So 17 year old kid simply needs to transform into an astute fiscally responsible adult in time to make all of their college decisions and they will be fine.....
I’m 18 and I’m going on to my second year of community college. I chose it because I know it’s cheaper and I can transfer to anywhere afterwards. I made the decision when I was 17. There are many others like me and those who are attending out of state or private colleges are fully aware of what they are getting themselves into. Don’t be fooled by the crying millennials, we are indeed, legally competent adults. Many schools are exposed to the option of community college and its benefits but students insist on having a more fun college experience. Tax payers should not be responsible for paying off their debt in which they really paid for a nice piece of paper and a fun time. Apparently everyone my age believes they’ll be the next Elon Musk, Mark Zuckerberg, or plastic surgeon. It’s ridiculous. I’m also taking summer classes which are funded by a scholarship to help with the costs. I applied to two scholarships and got both of them, I put in the work. I don’t want to be giving my money to my peers who were lazy to do so. I rather donate it to the homeless, mental health charity, or even to China as my money would be far more valued.
Realistically we need to be telling people that you should also consider other options outside of college. It makes no sense to keep leading people down a path full of debt and stress
I went to Utah State University in the 80's and earned a degree in Electrical Engineering. There were three terms per year at $333 per year in the mid-80's or $1000 per year. I waited tables in the summer at a National Park and earned $5000 in one summer and easily paid for tuition, room and board for two full years including summer. It is a crime what is going on right now. The younger generation is being RIPPED OFF. Nobody had student loans in the 70's/80's, they didn't need them, that is what this panel doesn't understand. If they needed extra money in the 70's/80's, they got grants. Once the Government guaranteed student loans, these asshole colleges/universities systematically raised tuition because if YOU DEFAULT, the GOVERNMENT IS BASICALLY THE CO-SIGNER AND WILL PAY IT. Then they scare you that if you don't get a college education, you can never have a good life - WRONG ... Just as Mike Row of Dirty Jobs. Most college degrees are worthless and graduates get jobs they could have gotten without the degree. For the first time this year I saw a job for a Database Developer that said "Bachelors in Computer Science OR equivalent experience"!!!! You can get these jobs without getting yourself in massive debt and you can get those skills online. Then they pass laws that bankruptcy cannot get rid of student loans so they basically are forcing you to pay and to work your entire life to pay it off. Wow, what a great system!!!!!!!!!!. Bottom line - rich people are ruining your generation because reading a fricken' book and listening to a lecture and creating papers and taking tests shouldn't cost $40K a year, it should be a minimal cost. The purchasing power of $1 in 1985 is the same as the purchasing power of $2.35 now. TUITION SHOULD BE $2,350 IN 2018!!!!!! See how your being ripped off!!! Forget the education, go to Udemy or EdX and get educated and save yourself this pain. Young people should rally and fight this system. First thing to do ... stop going to college. Look at the University of Montana! Their enrollment is shrinking and that institution is crumbling ... they could actually cease to exist if enrollments keep plunging and donors stop giving. This issue really upsets me as life as a young person is hard enough without having to owe $100,000 for a degree before you even enter the workplace. Good luck!!!
I paid more than that in quarterly fees so that future students could have an expanded gym with a juice bar. They justified raising current students’ fees for future students’ benefits by saying the previous students had done the same for us.
Don't get a useless degree. Universities will be more than happy to sell you a useless piece of paper. If you're going to go to college make sure that you will be learning MARKETABLE SKILLS.
No, the student debt system is not sustainable. It's a fragile bubble ready to burst, like the dotcom bubble and the mortgage bubble in 2009. Solution? In my opinion, the government should stop the student loan system, since colleges exploit this by raising tuition fees.
Ill get downvoted im sure. This has a lot to deal with the Uni attend and the degree you go for. I started off at a community college before moving to a Uni. I majored in accounting. Ill have my 20 year debt paid off in 6 years, saving tens of thousands on it. Listen to Dave Ramsey, he teaches the best way to do it.
Well, I got a degree that will take you 6 years to pay off that I paid out of pocket, in cash. So, no, I don't think you did as good as you think. People should try to pay for their degrees then and there. If you can't afford it, you can't go.
