All student debt in the US, visualized
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- Опубликовано: 28 сен 2024
- What if all of this debt was canceled? This is what that would look like.
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Student loan debt has increased exponentially in the past few decades. So now, some Democratic presidential candidates propose canceling those debts - all $1.6 trillion of it. But is this a good idea? Who exactly does it benefit?
For more on student loan debt, read this Vox explainer on Elizabeth Warren's plan: www.vox.com/20...
And this explainer on Bernie Sanders's plan: www.vox.com/po...
This piece explains why wonks don't like Sanders's plan: www.vox.com/po...
And to get a wider perspective on the whole debate, Matt Yglesias breaks it down: www.vox.com/20...
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fancy
no but actually, give yourselves a pat on the back for this vid and many others, the graphics are smooth and amazing
I want to watch, but I can't join as a member, proly because I'm not in US
Instead of getting ride of the debt for the people who will make the money back, we should lower the cost of education. The professors can get lower pay in certain departments, cut the budget for the massive gyms and entertainment complex’s. That will lower the cost for everyone who goes to college. We also should stop people going to school for acting and musics degrees because they really don’t help you in the field. Finally make it so only the best scoring students go to the most expensive schools, if you have an SAT of 1240 and below don’t go to Harvard or a place like that, go to a non Ivy League. People in the costly fields can also do this, City College of New York School of Medicine isn’t as fancy as Columbia or Harvard, but you will still get all the necessary education and can be just as successful.
College in US has become a business, not a service
College is all about infrastructure + salaries to staff. Which is fair upto some extent
Thats why Andrew Yang 1K dollar UBI is more make sense. because college is not for everybody. we can find success outside the universities.
young people need to do more in vocational skill and starting small business in their community
Become, it’s been a business from the get go.
Also in UK, Australia
@@rofidganteng1 not everyone wants to start a business, what should i do if i want to cure cancer?
I'm from Europe, always had free education, no one here understands why you pay millions of $$ to study. It's simply ridiculous.
Sweden here, everybody takes a loan unless rich. Typically around 25-35k dollars after 5 years. We don't have housing included and most places don't either.
pretendcampus I thought Sweden had free education.
@@Lozo39 yes but housing and food costs money. And books...
Education is free, housing is not. In Sweden you do get a stipend, but it's tiny
Patrick Ratzow In France poor people have funds to pay for their expenses.
Vox - Can you please give a hug to your graphics department?
graphics guy really working hard to clear his student loans
graphics guy really working hard to clear his student loans
Why not a raise?
I agree, those graphics are clean!!
It’s inspired by the sands of the desert and the Egyptian pyramids of Giza...
It's funny how money is only ever really an issue when it comes to helping average americans
☕️
Money is also an issue when it comes to helping the big corporations, the rich and wealthy. What's your point?
@@oterenceo The point is poor people don't vote, so politicians don't pander to them. It's always "the middle class is the backbone of America" because voters want to hear that everyone richer than them is corrupt, and everyone poorer then them is lazy.
Every year the US govt transfers multi billions from the top 20% of earners to the bottom 50%.
@@harrisonwintergreen1147 lol @ earners that's funny . You mean exploiters who have bought the gov
*_laughs in European_*
@@shekler2758 Yes, And It Tastes Great!
I mean I'll still have to pay for flight school which is like 80 000€ in Finland lol
@@juusotaskinen452 It was your choice, I presume. There are tons of free universities in Finland. Americans don't have this choice, unfortunately.
@@live425 Can't argue with that
*Cries in Britian*
visualizing my student debt is a useless endeavour because my peasant tears make everything blurry
nice line did you learn that with your English or Art History degree or both
@@lu-dx6ohare you implying STEM students can't be witty?
@@nelsonth Real degrees don't need any tears
Good
@@nelsonth i think the implication is that stem students get jobs lol
I'm 19 about to be kicked out of my Parents house because I refused to go to university and put myself in debt. Working in McDonald's full time while paying about £2800 doing a course on software development in the evening and weekends which gives me 6 qualifications in technical skills that people actually care about. Instead of a piece of paper. Funny thing is that the most to the people who do my course have degrees computer science etc which just shows how useless it is and how it's a waste of time and money but my parents refuse to listen. Oh well.
Wish me luck.
good luck!
genius
Or just come to Europe to study. I do not understand why Americans won't do that. EU universities are either free or cost significantly less. Living costs are the same maybe even cheaper.
@@lian6818 he used £ so I assume he's already in Europe?
Livia Antal If European universities are like Canadian universities then foreign students pay a much higher tuition. Canadian universities do recruit foreign students to pay $15,000-$20,000 per year while Canadian students pay around $2,000-2,500 per year.
