they buy it back, they pay you 5 dollars for a book you paid "to them" 100 or more. I've seen people with a BA making 21K a year working odd jobs while others on the street as home less.
This is what happens when education becomes a for-profit industry. In order to provide people with a proper education, we must look beyond what capitalism dictates, and move towards a model that is more in the favor of the student.
Mark West I agree. Take for example that in other countries Universities are free of charge. Have you seen the prices lately?.
argent2020 The moment anyone (or this president) proposes any idea or initiative similar to that, there be would be an immediate negative response and be pounced on by the extreme right wing machine. They would be called an ultra-liberal and a socialist traitor looking to drive this country into the ground and changing our way of life! ANY idea that is for the good and for the well being of the working middle class is a threat to the establishment and to the way they fleece America.
AT LEAST FOUR!
This guy is unreal.
Too late to fix the old and obsolete system.
Prepare: get food, gold, silver and bitcoin, anything of limited supply.
+1
+1
+MainAccount I'll just die whenever it get's too bad. I'll pass on some walking dead type existence. Life isn't that precious.
Ms Warren exemplifies all that is needed in this greedy, hateful, economic system. She is brilliant in her analysis, her way of presenting the problems and possible solutions. Most of all, she is kind and caring of her fellow Man. Warren for President!!!
They all try to pull a song and dance act on Senator Warren, but she never concedes because she knows what she is talking about and will ask a specific question until it is actually answered or that the song and dance person is exposed.
Elizabeth you are our voice!
She is one tough cookie. Go Elizabeth!
People keep calling for Ms. Warren to run for president. While I would love to have someone *like* her in the position - there is no one else out there right now. And if she were to become president, she would be WAY too hamstrung by unavoidable politics to really accomplish the things we believe she can. In her current position, she doesn't have to kiss the arse of both sides - she can lay it on the line, bluntly and honestly. She's a much, much greater asset to all of us right where she is.
Keep the focus Elizabeth!
Wait so a mother of 3 took a 100k loan and had her parents cosign for it? It's their responsibility to pay it then. This woman and her parents made an incredibly foolish financial decision and now this Senator is using it to make herself look good on camera. Fantastic.
So a large section of american college students are making foolish financial decisions? That's not what the banks and employers and guidance counselors and politicians have been saying...
The dead woman's parents need a Bail Out! Stop suckin the ass of the big banks. They're can get a trillion dollar bail out from tax payers, why not the little man.
I don't give a shit about the banks. No one forced this woman to take the loan and now she AND her parents have crushed themselves by signing for it. There are SO many better options than that. Now she's dead and this Senator is actually USING her death to make herself look like a hero when she's not. She's a social broker and is capitalizing for political points with ignorant voters who only want to hear "Mean banks bad! Foolish decision not my fault! Me love Warren!"
RUdigitized You're comically biased. Why should bankruptcy discharge the mortgage on your second (and third, and fourth, and fifth) house(es) but not on student loans? Everyone on the right argues that if you're not happy being explo- I mean, working minimum wage, you should go out and get an education and pull yourself up by your bootstraps. People do that with education loans.
Frankly, I'd just like to hear you admit your philosophy: "Fuck you, I've got mine."
stripeynu You don't know me. I suppose I am comically biased towards common sense so thanks for the compliment. Where is the father in all of this? Why are you not blaming the college that only-so-gladly took this poor innocent little helpless family's money? If the Right's motto is "Fuck you I've got mine" then the Left's is "Take no responsibility no matter what."
Let me ask you again, Mr. Hunt.... do you have ANYTHING but TALKING POINTS in response the question I had to re-ask you 4 different ways so you would have 5 opportunities to actually GIVE A DAMN ANSWER?!?!?!?!?
I attended a total of 3 semesters of college, 2 of which I completely failed due to online school. I took out private loans for some reason because I thought they had the same regulations, but it turns out the my private loan servicer forced me to continue paying interest DURING the pandemic, while I had no job and no way to get back into college. I regret and despise taking out these private student loans
I’m so ready to vote for her. It took me forever to paid my student loans. Lord bless her
Senator Warren, thank you for asking the tough questions! We need more politicians like you who hold others accountable for their actions and for their "doublespeak."
Oops... Student loan discharge is an option in bankruptcy. It is just a tough fight to discharge them. The bank representative was a joker.
Please tell me... and give statistical data to back your assertion that "Student load discharge is an option in bankruptcy."