Hannibal yeah we are lucky in Scotland for sure-I hear how much debt even people in England get into and it blows my mind. We can be pretty harsh sometimes though-my ex girlfriend was born in England but came to Scotland before she was 1 and lived here all her life except then-they denied her grant and she ended up having to get into debt
Well here in the UK you don't have to pay back anything unless you earn £21,000+, but if you don't, no worries, your debt will be cleared 30 years after you've left uni 👍
Which is why the UK economy - along with most european economies, are doing so poorly. Your debt then becomes tax payers' burden and the productive end up paying for the unproductive, rewarding the unproductive and punishing the productive.
The real problem is jobs that you used to be able to get without a college degree now require a degree which makes so many people go to college for a degree to land a good job
So many assumptions in these comments. Its a problem no matter your major and income. Yea if you get a good job you can pay your debts, but its still a lot of money. You should be able to do whatever studies you want for a reasonable price. Not everyone needs to be engineers like me. Not everyone needs to be a doctor, teacher or librarian but we also need people in all fields and they don't need to struggle. Ask the boomers how they paid for everything. I don't get the downvotes and comments on this video. Salary, course of study, and debt accrued shouldn't be so closely linked, but that's just my dumb opinion. I don't think what I said above is dumb though. This with the ridiculous housing costs is a lot for some people. The money at top needs to actually trickle down.
why why why. 1- college administrators out of control with labor costs including teaching pay. 2 - college expansion of services & physical buildings 3 - increase demand from foreign students who pay all cash not needing grants scholarships.
The issue is that you shouldnt have to work 2 jobs to pay off education. You shouldnt have to fight health insurance companies to make sure you get a life saving treatment. You shouldn't have to place money above your well being but thats America. Its insane.
RequiemFor America Not everyone has that kind of opportunity. For commuters, working while studying isn't exactly an option, too much of their time is taken simply getting and going to college. Depending on the amount of money you owe and the type of loan you take out (federal loan rates were increased under Trump from 4.45%/yr to 5.05%, and Plus loans were raised to 7.6%. That's not much on paper, but with $50K debt on average, that increase is often a person's entire monthly discretionary budget. If you can't find a job in the field (please stop with the bullshit "should have gone into a different field!"- then we'd only have doctors, lawyers and trades), you're SOL working at a burger place and in increasing debt. Two min-wage jobs isn't enough.
I got through my BA and Masters with full tuition remission, so I can only imagine what it is like to live under this kind of debt. That said, some of the people I went to school with suffer under a quarter million dollars of debt (I went to BU where the cost is $50K a year) and they will never pay it off. We need to implement free public education programs in all states, with a generous federal subsidy. This will unburden millions of students, increase the aggregate demand for commercial goods, and provide a massive stimulus to the economy.
I’m 18 and I’m going on to my second year of community college. I chose it because I knew it was cheaper and I can transfer to anywhere afterwards. I made the decision when I was 17. There are many others like me and those who are attending out of state or private colleges are fully aware of what they are getting themselves into. Don’t be fooled by the crying millennials, we are indeed, competent adults. Many schools are exposed to the option of community college and its benefits but students insist on having a more fun college experience. Tax payers should not be responsible for paying off their debt in which they really paid for a nice piece of paper and a fun time. Apparently everyone my age believes they’ll be the next Elon Musk, Bella Hadid, or plastic surgeon. It’s ridiculous. I’m also taking summer classes which are funded by a scholarship to help with the costs. I applied to two scholarships and got both of them, I put in the work. I don’t want to be giving my money to my peers who were lazy to do so. I rather donate it to the homeless, mental health charity, or even to China as my money would be far more valued.
I know some people who went to College using student loans. Once they graduated they said "Peace Bitches!" They moved overseas and used their degrees from the USA to get jobs abroad.
Peter Schiff has explained why you americans pay so much for you education.Why wont you just listen to him and get rid of the reason your education is so expensive? Im from finland btw
Well, Good thing I have Montgomery G.I. Bill to pay for school. I was literally willing to die to go to school. I don't see that level of seriousness from from some college students these days.
Not everyone can or should get a STEM degree. Society needs gender studies, english, history, and fine arts majors to function. Absolutely nothing wrong in choosing a field that challenges you intellectually. The problem is the price. Let's focus here.