Title about student debt
Starts with USSR
Qwarz Atarz gotta look at historical context and where it all started
USSR produced a lot of amazing engineers and scientists who studied for free.
Good to include a mention of the USSR since there’ll be trolls here saying ‘America is not socialist’
@@clydeceniza2521 not to mention the USA ended up hiring many of these engineers :P
@@MrRishik123 The point is, whether the student was successful or not of the field of his choice that he studied for "FREE". Then he could have the choice to work abroad or domestically.
Okay, but imagine how much the economy would benefit from literally MILLIONS of well educated Americans suddenly having more financial freedom, and thus, being much more able to contribute to the economy
Yes, let’s have the uneducated majority who on average make less, subsidize the educated minority whom already make more
@@ohozo7292 What makes you think the "uneducated majority who on average make less" would be "subsidizing" student loan cancellation in any meaningful sense?
@@kqatsi it is money from their pocket to fund an education system they did not participate in. An education system that is overpriced and will continue to be as long as the government offers money to these universities through the students. Those who receive this money are those who also received the education to earn more. Money coming from those who gained nothing and make less. It’s not all that complicated. Maybe subsidize wasn’t the right word
Forgiving the student loans simply is a half-assed bandage to this glaring issue of government subsidies. The government subsidizes education of universities which makes the universities bolder in demanding higher tuition fees.
This video claims that cancelling student debt won't help those who didn't go to college and take debt on. This is not true. Everyone will benefit from the increased economic activity that debt forgiveness will create. Our economy is being held back by these debts preventing millions from fully participating in the economy. The money will go to food, housing, cars and the purchases that bring economic prosperity to all.
How so?
The point is they can also ask for their housing/personal loan cancellation as well. You are right when you say it would benefit them but that would be quite indirectly while college attendees will get a very direct boost.
@@AZAZEL_TK If people have more momey, people spend more money. They'd replace their student debt with housing or car debt. Last time I checked, construction workers, electricians, plumbers, mechanics, and salepeople (for furniture, cars, and appliances) don't normally go to college. They'd get more sales and more business, providing some combination of higher pay and job growth.
@rustydog0329
Singapore did just that a few decades ago by public finance. They went from dirt poor as a people to 95% home ownership and a strong economy. The problem now is that the same people who have student debt can't afford a mortgage in the face of increasing home prices, which is why American home ownership is falling. Student debt is meant to improve lives, yet it does not. That is the problem. Mortgages exist to improve lives by increasing home ownership: for the fiscally responsible, they do. Doesn't help that big banks were bailed out in 2008 when people weren't. The fact that deleted mortgages would help people is not an excuse not to help with student debt. In either case, the true middle class of the US is basically nonexistent and needs help. This is about getting the government to do literally anything beneficial to build a middle class at this point and improve lives.
@rustydog0329 Agreed. But if student debt enables education and that is what is perceived as a requirement for a better life.. then isn't the debt defeating the point of education?
"People should not be punished for getting a higher education at a competitive global economy" 😍
@Jeremy Jackson it's beneficial for everybody if more people are educated.
People should just join the military and get free college. I'm just saying.
@@Velvorian there is also an option to sell kidney, why not do that? I'm ironical and for the record, there is no worthless education. I teach chemistry but I equally appreciate dance theory.
@Jeremy Jackson better education benefits the society. The effect is definitely worth the cost, as much more money is put into the economy.
@@TxInfinity ah yes, don't you love possibly risking your life just to get an education? Oh wait, that's just going to school in america.
Can’t get student debt if you don’t go to college
*[ insert picture of Roll Safe taping his finger to his forehead ]*
Link Genius.
Basically what I did. Now I'm a disappointment to my Parents.
Can't get a decent job without a college-issued piece of paper.
(I exaggerate. It's possible, but increasingly, increasingly difficult. Many jobs don't require the skills purportedly inculcated by colleges; however, nearly all HR reps demand that diploma anyway. Because at this point it's become expected, and because they can.)
I finished college last December and paid it with my own money. Didn't party, go out, no gf, etc. Now landed a job in my field of study( with experience).
@@JIMvc2 you're a troll or need to be on a watchlist
I guess I was very lucky to graduate from college with zero debt. I had a lot of scholarships that paid for my school.
Same here bro. I am 24 and $0 in debt. Many people pay high amounts of fees to get useless degrees like art history.
Whoa! Lucky fella 😅
@@johnanna6047 cool! What degree do you have? Just curious
@@rahuldhargalkar computer science bro. I currently work as a senior software developer/senior tech consultant and I do some freelance work on the side for extra income. So because of that I have $0 debt , $290k as my annual ctc and make extra $80-$90 k per year from freelance.