You didn't answer any better than "The bank representative" who "was a joker"
(I know many who tried to get student loans discharged through bankruptcy, including me. Even after being declared disabled, it took me 20 years to get them discharged)
Dominique Actually studies show that over 50% of people do get some relief in trying to discharge their loans in bankruptcy. It is a very difficult fight and you have to prove undue hardship. It can take years! The last major case took over a decade.
You're right. But unlike other types of loans, it is a fight. The last major case took over 10 years to get relief. And lawyers will not touch student loan bankruptcy. So you have a low income person, who has to take off work to fight, so under more strain, and is unknowledgeable in the laws vs. a big bank attorney. Sure, they can do research, but why is it such a pain when any other bankruptcy situation can hire an expert. Why? Why is it easier for someone who ran up $50k in credit cards or gambling but not student loans?
Dominique Since you called me out.... Just filing bankruptcy alone does not discharge student loans. One must file an adversary proceeding inside the bankruptcy case. This is a lawsuit within the bankruptcy. Depending on what court circuit the debtor lives in, the standard for discharging student loans is different. The two main tests are: totality of circumstances and the Brunner Test. The Brunner Test is what controls where I am in Orlando. The 3 prongs of the Brunner test are: you made a good faith effort to repay; you cannot maintain a minimal standard of living; and, the condition will last for a long time.
I sat in on a private student loan trial in Orlando a few months ago. The debtor had loans with Sallie Mae and NCT (all private). Sallie Mae stipulated and agreed to discharge the loans one day before trial. Unfortunately, NCT won at trial. It could have been better facts. But in all, it was a success. This debtor discharged half of her private student loan debt... just because she tried and had an attorney willing to try.
Not all bankruptcy attorneys are afraid to try. But the facts have to be very good to discharge. Although some judges are more willing to partially discharge loans around the country.
As far as statistics, please see: getoutofdebt.org/53143/a-look-at-sallie-mae-student-loans-discharged-in-bankruptcy-in-2012
As to federal loans, if your income is low enough to qualify under the Brunner test, then you likely qualify for an income driven repayment plan.
Lewis Roberts I want to thank you and Urban for the information. Very enlightening.
She's my Senator and she'd make a great President if she had the right congress to work with.
I wish she was my senator.
Best person in Congress today. She actually cares for the PEOPLE, not the corporate asswipes ruining our country.
I would never want to have to defend myself to Senator Warren! I have so much respect for her...
Senator Warren, I have watched what you have said over the last year or so. You make sense of issues that others would prefer to 'muddy' As to your detractors they do not merit comment. You speak open & free it makes a big difference. Thank you Nick (from the UK).
If I go to community college and take out a modest loan that I pay back I get no relief. But someone who goes to Harvard gets a bailout. The real catch is of course the guy who goes to Harvard will probably make more money than the guy who goes to community college. Yet, the Harvard guy gets a bailout. This nothing more than a giveaway to the rich
Thank you senator. I really appreciate your work.
Liawatha earned $350k at Harvard teaching one class! She's part of the real problem. Interest rates on school loans is a minor issue compared to the real thrives of out for-profit educational system!
Bravo. For gods sake, if you do not run for president, Lets hope you will be vice president. I wish and hope for many more like you to take over the government and bring it to an adult level once again.
I like the way Elizabeth Warren held her own & didn't let the bank representative bully her.
You go girl
Education should be affordable for all, and when you make education not accessible you see corruption and crime rise in all areas of society. Thanks Warren!
Most of us would happily beg you Elizabeth Warren to run for president. I think you would be amazed at how many people would vote for you.
I pray that you do run for president Senator Warren and that they don't end up buying you in the long run like they do so many others who intentions are in the right place. Im a hugh fan. I see you as one of 3 political figures that I feel is truly of and for the people
Love this Lady.
thanks elizabeth
Preach!
Nice to see someone fighting against private loans!
When I took out student loans I was required to pay a premium for life insurance so that the loan would be paid off if anything happened to me. Isn't that still the case?
I wouldn't mind if Liz would speak more about lowering the cost of higher education- the main reason behind student loan crisis- by publicly funding it more, the way Germany & other places do.
Sometimes, I'm tempted to emigrate to Germany for their more sensible education policies!
I have student loans with Citizen's Bank. I can't pay them because I support a family of four and earn less than $20,000/yr. The option they offered me is that they'll sue me :D Still won't be able to afford toothpaste or clothes or food. But I will get sued for "all my money."
In the same place man! Best bet is to try and negotiate with the debt collectors they sell it to. Best of luck!
It's perverse. I owe so much for my education that I am afraid to stop going to school.
We love you Elizabeth. You are a prime model for those who still believe that the oligarchs can be moved before totalitarianism is unveiled.