Exactly, the average amount you are expected to earn for the degree chosen should relate to the price you are charged. Not all degrees should cost the same amount, especially when some degrees use many more school resources and also pay greater salaries upon graduation. A person going to school for journalism should not pay the same as an engineer.
I live in a RV with my husband to pay off my $40k in student debt; I also live in southern CA where the rent/housing cost is incredibly expensive. The RV was one of the Best decisions we've made. Student loans: Can't declare bankruptcy, incredibly difficult (damn near impossible) to discharge if you become disabled, death doesn't stop the loans from being paid if you have a co-signer. Screw student loans- Get out if you're in it, and run- don't walk- if you're not in debt yet.
This program had said in season once that the price of tuition had increased by 225% since 1984. Susan Cates probably shouldn’t comment about how good she had it who knows how many years ago.
Making kids take out $20,000 in loans each year for 4 years is criminal. College shouldn't be this expensive for no good reason. Where does that money even go?
i was about to say that we don't have such a thing in brazil but then i remembered i'm privileged, had good HS education and got into a public university where there's no tuition. however, poorer brazilians are drowning in debt cuz they only schools they get accepted in are the private ones. :/
I do not understand how you can sign up for something and not look at how shit of a deal you are getting. We live in a capitalist society name of the game is do not buy what you cannot afford. Especially if you are going to school to be a underwater basket-weaver.
In my opinion, government needs to get out of the student loan business. It's the government fault that we're paying high tuition and books due to the fact the now everyone can qualify for a loan. Not everyone should be qualified for a loan. A student with low income households, awful grades and unrealistic degree that could get them a job to pay off the loan shouldn't be able to get a loan vs a student who has high income households, excellent grades and realistic degree are more likely to be approved and since not everyone can qualify for a loan colleges will have to lower tuition in order to compete with other college to get your business
I had 0 student loan debt coming out of college. I went to community college for my first 2 years and saved as much as I could. After transferring to a 4 year university, I used the money I saved and the money I got through the education bennefits at work to pay everything. Nobody needs student loans if they can make good financial decisons.
It seems less like discussing the sustainability of student loan debt and more about general information about the finances of going to college with fluffy personal stories mixed in. like is it better to go to a public or private college? Well, it depends on the cost, academic quality and programs you qualify for. it doesn't depend on what someone chose to do who got into 8 ivy leagues. Easy answer, and you have more time for questions.
That education reporter is saving for her pension before paying off her debt? Is there no interest accrument on her debt or is her pension investment really that good that she had to jump in asap.
These educated people need to look up what compound interest is. Your loans keep growing because you are not touching the principal amount if you use an increasing income based repayment. The total can triple over your life!
The people in this panel are out of touch with the majority of students today who are borrowing loans and attending schools that give them no job prospect. What about poor wages all across the board for millennials compared to boomers? The idea that 18 year olds are responsible to look up labor statistics and job projections in the market is ridiculous. Why is this not the responsibility of the career center on campus? The people on this panel are FOR institutions that act more like corporations than universities.
You should not be investing in retirement when you have debt. The growth rate of the retirement money will pale in comparison to the interest rate on the indebted money. Focus on the future after you have paid off the past. Are some majors less viable than others. Yes. Art history is not as viable as prelaw -> law school. That doesn't mean that you cannot do art history. But if viable means chance of getting a well paying job in the field. Then yes majors very wildly in how helpful they are.
ragmondead depends on how much your employer matches contributions and what your Roth distribution is. But mostly Yeah you're right. It's still important to save up for a few months living expenses in a liquid savings account tho.
Proverbs 22 - 7, "The rich rule over the poor and the borrower is servant to the lender." This is a warning to stay away from debt. We often think of education as good debt but there's no such thing as good debt. Debt is debt. Most people ignore the warnings of the Bible because we rationalize the process and think that since everyone else is going into debt for college then it must be ok. However that's not Bible. Just because everyone else is going into debt does not mean it's the right thing to do. I learned this the hard way. If your smart you'll stay away from student loans. You can still attend school but pay cash. If you don't have enough money to pay cash then you'll need to work a lot of hours to save up the cash or go to a cheaper school where you can pay cash. Yes that means you'll be tired from working a lot but the nice part is you can go to school debt free. If your not willing to do that, it's not worth it. If you really want to go to school then you'll be willing to sacrifice, if not then it's not worth your time. Remember, college is a business. They don't care about the student, if they did tuition would be cheaper. They only care about profits even if that means the students have to go up to their eyeballs in debt. Don't get me wrong, I'm a big of education but I'm also a fan of getting a good deal. The current system of debt for diploma is not a good deal for the student. Protect yourself and stay out of debt.