@@rahuldhargalkar Are you indian?
It amazes me when I hear people say “No one told them to go to college, they knew what they were getting into” or “It’s their fault for getting a liberal arts degree”...there are so many people who graduated college in fields that at the time we assumed would be in high demand in four years(medical, business, etc.) but when they graduate there’s not many well paying jobs available for thousands of recent college graduates with the same degree, that’s the problem. Also, for those saying we knew what we were getting ourselves into have you never taken into account that maybe we didn’t REALLY know what we were getting ourselves into at 18 years of age? Since grade school it’s always been about getting good grades so that you can get into a good college and therefore get a job. Most people at 18 really dont think when it comes to college we just know it’s something we’ve been told our whole lives we have to do to be successful. Stop acting like you’ve never made mistakes when you were young that years down the line when you’re more mature you’ve looked back and wished you had done things differently. With the high tuition and even higher interest rates, no one chose to be in this kind of position. For those of you who had the resources and maturity to make the best decisions for yourself at 18 kudos to you but instead of getting in the comments and making it seem as if people wouldn’t pay back their debts if they truly could afford to do so, why don’t you become a mentor to seniors in high school to educate them, you could help change someone’s life instead of tearing others down for being young, naive, and trusting of their government.
Amen
Yes you were naive, why should we pay for your mistake. I told people back in high school college is a scam unless your going into the medical/science feild. Did they listen. No
In Denmark we just have a shitload of taxes so University and healthcare is free
Nothing is free, the burden of paying for it just goes to the tax payers instead of the student.
Pay for what you dont want or need....comrade
@@rileybrown4066 Well done, you can't even read the comment you're replying to.
@@rileybrown4066 everybody pays taxes even student, even if you go buying groceries u still pay taxes
@@JamEngulfer how so?
The problem of student debt was recognizable prior to 2008. Why haven't this issue and inflated tuition been given the same level of attention as the mortgage crisis and inflated housing costs? I conjecture the two might even have related causes.
Title: All student debt in the United States, visualised
Me, an intellectual: *NOT STONKS*
SKNOTS
Stonkn’ts
Kudos to the person making these visualizations! Really, job well done man.
It’s been 5 years since I graduated high school and so far all college has given me is thousands in debt and a mental breakdown. Some American Dream.
(And now I’m $8,000 extra in debt for daring to get some help for my mental breakdown even though I allegedly have good health insurance)
Joseph Delahunty yeah lol I’d be in Canada or Europe next week if I could afford it. But alas, no degree yet so my money making opportunities are much more limited. (Despite having done over 4 years of work and having a good gpa 🙃)
Same boat. All this debt and 9 classes left until I get that piece of paper that makes it so I don't have to do backbreaking labour for 50 hours a week.
pfft well was the makeup science degree worth it?😂
@Scooters Videos just because the degree has great jobs you can get with it doesn't mean that job market is in demand for new workers. That's a very large problem that's not addressed. Less that 50% of people get a job related to their degree cause they dont research the market before, and of course the market can switch while in college but you should plan for this as well. Not saying its everyone's fault but cmon I know it s a meme at this point but paying thousands for a social science degree and crying about not being able to pay it off?? Cmon
And just think how much worse it’ll all get when the next recession finally hits
It hit lol
Oof, it hit hard this time, like really hard
They predict that student loans will triple in the next fall semester, since in a recession people go back to school.
I feel sorry for the new bachelors graduates in the next 5 years. The job market will have tons of Masters degrees and experience since that’s the response of anyone getting kicked out of their job right now.
My advice? If you are going to start a 4 year education route. Consider other options...
Pmoose Travern the student loan debt won’t triple lol
Aren't Millennials now officially a "working class citizens".
Shouldn't we focus more on Gen Z.
well, they can work, but some are still in school.
They mostly aren't old enough to have student loans yet
Not worth the investment, none of them will survive the U.S. - China Great War of 2026
@@oliverwilson11 Gen Z is from 1995-2003 ish, theyre 16-24/5, so most are well old enough to get loans.
@@brendo3808
I thought it was 2000-2020. Those are sensible round numbers. Where are you getting 1995-2003?
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For real it's very profitable
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Me, European: What is this student debt everyone is talking about?
Our taxes aren't that much higher and for these 10% more we get school and healthcare pretty much free
I'm more concern with Vox's computer rendering all the circles
Tl;dr: I'm a big dot with a PhD (lot of debt), but am significantly underemployed (near poverty line), and I'm not alone. My bigger concern is that there is a quality gap between elite universities (for the rich) and everyone else.