My issue is with Citizen"s and Sallie Mae and a dead cosigner. My father signed for my son and passed away. I immediately checked their policy and over the phone, and on the loan itself, and both put the burden on the borrower. The problem is neither bank will write a written release to the estate of my father! Is there something I'm missing here? Are they above the law in honoring their contracts as written in the loans and confirmed on the phone? Is there any way to remedy this? Who do you have to call to shine the light on the shady bankers?
You really need to talk to a lawyer
Since that comment, to my surprise, two days ago Sallie Mae came through and sent a letter that will satisfy the probate judge. The larger loan , with Citizen's and First Mark is still pending, Thanks to my very smart , homebound sister, and US Navy bound son, they seem to have gotten it done. I'm a little worried about military service at this time though, but every generation I can remember are vets so can't tell him no. It might vbe worse at home!
Just fyi, it's poor etiquette and disrespectful to interrupt people constantly, especially when you're asking them a question, senator.
I love her stance and her non deterrence
Love you Senator Warren. I know you said no, but please consider "President Warren".
Senator Warren, you are an amazing and stalwart defender of the interests of everyday citizens. I wish we could vote in 534 congressmembers just like you. Thank you!
She grills the hell out of them forcibly to get transparency and they have nowhere to go and then expose themselves for the crooks they are! The US needs 10 of her!
I agree and disagree with the senator on this. I agree that the parents of the deceased woman should be able to have the loan greatly reduced and/or declare bankruptcy. I disagree with the idea that they are victims. They co-signed on a 100K loan for nursing-school. That was a foolish idea. At some point, personal accountability has to be taken by the parents. Also, Americans need to educated about finances and proper money management. However, if the government reduced military spending by a third to a half, that would free up tax-dollars for universal higher education, universal health-care, a universal basic income guarantee; while not raising a one penny of taxes for the middle-class, rich, or poor. Also, the aforementioned scenario would eliminate the need for many wasteful, ineffective government programs--including welfare. Overall, it is an issue of prioritizing, not austerity. Should the U.S. spend money on war, finance, and entertainment? Or on educating, caring-for, and protecting its citizens? What I suggest is not a purely socialist-state. It is a mixed economy--which has always proven to be the most effective and humane.
i don't believe they co-signed a loan for 100,000 dollars. they cosigned a loan when she started school ,which was obviously a lot lower, every semester after that the interest as well as the principal increased. they were helping their daughter achieve a dream. that she died suddenly is an unfortunate tragedy, and the lender should be compassionate, instead of" we are owed the money and screw you". i think the investors in the bank can well withstand a slight loss in their portfolio. not everything should be based on a bottom line. let's take each case on it's merits. let us not forget the banking scandals the taxpayer has forgiven over the years. hardly anyone was held accountable. the same should be applied to individual citizens
The article I read said that the parents cosigned a loan for $100,000 dollars. Now, ideally, the lender should forgive or greatly reduce the loan, given the tragic circumstances. However, they aren't obligated to, and the parents aren't victims. They knew the risks when they signed.
Freedom is messy and complicated. You can't have freedom and total economic security. Why? Because some people don't want to help others, or do the "right" thing of their own volition. I wish that everybody would be generous, kind, and capable of applying common-sense as a tool to solve ethical and financial problems--but there are always going to be those who view the world differently. That's why people in our nation need to understand that capitalism is predatory. It is everyman for himself. It is freedom. Freedom isn't always right or good.
Also, I'm a liberal. I believe in social programs, rights, ect. But, as I get older, I realize that: 1. The U.S. is big country with a complex, diverse population 2. And, as a result, there are many individuals that will not share our (liberals) world-view. 3. There are some people who will never think that helping others is a good idea.
So, I feel compassion for the the parents and the children. However, people in our country need to get a bit more street-wise about Capitalism--for their own good and protection.
Capitalism isn't friendly. Period. End of subject.
Oh I agree that Americans need financial education, but as long as the only source of information is Wall Street and Politicians who are wholly owned subsidiaries of said banking interests, the likelihood of good information begin made to Americans is slim at best. Banks like us stupid.
A parent will do anything for their child. Invest in their future and support them in succeeding. That's what parents do. They had no way of knowing their child was never going to be able to pay off her debt due to death. Perhaps they should have also had some kind of insurance policy that would have paid the debt off, but that's 20/20 hind site.
This situation demands that real people in harms way be protected by parasitic banking, an educational system that has lost its way (can anyone explain to me why a Dean of ANY College should make tens of millions of dollars on the back of students who will spend their entire youth paying off their student loans.