I don't know what the woman in the middle was talking about for death. For Federal loans you send your death certificate to the loan service and it's discharged.
Not exactly. Make connections by having a strong portfolio. Basically, internships during the breaks and extracurriculars during the semester. Stick close to the top professors in your major for potential recommendations. Might need a master's, but you could do go in that route and end up pretty well of.
Get college degrees in a field in demand a la the job market instead of African Studies or German Literature and you won't have any issues paying off your student loan.
Love the topics of discussion but 10 mins is very little. The people who watch this over other entertainment want to know what your pros say but they barely say anything more than the surface of the issue before its over.
The kids in the back look like mindless zombies being fed a lie. The coordinater low key knows this, she’s just trying to be polite. Read books, self improve errday, execute pivotal decisions (not mindlessly attending college). Save and invest in your 20’s and watch the vision take hold. Preserve the ideology and stimulate growth. Life is a lot simpler then the people around you make it to be.
We don't need more Tax $'s, We need smarter investment. I teach 34,524 Students with $250/month using technology. Using World Mentoring Academy & EdX {Harvard & MIT}, 200+Credit-by-Exam, 3 State Colleges, Students can earn Bachelor's 60+ majors for less than $5,000 books & College fees.
Can not repay; don't take an unaffordable loan out for a useless degree. Don't expect others to bail you out of bad investments. Too many degrees cheap'n the value of your education. Government involvement always explode it's cost. Those who paid off their loans just got slapped in face.
I pay $1136 every month. It blows ass, but it's what you have to do... Ya know, pay you fucking bills yourself. It's your responsibility, you took them on.
That and everyone is above average looking, were are the regular people. It looks so tense. They need a sexually ambiguous fat woman who is half insane at that table, definitely just as qualified as these bloggers and reporters.
What's really messed up is that we all know damn well that Bank of America gives no fucks about the black community. I'm tired of black dudes such as myself being used as window dressing. How about giving brothas a job with decent benefits? And while BoA is at it, how about they stop gouging their customers?
You willingly take on debt to get a degree, which you know is not a guarantee of a future job. It's a personal decision that everyone with student loan debt made themselves. When you signed up for your student loans, you agreed to the terms to pay it back and to the consequences if you couldn't. It's no one else's responsibility but your own to pay for your education, and you have no right to force anyone else to finance your education with the products of their labor that they worked for. You are solely responsible for debts you took on and for paying off those debts. End of story.
devwreck127 Have you been to a high school lately? They tell you to do what you love and you'll never work a day in your life. Or even worse, you need college to make a good income. These parents, teachers and guidance counselors are setting these kids up for failure. And don't tell me most 18 year olds have the maturity to know what they are really getting into...
It's no one's fault but yours for believing them. Countless 18-year-olds are smart enough to not buy into it. Still doesn't change the fact that your debts are your own responsibility, and you have no right to force others to pay for anything you want, including a college degree, which is a privilege, not a right.
Dude, you're disillusion. All 18-year-olds get guidance from their parents, teachers or some other person older than 30. Most 18-year-olds don't have the maturity or foresight to make an alternative decision and go against what they say. Where else would they get influence from? TV? Get real. MOST kids take the advice from an adult in their life and MOST adults say go to college. Obviously, it's their fault AFTER the fact because they were given bad advice. It's not that they don't want to pay for college. They can't. Teachers and parents promised them that jobland would have a lot of jobs, and guess what...there aren't enough jobs for everyone.
Coming from a European democracy where education is treated as a constitutional right of all citizens and as such is tax-funded all te way toa university level, I strongly disagree that it makes any sense to have individuals pay for their own education. It benefits the society at large that the populace is highly educated, especially going forwards into a future where most menial/low-skill jobs will become automated and disappear.. The US model creates a system in which people have to go into massive debt just to take the chance of maybe getting a job which is just stupid for the economy as a whole. I graduated at 24 with 0 debt, got a job and was able to get a loan for an apartment soon after. I pay slightly higher tax than I would if I was in the US, but in exchange I don't have to share the country with people who're so dumb they actually fall into the con of voting a reality tv-show host with signs of early Alzheimer's that anyone with half a brain can see from a mile away into the highest office of the land. I consider that a very, very good trade-off.