Went to college on a 90% ride. Continued through a Masters on a 95% scholarship. I was good at school (really good). So my professors all encouraged me to get a PhD. In particular, they said I should look to particular programs in line with my studies outside the US. Don't worry, they said, you can still use US federal Aid for some of these top tier programs. I got a partial scholarship, but because schools in the UK charge significantly more to non-home students (which they should, I had not paid taxes there, nor would I afterward due to strict anti-immigration laws), I graduated with more debt than the value of my parents and my in-laws homes were worth combined. I'm one of those big dots.
My PhD, however, is in the humanities. I am trained to do, primarily, one thing: teach and research (e.g. be a professor) and that's about it. Unfortunately, the other side of higher education is that the number of tenure track (or even just full time) teaching/research jobs has not even held steady. I found out, after the fact, that there was a crises in higher education jobs stretching back to the late 1980s. New jobs were not being created even as the number of PhD graduates went up. Still, I was told, not to worry, I went to a top tier school, I had excellent recommenders, I would be able to get a job teaching. In the 2010s, however, education began a shift that has only accelerated. Now, not only were new jobs not being created, but older established positions were being replaced by part time positions. It turns out, in terms of strict coverage, colleges and universities found out they cover the same number of courses that one full time faculty member taught with 2 or 3 part time faculty for about 1/3 the cost. As for-profit schools entered the scene, state funding went down, and competition for students went up, a business (rather than non-profit) mindset took hold that encouraged this. Teaching heavy schools began to phase out full time faculty. As a result, I have not found a professor job (other than some part time work here and there) and am significantly under-employed. My situation is not unique.
This is problematic not just for me, but for all higher education. (In my current job, a professional role for a college, I do research on student success, for way less money (near poverty level for a family of 4) to help my much better paid superiors look good even though only about half of them understand how I do my research and make recommendations). The research is almost universal in showing that students have better outcomes when they have courses taught by full time faculty rather than part time or adjunct faculty (which, if it's permanently part time, why is it still called adjunct?). This is likely due to a variety of factors like professors able to devote more time to helping students or meeting with them regularly. Relationship building with faculty that is key to students returning. Faculty able to take an interest in students (especially low income students) so they can offer additional resources and help when a student starts to fade away (students don't typically come out an say they are having a problem, they just disappear from the college). There are so many more. To be sure this doesn't affect elite schools at all. The problem is that results in a wider gap in education between lower and middle funded schools and the top tier elite schools attended almost entirely by the nation's wealthy. The wealth gap between the richest and the poorest is exacerbated by a growing higher education gap. Students who are poorer tend to attend schools where the practice of having a majority adjunct/part time faculty is normalized, and thus tend to have an inferior education, are less likely to be successful in school, and significantly less likely to have an earning potential like that of students at elite schools or even students who graduated from the same institution 20 years ago. So students are even less able to improve their situation than they would previously have been. The result is that this means higher education is no longer a "ticket out of poverty." Rather it results in mild improvements that are not generational (as they were in years past) and simply help one generation stay slightly above. College is still worth it, but it no longer has the systemic long term impact that it used to have, so it's not as worth it as it used to be. This is directly attributable to the shift in part time professorship. (But I can't seem to convince my higher ups that this is better allocation of resources than some other new initiative, because the impact takes much longer and is, in many ways, harder to track).
Sorry.
You are correct finding a tenure-track position isn't ready, especially in the humanities, where an open position for an assistant professor usually gets 100+ applications.
In my discipline (nutrition and dietetics), we would usually get 15 or so applicantions.
People also get "tainted" as time passes outside of academia, and the real shade comes for people who are denied tenure and are out of a job (usually with a one-year extension to the assistant-professor contract).
It can be an anxiety-plagued career choice and work environment.
We need to separate interest owed vs actually capital, and maybe consider forgiving interest accrued.
I'm here to appreciate the beautiful infographic
In India my 3 years of undergraduate college costed me 3300 Dollars in total. Including tuition, food and residence.
What is a livable wage in India?
@@rednola9892
In Tier 1 cities like Delhi , Mumbai 700$ per month is enough to live a basic middle class life.
In Tier 2 cities 450-500$ per month.
The figures are based on my experiences of living in both Tier 1 and Tier 2 cities.
@@abhinavbaruah2761 Sounds like the affordability when my parents were growing up. Livable wage here is 4k/month and 3 years will cost you 100k easy just for a public college. Free if your family is poor. I didn't pay anything.
IMO the thumbnail looks as if a city got snapped by thanos.
In Argentina we have many state funded colleges in wich you don't pay anything to study (and they have a great academic level too), but getting a degree is quite bureaucratic and tortuous. After college, when you are job-hunting, state funded colleges carry way more merits because not only you got your degree, you also had the tenacity to go through all those bureaucratic hoops.