We are raping the future to line the pockets of a vanishingly small few. This is wrong, it has always been wrong and nothing you can say or do will make it right. This needs to end now.
Yes. I agree. However, why does an individual need a $100,000 loan to go to nursing school? There are plenty of other options--though she might have had to work as well.
No, not all parents are that supportive of their children. My father said that he wouldn't help me--even if he was a millionaire.
In many ways, my father's lack of concern was damaging to my self-esteem. But, it also made me a lot more streetwise and self-reliant.
awaretenacious Please never tie your self-esteem to the actions of others, it is a perfect recipe for a miserable existence. You are a fully evolved, self fulfilling, capable and responsible human being, and what your Father does or doesn't do has no bearing and in no way reflects on your worth, dignity or value as a human being. That's just something I needed to get off my chest.
As for the parents in this case, if their daughter was working to become a nurse practitioner, it would be easy to send that kind of money (such a nurse if only a hop, skip and a jump from being a doctor and can make some diagnoses and write prescriptions.
Also, if she changed her major a couple times, and went to a high end 4 year Univ. it would be easy to run up such a tab. Once the loan for education passes $20,000 or exceed 5 times the expected annual disposable income of a person on leaving college, the loan should include an insurance policy that pays on default. It makes the cost of the loan higher, but man, it would save people's lives in situation like this. Perhaps the insurance should be provided by the government to keep greedy self serving ass-hats out of the money grubbing.
You know, if the wealthy paid a twentieth of their fair share in taxes, we stopped building bombs, and we made Universities tow the line about the cost of education, we could send our kids to college for free.
You go girl. What an amazing person Senator Warren is.
Thanks for caring, Senator Warren.
Great Job Ms. Warren...
She belongs in the white house as president or vice president, and the sooner the better. I had read that the banking industry was terrified of her and now I see why. She handles herself as well as any man up there, maybe better.
!!!YOU TELL THEM LIZABETH!!!... ..Senators Democrat Elizabeth Warren, and Independent Bernie Sanders.are SADLY the two Senators who seem to be DOING SOMETHING FOR THE COMMON PEOPLE...
Please run for president, Mrs. Warren. You are a passionate advocate of the people and a modern hero!
It's been 4 years. It appears private lenders aren't going to be making repayment more realistic for borrowers, nor any income-based repayment ideas on their part. If they don't want kids to be defaulting, then they need to adapt their terms to reflect the continuous low wages in relation to rent costs as well as how hard the job market still is.
I really like this, but damn I kind wish the interruption stop. I really want to hear that kind of stuff Mr. Hunt say. Even if it's bad.
She is one badass lady! Throughout her career she's always shown that she actually gives a damn about people. While most people in politics just care about money and power, she actually cares about people, she always has them in mind. Its really hard to respect anyone in our government, but I find it easy to respect her.
Thankfully in the UK our student loans are only paid back if the individual earns over £25,000 annually and the amount taken from the individual each month is not a lot. Also after a certain amount of time the debt is written off and cannot be passed on to other people.
I couldn't finish watching it. That man and his bullshit made me physically ill.
I don't get it, a mother of 3 that took out a $100k loan and got the parent to co-sign to get an "education" then died, and now the grand parents has the look after those 3 kids and has to pay for her $100k loan, and the bank refuses the parents to file bankruptcy ?, whats wrong with these banks ?. I know in Canada if a student borrows money from the bank which is a "student line of credit" and takes out a maximum of $40k for a 5 years tuition and we have 20 years to pay out. But if he/she dies the bank just makes the co-signer signs a relief form and from there the bank deletes the account. But in my opinion the banks in America is too greedy for money.
God bless you Sen. Warren!
We did consolidate with Citizens Bank, and the monthly payment is way to high! They need to wipe out all the interest on student loans that accrued on a loan that started out at $25,000 and is now $60,000. That would help out everyone who is in so much student debt!
Bernie Sanders is fighting for the same issues! He is our only hope.
Watching this over in New Zealand. Nice to think someone over there's standing up for people getting so badly taken advantage of by morally bankrupt banks.
The fact of the matter is that banks get to play in the game, and make all the rules so we as consumers are already screwed the second we borrow any money... Pay cash for everything!!!
+Thomas DiNardi
Its so much worse than that... check out videos on how the Federal Reserve works. We've already been sold into slavery... the money that you an I spend is their money... the Government literally yield over the power to create currency to the Banks, its their money.
We need to burn down the banks.
Warren please run for the office of presidency in 2016!! We'll support you.... We need you in the white house now.
We shouldn’t have federally protected loans..
preach on lady. I agree. Why is it OK to file for bankruptcy on credit card debt that usually gets accumulated by carelessness but none for student loans?