You should only be studying some mickey mouse bullshit like gender studies, sociology, literature or anything arts/humanities if you are already rich. Even pure sciences are a gamble.
So 17 year old kid simply needs to transform into an astute fiscally responsible adult in time to make all of their college decisions and they will be fine.....
Or not...and deal with the consequences. This is real life. Don't expect for your hand to be held. Do what you want...but accept the consequences.
Depending on their socio-economic background or quality of schooling, they may just become part of the statistics.
Richard Meikle where are the parents in this equation?
@@shapeshfters Maybe they're equally poor and ignorant.
I’m 18 and I’m going on to my second year of community college. I chose it because I know it’s cheaper and I can transfer to anywhere afterwards. I made the decision when I was 17. There are many others like me and those who are attending out of state or private colleges are fully aware of what they are getting themselves into. Don’t be fooled by the crying millennials, we are indeed, legally competent adults. Many schools are exposed to the option of community college and its benefits but students insist on having a more fun college experience. Tax payers should not be responsible for paying off their debt in which they really paid for a nice piece of paper and a fun time. Apparently everyone my age believes they’ll be the next Elon Musk, Mark Zuckerberg, or plastic surgeon. It’s ridiculous.
I’m also taking summer classes which are funded by a scholarship to help with the costs. I applied to two scholarships and got both of them, I put in the work. I don’t want to be giving my money to my peers who were lazy to do so. I rather donate it to the homeless, mental health charity, or even to China as my money would be far more valued.
Realistically we need to be telling people that you should also consider other options outside of college.
It makes no sense to keep leading people down a path full of debt and stress
I agree 100% It is absolute insanity whats going on
Income base repayment just let the debt grow. Worse idea ever.
The real question: IS THE DEBT ECONOMY SYSTEM SUSTAINABLE?
I went to Utah State University in the 80's and earned a degree in Electrical Engineering. There were three terms per year at $333 per year in the mid-80's or $1000 per year. I waited tables in the summer at a National Park and earned $5000 in one summer and easily paid for tuition, room and board for two full years including summer. It is a crime what is going on right now. The younger generation is being RIPPED OFF. Nobody had student loans in the 70's/80's, they didn't need them, that is what this panel doesn't understand. If they needed extra money in the 70's/80's, they got grants. Once the Government guaranteed student loans, these asshole colleges/universities systematically raised tuition because if YOU DEFAULT, the GOVERNMENT IS BASICALLY THE CO-SIGNER AND WILL PAY IT. Then they scare you that if you don't get a college education, you can never have a good life - WRONG ... Just as Mike Row of Dirty Jobs. Most college degrees are worthless and graduates get jobs they could have gotten without the degree. For the first time this year I saw a job for a Database Developer that said "Bachelors in Computer Science OR equivalent experience"!!!! You can get these jobs without getting yourself in massive debt and you can get those skills online. Then they pass laws that bankruptcy cannot get rid of student loans so they basically are forcing you to pay and to work your entire life to pay it off. Wow, what a great system!!!!!!!!!!. Bottom line - rich people are ruining your generation because reading a fricken' book and listening to a lecture and creating papers and taking tests shouldn't cost $40K a year, it should be a minimal cost. The purchasing power of $1 in 1985 is the same as the purchasing power of $2.35 now. TUITION SHOULD BE $2,350 IN 2018!!!!!! See how your being ripped off!!! Forget the education, go to Udemy or EdX and get educated and save yourself this pain. Young people should rally and fight this system. First thing to do ... stop going to college. Look at the University of Montana! Their enrollment is shrinking and that institution is crumbling ... they could actually cease to exist if enrollments keep plunging and donors stop giving. This issue really upsets me as life as a young person is hard enough without having to owe $100,000 for a degree before you even enter the workplace. Good luck!!!
You made a good point.
I paid more than that in quarterly fees so that future students could have an expanded gym with a juice bar. They justified raising current students’ fees for future students’ benefits by saying the previous students had done the same for us.