Where I live going to a university has to be free (I think) by law. This makes higher education much more atractive but brings many problems. Because almost everyone wants to get as educated as possible to earn as much money as possible (which isn't always connected though) labour jobs and pretty much anything outside of office jobs have tons of open spots, because noone wants to do these jobs anymore.
Your Stock market also went down by nearly 50 % due to an election result
@@fiannafailgalway8446 that's because the result of that election wasn't capitalists-friendly
It would be more interesting to know how much owed is from the principal versus accumulated interest. Just lower the interest maybe subsidize the loan for everyone while going to college and lower interest after graduating. That would probably ease the burden without needing to cancel the loans. The loan ain’t the issue it’s the occurred interest that makes it difficult.
how I feel towards college
I’ll choose the one that offers me the best deal
As a high school student, I’m TERRIFIED of going to college and racking up thousands in debt for a degree which I may not even end up using.
America is not a country. It is a Business.
This video was very informative. It didn't answer every question for me, but I definitely appreciate it. Plus, the visual aspect is really helpful. Great video overall :)
Perhaps the US should consider changing the terms of the loans to match monthly payments to income level as they do in Australia. There has also been a proposal that would limit those payments to 20 years. This would provide debt relief to people whose income is not at the same level as those who paid for a professional degree but they would still have to pay their debt.
Best comment:
7 trillion on Middle East wars
Media: crickets
10 trillion + bailing out Wall Street
Media: ...
Bernie proposes canceling student debt
Media: WOAH THERE PAL !
@@lightningcat6382 So that the message becomes more visible.
@@lightningcat6382 When i read it it wasn't inn the first few comments. But that doesn't matter: see any video in its first days, while it's still making thousands of comments per day, note the first 10-20 comments, and then return the next day, and again a couple of days later. See if "the second top comment" remains so. RUclips had to develop an algorithm that gives opportunity to more comments to show up top, that means occasionally burying the top comments otherwise they'll get a disproportionate amount of likes compared to other just because they're in front.
@@NotAFanOfHandles If you'd read the previous comments perhaps you wouldn't be so upset with me
@@NotAFanOfHandles Well at least i had upvoted that comment
Great call on identifying Sputnik as the origin of the issue. The US didn't 'get concerned' as much as lose its mind and completely freak out at Sputnik.
Every year, colleges are adding new "prerequisites" to make it more impossible to achieve a 2-4 yr degree in that time period. Add another 1-2 yrs to your degree to complete and pay for. Particularly if you went to a technical/vocational high school, and didn't take courses required in any college degree, for free while you were in high school. It's smart that kids are dual-enrolled in high school (in Florida, at least) and college, receiving their high school diploma and college degree/credit courses for free. My nanason (grandson) will have at least his associate's degree, possibly his bachelor's (or most of it), by the time he graduates high school. While I, his Nana, (a 59 yr old Veteran) am struggling with at least $40K I never should of had to begin with. I did not have the GI Bill. The VEAP program was so wrong, and ripped off the Vet, that I'm surprised the Govt didn't keep it. And today's Vets have 10 years to use their GI Bill, or they lose it!!! Ridiculous!! It may take 10 years to get their head straight after being in a war. After WWII, Vets were sent to various technical schools and universities, including Ivy League Schools. These Vets became Scientists, Engineers, Architects... all to advance and improve our country, as well as their lives. They didn't pay for it, and there was no time limit to enroll or finish. My father, also a Vet, went back to school, paid for by his GI Bill, while I was in high school.
STOP spending so much on the Military, which does NOT benefit the Vets as much as it benefits the weapons (Jets, ships, ...) manufacturers. Invest in the people of this country instead with a free education. If you really listen to Bernie Sanders, and in particular, Elizabeth Warren, it improves the economy!
Do all the people that already paid off their loans get a refund?
Liam Lame good question
"Young people have a lot of debt
Me: is young
"Don't have much money"
Me: doesn't even have a job yet
Me: i'm scared
2:25 :O woow, what kind of magic trickery was that transition?!
Occupation: Biochemist, Cancer Research
PhD Completion: 2015
Salary: $52,000 per year
May 2016 Balance: $51,000
March 2020 Balance: $4,292
Earliest Zero Balance Date: June 1, 2020
That’s all you make with a PHD?!
here in Europe college isn't end-all be all a lot of people actually get vocational and technical training, so their specialization helps them get a better job.