+aval7 Student loans are often taken on carelessness too. Mine certainly were. A complete lack of investigation into how useless for-profit colleges are. I should've known.
Laws will never help people who get into financial trouble. Income is the only thing that will. Bottom line.
Bankruptcy is an option in bankruptcy. It is just a tough fight to discharge them.
We need Warren TO STAY IN CONGRESS WHERE SHE CAN DO SOMETHING!! The president can't make laws. The Senate can.
If only one bank is offering student debt relief, due to a death, that's more than enough. Use that bank when getting that student loan. Or, insure that life.
They talk all day but no one can do anything about it?
It seems wrong that banks successfully got bankruptcy legislation to benefit themselves and oppose legislation that might benefit the rest of us if we get in serious financial trouble. Everone should be able to get a fresh start if it is approved by a federal judge for cause. The theory is we have done away with debtor prisons. Now I'm not so sure.
This guy is a joke. Banks are in for the profit, they do not forgive loans, and if they take a chargeoff, its because they can't collect it, or the party is deceased with no estate. You can have a family with loss of income, orphans even, and it there is a defaulted mortgage they would foreclose. Banks have no heart, I worked as a collector for a bank. The tools collectors need to save their loans is the ability to re-write loans to where repayment is affordable. And if unable to repay, take the loss, even if through bankruptcy.
Warren is a woman of the people. Love how she cuts through the Bullshit
Proud to have voted for her as my Senator. Will not vote for Clinton or any likeminded Republican thug.
Right she wants to excuse school loans since the kiddies used that money to be well brainwashed by academia, but loans on homes that's different.
please catch and send William Hinman,Gary Gresler and Jay Clayton to jail.
I love this woman!!!
She & Berne Sanders would make a sensible ticket...
She should have thought, or at least the parents, to have life insurance enough to at least cover part of that. In any event, it is a sad situation for the parents; even though they knew they would owe it if she didn't pay, one way or another.
Have ever any effort to curb the sky-rocketing increase of tuition fee from the college
siuwahchan I don't know, but a nice place to start might be the completely insane wage of College Administration. A UC Chancellor retires with a nice little lump worth several million dollars. That's the retire ment... you know, I'm not working any more, so excuse me while I make off with the tuition of several hundred students as a parting gift.There's been endless scandals on School Administration using tax dollars to redecorate their homes, pay for lavish parties, line deep expense accounts chock full of questionable spending. All on the backs of tax payers and the tuition of out children.We pay taxes for State Colleges. The State Colleges and Universities should be free or damn close. The Junior Colleges should be absolutely free. In fact they should use digital textbooks, that cost just enough to pay for the digital resources that distribute them.This the future... you know, informed citizenry? Technological Advance? Global Competition? Fiscal health and well being? Hello, anybody listening? We either remove the carpet baggers and institute education that serves the public or we reap the wind.
To run for
I like Elizabeth Warren!
She is our champion!
God Damn I love this woman!!!!
this is potentially the best person in a political position in this country. i hesitate to call her a politician because so far she doesn't seem "owned & bought". i hope she stays that way and someday runs for the president of the USA. I'm looking at BramSLI1 below saying he's vote for warren over clinton....and id have to agree!
Good on ya Elizabeth Warren!!!
Please run for President
I love it...and this is why I did not choose any private loan options while in college. A least the federal government with take a minimal payment based on how much I earn ( based on the programs she is speaking of) without threatening to sue me...though with 17,000$ I have in student debt I probably won't pay it off til I'm 60.
Please run for President!!
To me the thought ' pay $i000,000" for an education has so many things wrong in it. Thanks for trying to bring reason to a system that is unfair to the American public, the student, and that family, and our economy. Again, thanks for trying.
Thank You Elizibeth Warren.
My suggestion, allow me to use my Degree as Colateral for the Loan. They told me I would have a higher income with the degree, which turned out to be untrue. so by law that should mean there is no consideration for the loan.
How do you prove "no consideration" ?. By looking at income records of course. If the degree has not proven to provide the higer level of income as it was said to provide, then it can not be valid consideration.
The remidy is easy, just write the Degree off as null and void. Close the students files, allow no access to the students transcripts for any purpose. Remove all records for the years attended under the loans.
Students who graduate put a lot of work into it, obviously with good intention, because it is not easy. It is really sad if we continue to let good Americans get there future ruined by trying to better themselves with a College Education.
I can see holding them to the principle, but the removal of the college credentials should be a fair trade off for removal of the intrest, that is in my book anyways.