Don't get a useless degree. Universities will be more than happy to sell you a useless piece of paper. If you're going to go to college make sure that you will be learning MARKETABLE SKILLS.
38k in student loans for a 38k a year job. Rent is half of my income.
No, the student debt system is not sustainable. It's a fragile bubble ready to burst, like the dotcom bubble and the mortgage bubble in 2009.
Solution? In my opinion, the government should stop the student loan system, since colleges exploit this by raising tuition fees.
Ill get downvoted im sure. This has a lot to deal with the Uni attend and the degree you go for. I started off at a community college before moving to a Uni. I majored in accounting. Ill have my 20 year debt paid off in 6 years, saving tens of thousands on it. Listen to Dave Ramsey, he teaches the best way to do it.
u want a cookie? they're not talking about u
And yet you communicate like someone who didn't graduate from high school let alone go to college.
Well, I got a degree that will take you 6 years to pay off that I paid out of pocket, in cash. So, no, I don't think you did as good as you think. People should try to pay for their degrees then and there. If you can't afford it, you can't go.
6 years of your life, gone. Just to breakeven? You just defended all the jacked up tuition
I also started off at a community college then transferred to UC Berkeley. Left with less than 17k in loans. Best decision I EVER made!
Lol at America for burying you in debt just to get educated.
Hannibal yeah we are lucky in Scotland for sure-I hear how much debt even people in England get into and it blows my mind. We can be pretty harsh sometimes though-my ex girlfriend was born in England but came to Scotland before she was 1 and lived here all her life except then-they denied her grant and she ended up having to get into debt
Sir Amic Varze I didn't go to college and I'm making 100k a year lol.
NineLives210 what do you do?
idk wtf this video is talking about. financial aid is free in the US, you don't have to pay it back...
ChickenYale thats BS, financial aid is both free money like grants and borrowed student loans you have to pay back with interest
Well here in the UK you don't have to pay back anything unless you earn £21,000+, but if you don't, no worries, your debt will be cleared 30 years after you've left uni 👍
Which is why the UK economy - along with most european economies, are doing so poorly. Your debt then becomes tax payers' burden and the productive end up paying for the unproductive, rewarding the unproductive and punishing the productive.
RequiemFor America wow, that is probably the least accurate explanation for "bad economy". But yeah, whatever.
"He thinks the debt is just magically wiped"
No you clown. Tax payers are paying those fees that stupid millennials don't want to pay.
Well that explains why the taxes are so high...
laughs in European*
Well.... Student debt does exist in europe. But the total amount almost never exceed one year bill of the US university.
THE UK..........
iamnotreal313 haha
not going to stay the same when you have to start protecting yourselves and fight your own wars. If you will even be able to. Looking very unlikely.
Laughs in Muslim Immigrant
The real problem is jobs that you used to be able to get without a college degree now require a degree which makes so many people go to college for a degree to land a good job
Get the government to stop guaranteeing student loans and colleges and universities will have to lower the cost.
So many assumptions in these comments. Its a problem no matter your major and income. Yea if you get a good job you can pay your debts, but its still a lot of money. You should be able to do whatever studies you want for a reasonable price. Not everyone needs to be engineers like me. Not everyone needs to be a doctor, teacher or librarian but we also need people in all fields and they don't need to struggle. Ask the boomers how they paid for everything. I don't get the downvotes and comments on this video.
Salary, course of study, and debt accrued shouldn't be so closely linked, but that's just my dumb opinion. I don't think what I said above is dumb though. This with the ridiculous housing costs is a lot for some people. The money at top needs to actually trickle down.
why why why. 1- college administrators out of control with labor costs including teaching pay. 2 - college expansion of services & physical buildings 3 - increase demand from foreign students who pay all cash not needing grants scholarships.
I worked two jobs to pay of all of my student loan debt.
NO that's the wrong answer - you have to scream I'M A VICTIM I'M A VICTIM and expect others to pay for your debt!!!
I live in an RV to pay off my $40k in student debt. I'll be done next month-- One of the best decisions I've made.
Deborah ` Oyebade my BA and MA are in Anthropology (focus on Linguistics); I work as a full-time interpreter.
The issue is that you shouldnt have to work 2 jobs to pay off education. You shouldnt have to fight health insurance companies to make sure you get a life saving treatment. You shouldn't have to place money above your well being but thats America. Its insane.