US colleges admit anyone with a heartbeat. EU schools are often much more restrictive
@@harrisonwintergreen1147 yes, that is because the college education is often paid by the state (the state can´t pay everyone) so only the best of the best get there
@@harrisonwintergreen1147 In Denmark, literally everyone can go to university. You just need to pass high school with the relevant courses for your uni degree and you can enter.
$7000 is just an average. Majority of my friends from my college graduate with a debt of a quarter million.
Why they think it is a good idea to start adult live with debt like this?
Well maybe if they went to a private university I am going to community college and then transfer to in state university
You just answered your own question. The government giving subsidizing loans is what made the prices go up in the first place. Just get rid of those laws and prices will go back down as the demand goes down
This is so disgusting 🤢 Why would someone need to borrow tons of money just to get decent education? USA always fails to actually help young people... Education should be affordable for average usa citizen.
Why don’t we just make make the colleges take the risk of the people who get the loans.
Which would make the colleges control there prices. What really make colleges to lower prices. when was the last time the price of college went down.
Wouldn't that just encourage schools to only admit students who don't need loans?
LimitedWard Whatabout people who want to follow higher education but don’t come from a financial situation that can support it without a loan?
@@nothing_too_seahere8804 The college has to make a sort of "credit score" analysis based on your academic history to see if you're worth that investment risk based on your chances of success for the degree that you want. I see some problems with this, but it's actually not all that bad of an idea. It does advantage kids who can pay without a loan quite a bit, but that's honestly kind of inevitable.
Suedocode
Ah I see. My country has the following situation. College is rather cheap (I pay 1000 a year, no dorm or food included). At the beginning of our higher education we get credits. Every single course/subject you follow (English, Maths, practicums, etc.) will take a few points of your score away. If you pass the course you get it back, do you fail you lose it permanently. If you run out of scores you can’t attend university.
I don’t know if this system is very applicable in the USA but it works great for our country. You won’t get huge debt but you also need to be sure you are right for higher education otherwise you lose money and credits.
@@nothing_too_seahere8804 I like that system, but I would definitely add prior performance to the equation. If someone failed their way through high school, I don't know why you'd expect funding their college to do any better.
In New Zealand our government subsidises about 75% of University fees so it typically costs around $5000 per year. We also have interest free student loans (but there are minimum repayments that have to be made).
Don't cancel active debt entirely.
Focus on making education cheaper or free.
It's not active debt. It's all passive debt. Debt on balance sheets. Almost half of thenloans are in default. It's stifling the economym 45 million people unable to get homes and cars. By cancelling the debt, you immediately put these people back in the pool to participate in buying things the stimulate the economy. It's simple. If not the system will crash again. And it will be worse than the housing crisis.
Why not both?
Just Do both.
Cancel the debt for current students and make public 4 year colleges free. It time we stop making the banks rich off the backs of students
how about do both
Those visuals are amazing.
In Argentina education it's free. Healthcare it's free too. But we have others problems. Corruption.
Which country on earth doesn't have a corrupt government?
This is why I went to community college and paid for college myself.
I guess all those engineers and scientists that need doctorate degrees and masters degrees should all just go to community college. Problem solved.
@Vox YES it absolutely also helps people who never went to collecge. Because now the people who did went to college have 30-100k more money to build companies and create jobs where the rest can work. So this helps EVERYONE.
First the debt well not just vanish it well be paid by all Americans
Now imagine someone choose not to go to college because he didn't want to have debt (or simple he couldn't), now he is more likely paid less than his friends with degrees at the same time you're asking him to pay for the loans of others.
My understanding rich and upper middle class will most benefit from this.
I'm not American just passing.
The trend in America, is when you unlock the bank, and free up money, everyone wants the newest thing. When health care insurance changed, and it gave more access to more people. Its understandable you need more rooms in a hospital. What happened was we knocked down a functioning hospital, nothing was wrong with it prior to the law change, and we built new hospitals. So the health care provider took on more debt we are back at were we started. As they need to charge more for the billion dollar facility. If we pay everyone's loans, and more kids can go to college. The same thing is going to happen. And the educational process is just wrapped in a better looking building. Same teachers.
@@michaelstiller2282 the thing i found fascinating is a lot of Americans don't know that the federal reserve is not owned/controlled by the government but by private banks.
@@nordinator89Howard Stern, used to be a morning radio show host in NYC, got paid millions, to moved on to satellite radio. Use to do a segment where one a person on his staff would walk down the streets of NYC, and ask, "how many wheels are on a tricycle." You would not believe how many people didn't know.
In a high school in Rural MN in the 80s I was in Civics class and the entire school was pushing "go to college". The more degree the better. etc. When I pointed out that if you take that to the absurd you will need a PHD to go "would you like fries with that?". I was told after class that that kind of insubordination wouldn't be tolerated again.
