Lawyer Explains: Is the Student Loan System Rigged?
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- Опубликовано: 1 июл 2024
- Are student loans a necessary path to success or a predatory debt trap? This video discusses the lending practices of the student loan industry, and whether or not they’re ethical.
A 55-year-old father, Mark, shares his frustration after his son took out multiple loans for graduate degrees, questioning why lenders keep enabling further borrowing despite non-payment.
I weigh in on whether the system is taking advantage of students, the role of colleges in cost control, and the societal pressure to obtain degrees at all costs.
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🎥 Credits
• Hosted by Stanley Tate & Emma Head
• Editing by Helena Santín
I went to school to learn music with the internet to be a private music teacher. What I didn't think would be an issue is how many school shootings there would be. Which only prompted schools to take a strict security policy barring people from schools who were not directly employed there, or a student.
Before I could drum up a nice little patch and hop school to school making a tidy sum to pay my debts.
Now, and post covid... I'm in default and making $15k a year... I used to make more than double prior to 2019...
I think more education is needed when students take out loans on how to do a cost/income analysis. When I was initially in college for undergrad, I had no clue at 17 but luckily with scholarships I didn’t have a lot of debt. But once in grad school I was older (29-30) and I had learned that I shouldn’t take on more than what I would make in one year (one and a half if stretching it). I don’t think we provide enough info for students to make an informed decision and many kids don’t get that info from their parents (cause they don’t know either). Then there is the exorbitant cost of college and as you discussed the thinking that the higher the tuition the better the college. There is so much involved in this convo. Add to that a broken system, it’s a lot going on. I do not regret my decision for school but i do know NOW it isn’t for everyone.
Colleges don't want to educate teenagers about student loans because it'll cause them to not go to college. They don't want to tell teenagers they can't get out of student loans through bankruptcy and the amount of money borrowed will have to be paid back over 20 years at 5% interest minimum.
This is a great topic because I don’t think it’s discussed enough… if you are looking to become a doctor, lawyer, nurse..yes a degree should be required it’s a specialized profession, however a bachelor degree in psychology or English is not specific and cost as much as the nursing degree. Those fine art degrees are also not reaping the wage…I say go to community college or get a certificate and get the experience needed for the job instead of immediately going to a 4 year university. The university I went back in the early 2000s actually had a degree for basket weaving…
I agree!!!
Excellent answer on the first question!!!
Diplomatic answer but before student loans the states used to kick in to keep tuition down at state universities. Since student loans came along universities have been behaving as subprime mortgage brokers did leading up to the 2008 crash: they took their fees regardless of whether borrowers could ultimately afford to repay the loans, so there was zero incentive for caution in writing the loans or for educating borrowers about what they were getting into. Universities then took their profits and spent lavishly on facilities and ballooning administrative staff sizes and salaries, leading to even further inflation of tuition costs. Stanley’s advice to consider studying abroad is well worth thinking about because American tuition isn’t coming down any time soon.
I definitely could’ve spent another 15 minutes breaking down college’s response to loans being made nondischargeable in bankruptcy and then getting into an arms race with other schools to build more lavish facilities. But arguably they’re giving the market what it wants. Students and their parents want premium housing, gyms, cafeterias, and so on. They’ve shown they’re willing to spend - no matter the cost.
My school closed in 2015 International Academy of Design and Technology of Detroit, mi. (IADT) Do I qualify for any student forgiveness loan, I am on some kind of 20yr break with Netnel I don’t have to pay it back until than. However, I’m not sure how true that is but would like to know if I can qualify for forgiveness? Need help TY
Hello, I tried to book a call but you are busy until middle of May. I need help to see if my Consolidation is best. I'm confused April 30th is around the corner.
We get it. We’re absolutely booked solid. That said, you can email us at support@tateesq.com. We have 2 after hour spots left. But warning they come at a premium price tag.
@@stanleytate I already sent it. I hope I did the right thing...
It is a scam. Period.
#Tate2028 ?