RequiemFor America
Not everyone has that kind of opportunity. For commuters, working while studying isn't exactly an option, too much of their time is taken simply getting and going to college.
Depending on the amount of money you owe and the type of loan you take out (federal loan rates were increased under Trump from 4.45%/yr to 5.05%, and Plus loans were raised to 7.6%. That's not much on paper, but with $50K debt on average, that increase is often a person's entire monthly discretionary budget.
If you can't find a job in the field (please stop with the bullshit "should have gone into a different field!"- then we'd only have doctors, lawyers and trades), you're SOL working at a burger place and in increasing debt. Two min-wage jobs isn't enough.
I got through my BA and Masters with full tuition remission, so I can only imagine what it is like to live under this kind of debt. That said, some of the people I went to school with suffer under a quarter million dollars of debt (I went to BU where the cost is $50K a year) and they will never pay it off.
We need to implement free public education programs in all states, with a generous federal subsidy. This will unburden millions of students, increase the aggregate demand for commercial goods, and provide a massive stimulus to the economy.
I’m 18 and I’m going on to my second year of community college. I chose it because I knew it was cheaper and I can transfer to anywhere afterwards. I made the decision when I was 17. There are many others like me and those who are attending out of state or private colleges are fully aware of what they are getting themselves into. Don’t be fooled by the crying millennials, we are indeed, competent adults. Many schools are exposed to the option of community college and its benefits but students insist on having a more fun college experience. Tax payers should not be responsible for paying off their debt in which they really paid for a nice piece of paper and a fun time. Apparently everyone my age believes they’ll be the next Elon Musk, Bella Hadid, or plastic surgeon. It’s ridiculous.
I’m also taking summer classes which are funded by a scholarship to help with the costs. I applied to two scholarships and got both of them, I put in the work. I don’t want to be giving my money to my peers who were lazy to do so. I rather donate it to the homeless, mental health charity, or even to China as my money would be far more valued.
I know some people who went to College using student loans.
Once they graduated they said "Peace Bitches!"
They moved overseas and used their degrees from the USA to get jobs abroad.
Peter Schiff has explained why you americans pay so much for you education.Why wont you just listen to him and get rid of the reason your education is so expensive?
Im from finland btw
Because America does not know whats best for them, they have become more money oriented then people oriented and its hurting the economy long term.
They discussed such a heavy topic for only 10minutes... what a BS concept...
Well, Good thing I have Montgomery G.I. Bill to pay for school. I was literally willing to die to go to school. I don't see that level of seriousness from from some college students these days.
Why do you insist on covering such large complex topics in ten minutes? These videos are so shallow- 20min is more appropriate.
Not everyone can or should get a STEM degree. Society needs gender studies, english, history, and fine arts majors to function. Absolutely nothing wrong in choosing a field that challenges you intellectually. The problem is the price. Let's focus here.
Worst comment ever
Exactly, the average amount you are expected to earn for the degree chosen should relate to the price you are charged. Not all degrees should cost the same amount, especially when some degrees use many more school resources and also pay greater salaries upon graduation. A person going to school for journalism should not pay the same as an engineer.
HealthyMealthy 😭😭 Exactly
I live in a RV with my husband to pay off my $40k in student debt; I also live in southern CA where the rent/housing cost is incredibly expensive. The RV was one of the Best decisions we've made. Student loans: Can't declare bankruptcy, incredibly difficult (damn near impossible) to discharge if you become disabled, death doesn't stop the loans from being paid if you have a co-signer. Screw student loans- Get out if you're in it, and run- don't walk- if you're not in debt yet.
All debt is fraud you fools.
This segment: "Danielle, tell us why the government is awesome." Danielle: "well.."
time to get rid of our 400€/year study fees
I’m not American so can anyone explain to me what is interest? I saw another video where they said that these companies put interest in your loan
Student loans should be dischargeable in Bankruptcy just like ANY kind of loan . PROBLEM SOLVED !!
martinko40 you can’t give back education
room and board is average 12000 a year even you have free tuitions,
This program had said in season once that the price of tuition had increased by 225% since 1984.
Susan Cates probably shouldn’t comment about how good she had it who knows how many years ago.
I don't understand all of the dislikes, this is sound advice.