Why do people who didn't go to college have debt I'm so confused?
Car loans, mortgages, health care, credit cards- There are tons of ways to go into debt that don't include education.
@@Ace-1525 I thought this was related all to education, of course I knew that I didn't think the stats were about that
No it, it shows the amount of people who are making lower incomes
Funny thing is that I got a loan ad when I clicked this.
Obviously $1.5 trillion is just interest rate.
Why doesn’t it always work like you get the money and you give back more than you got? Why does it sometimes have to build up?
Keep in mind how colleges have changed and what exactly is the quality of education you get now compared to in the 50s.
professors who shuffle through powerpoints
@@A1-_- exactly and who are serving an agenda
While you were drawing boxes around graphs and splitting the debt into meaningless subgroups, you totally missed the biggest points: people with student debt are not allowed declare bankruptcy, the federal government lent money for students to attend schools that state governments raised tuition on, and the bubble this created would create a recession comparable to the Great Recession (which we haven't recovered from). Why do you think big banks stopped offering private student loans?
The only reasonable and moral solution is full forgiveness.
And do what with the millions of people who already finished paying their loans?
@@kmartins5604 That isn't an excuse not to help the people who have debt. Additionally, the few who have paid back their loans either make a ton of money or were born before the cost of college was as high as it is now, meaning they had less to pay to begin with. They may be mad, but why be mad about someone else getting help so our total economy can be helped? That's asinine and does not solve the problem which the debt people have right now.
In the uk it’s £9,250 per year just for tuition fees
I start university (UK) in September. I will have to pay £9000 for just attending university and a further £7000 for just accommodation. After 3 years its likely be due £40k ($58k). Tesco meal deals till my 40s sounds daunting.
College is not for everyone. It is and should be for the intellectual elite. You do not need to go go college to get a well paid job. Technical training programs are cheaper, and specialists find secure, well paid jobs without being thousands in debt
The Big Short: Part 2
are u shorting the market?
i love vox, but i don't think this video gives the full picture. even though it may appear that eradicating student debt only helps those who are already destined for higher incomes, it will also encourage more lower income earners/youth from lower income families to attend tertiary education. it would also stimulate economic growth as these people with potential are no longer tied down by their debt. i think the assertion that sanders & warren's plan "won't help them at all" is a bit much.
Let's cancel all student debt and make all education universal!
Let’s also cancel all medical debt and make all healthcare universal too!
Love the visuals
And we’re the ones getting shafted by this stimulus plan. If you filed as an independent, but you’re parents filed you as a dependent, you get no money. At the same time, since all college students are about 17, our parents do not get any money for supporting us.
We are the ones losing our part time jobs, internship opportunities, getting no support for our rent, and yet we are getting no refunds from the colleges.
23 million people like me are just fading into the backlight because our society forces us to pay thousands of dollars for a piece of paper. They don’t see us as students, were just cash cows for them
Next video: All money US Universities have, visualized
KR!RK people don’t want to recognize that mabye the universities are the problem they milk students for every dollar they have
@@redpanda7967 and any money the don't have (borrowed).
I am from India and I am pursuing bachelor's degree for electronics engineering (B.Tech). My annual college fees is INR 5260 or about 75 USD (excluding housing, food and books).
Books are rented to us from our college book bank for one year which costs INR 1300 or around 18 USD.
Housing and food costs around INR 3000 or around 42 USD annually.
Can we say this affordable education as per the global perspectives?
Our textbooks cost about $100-300 each and we can't use previous versions because they keep updating it for $$$
I don't know how much of your income that takes, if it doesn't leave you in debt or put undue burden then, maybe?
What place in India offers housing and Food for 3000/- annually? 🤔
It’s not going to cancel, supposed to pay it back with tax spikes
I live in Brazil and I didn't have to pay anything for my education, even though the government doesn't give public education the investment it deserves. You can really see how these opportunities can change the life of people that wouldn't even have finished high school otherwise.
in this video (and a lot of other videos, too): the left wants to make things that benefit society (highly educated, healthier, wealthier people) also the obvious and self-serving choice for individuals by eliminating the burden of living within a capitalism system, thus creating a society where individuals have freedom of choice, but the best choice is also the best for the society as a whole.
Florian Held
Yes that’s the left
Go to community college, I graduated with 5k credit card debt (virtually nothing) and an starting income of 70k a year.
What do you work as?
@@johnanna6047 I'm a registered nurse
@@elmerdiaz5017 And how old are you?
@@johnanna6047 I'm 23 years old
@@elmerdiaz5017 looks like you made good decisions.
1:40 David Cage predicted this with Detroit Become Human 😂
So, now for the obvious follow-up question: What would it mean for new college students if they cancelled student loan debt? How would that affect incoming students? Would college be free?
Nothing is free. The American tax payers, most of which already paid for their own college tuitions, will pay for it.
Also, the debt won't just be "cancelled". Those same American tax payers will have to pay that off too.
How do you create this kind of graphic ??
Problem: We need to get our population to college
Other countries: College is free on public schools
America: L o a n s
I'm more about forgiving people's car loan debt. Vehicle ownership is more beneficial to people on the rock bottom of the than college.
If you know Malaysia, this is what Pakatan Harapan promised and they failed to deliver
I don’t understand. Why did so many people take out student loans if they didn’t attend higher education in the first place?
Wow
Look at all those people who don’t have the immediate funds and are too impatient and responsible to try going to school later when they are financially stable
Then choose to get themselves into debts
Only to blame the system
It must be so hard to find someone to blame for conscious choices they themselves made
Put in a calculation on warrens cancellation calculator. A 4 year student earning 30k with 200k debt would only get 50k of that debt cancelled.
You don't need to cancel debt. I live in the UK where the average student can graduate with £27k-£40k in debt but the Student Loan programme allows the following:
- Progressive rate of payments depending on increase in salary;
- No repayments until a minimum salary is met;
- Pause to debt repayments when between jobs;
- Voluntary repayments if I wanted to pay more;
- Cancellation of remaining student debt after 15-20 years.
Working adults like me are not looking for a handout from the government and appreciate the cost of education. The UK government allowed me to go to university without having the impending debt feel like a burden. I paid my £12k of loans two years ago but I can confidently say that I NEVER felt the pain if my student debt hanging over my head. US govt should follow suit and stop crushing students with debt!!!
Twist: USSR had all free education, where government pay for literally everything, including your food, clothing etc.
There has to be food for the government to pay for it. Plus, there was almost no way to get into university in the USSR without paying for "private tutoring courses." You ended up dishing out your own money in the end.
@Scooters Videos what I meant, that USSR was able to keep up with far superior economicly US in both space and arms race partially *becoes* they had free education wich granted them lots of hightly qualified personnel.
Not that USSR collapsed becoes of free education, obviously it had free education for more then 60 years before collapse.
I don't understand why it's always framed as negative that Bernie wants to cancel all debt and offer free college to all Americans. I don't think we need to be taxing the rich more and the cut them out on the benefits. That's just not the sort of country I want; I want free college and universal healthcare for Americans full stop
The student loan crisis was created by the government when they passed laws excluding student loans from bankruptcy. Reversing that law would provide relief for countless people who need it without any fancy laws or programs.
All the countries: Students
United States: Customers
If the banks who issued the loans said, "Don't worry about it you don't have to pay us back" that would be debt cancellation. This is like me asking the government to pay off my credit cards.
Hmmmm.
High demand for many students
Low supply for schools
Schools started to increase cost for a student.
What if no student
School: *Suprise Pikachu Face*
I got paid for my education. I joined the Army. I now make over 100k a year with the education I received. No college degree either. You pick your school, major, loan/DEBT yourself. YOU pay it! If you can’t afford the college you want then look at different options. Scholarships, grants, military, ROTC, community college, online degree, trades, work and save up money for a few years. G.I. Bill. If you do need to take out a loan make sure it’s a career that pays well and has demand.
4:13 "Didn't go to college, many of whom never go tthe chance"
Here I am looking at the the top half of the bins with 100k+ income that "didn't get the chance" lol
I'm really confused by this bit because it's like "Yeah, well, these people didn't have a chance, and so this plan doesn't help them!" But then you realise there are additional plans associated with it, like... cheaper/free access which means... they can get the chance, if they choose to? But also, not every plan has to help EVERY person?
This was the part I was most confused about because it's, like, it was an okay video until they pulled that out of nowhere and then didn't elaborate on its inclusion at all.
Wait... Why would they include people that didn't go to college (white dots) in a video about student debt?
Ds might get more votes if they cancelled mortgage debt or car debt for the poorest working parents.
3rd world country Philippines Free College for all state universities and colleges..how ironic
Phils. is a developing country.
Jubilee....
But no, somebody still have to pay it + usury (sorry interest)
If you see the high high high percentage of US budget is to the military spending, actually they need troops more than they need university graduates
So US govt. wiping out all this debt.........impossible (even bernie's idea to get extra tax is absurd)
But US can give a condition, that any debitur can served the military and get debt payment monthly
And at the end "the den of thieves" always win
America: We are spending so much on each student so please be thankful
Europe: how about spending that money more efficiently?