Making kids take out $20,000 in loans each year for 4 years is criminal. College shouldn't be this expensive for no good reason. Where does that money even go?
i was about to say that we don't have such a thing in brazil but then i remembered i'm privileged, had good HS education and got into a public university where there's no tuition. however, poorer brazilians are drowning in debt cuz they only schools they get accepted in are the private ones. :/
When did we start calling bloggers experts on a certain Subject?
I do not understand how you can sign up for something and not look at how shit of a deal you are getting. We live in a capitalist society name of the game is do not buy what you cannot afford. Especially if you are going to school to be a underwater basket-weaver.
In my opinion, government needs to get out of the student loan business. It's the government fault that we're paying high tuition and books due to the fact the now everyone can qualify for a loan. Not everyone should be qualified for a loan. A student with low income households, awful grades and unrealistic degree that could get them a job to pay off the loan shouldn't be able to get a loan vs a student who has high income households, excellent grades and realistic degree are more likely to be approved and since not everyone can qualify for a loan colleges will have to lower tuition in order to compete with other college to get your business
Why do some kids get their educated completely funded while others have to take out loans. Pretty messed up.
I had 0 student loan debt coming out of college. I went to community college for my first 2 years and saved as much as I could. After transferring to a 4 year university, I used the money I saved and the money I got through the education bennefits at work to pay everything.
Nobody needs student loans if they can make good financial decisons.
No One unless you go to graduate school like i need to.
No student loans in Finland, Sweden, Norway and Denmark.... :)
Sweden, Finland and Denmark economies will fail due to debt. Norway is sustainable due to the oil and sovereign fund.
No military defense, either.
simple don't go into debt for school. my wife and I both went to college without debt.
It seems less like discussing the sustainability of student loan debt and more about general information about the finances of going to college with fluffy personal stories mixed in.
like is it better to go to a public or private college? Well, it depends on the cost, academic quality and programs you qualify for. it doesn't depend on what someone chose to do who got into 8 ivy leagues. Easy answer, and you have more time for questions.
That education reporter is saving for her pension before paying off her debt? Is there no interest accrument on her debt or is her pension investment really that good that she had to jump in asap.
Cring!! Can't wait till the bubble explodes
These educated people need to look up what compound interest is. Your loans keep growing because you are not touching the principal amount if you use an increasing income based repayment. The total can triple over your life!
They should allow bankruptcy just like any other debt and force thorough vetting of loans.
My understanding is that many people took advantage of that, that’s why they made the change
what happened to the last host??? :(
The people in this panel are out of touch with the majority of students today who are borrowing loans and attending schools that give them no job prospect. What about poor wages all across the board for millennials compared to boomers? The idea that 18 year olds are responsible to look up labor statistics and job projections in the market is ridiculous. Why is this not the responsibility of the career center on campus? The people on this panel are FOR institutions that act more like corporations than universities.
You should not be investing in retirement when you have debt. The growth rate of the retirement money will pale in comparison to the interest rate on the indebted money. Focus on the future after you have paid off the past.
Are some majors less viable than others. Yes. Art history is not as viable as prelaw -> law school. That doesn't mean that you cannot do art history. But if viable means chance of getting a well paying job in the field. Then yes majors very wildly in how helpful they are.
ragmondead depends on how much your employer matches contributions and what your Roth distribution is. But mostly Yeah you're right. It's still important to save up for a few months living expenses in a liquid savings account tho.
Proverbs 22 - 7, "The rich rule over the poor and the borrower is servant to the lender." This is a warning to stay away from debt. We often think of education as good debt but there's no such thing as good debt. Debt is debt. Most people ignore the warnings of the Bible because we rationalize the process and think that since everyone else is going into debt for college then it must be ok. However that's not Bible. Just because everyone else is going into debt does not mean it's the right thing to do. I learned this the hard way. If your smart you'll stay away from student loans. You can still attend school but pay cash. If you don't have enough money to pay cash then you'll need to work a lot of hours to save up the cash or go to a cheaper school where you can pay cash. Yes that means you'll be tired from working a lot but the nice part is you can go to school debt free. If your not willing to do that, it's not worth it. If you really want to go to school then you'll be willing to sacrifice, if not then it's not worth your time. Remember, college is a business. They don't care about the student, if they did tuition would be cheaper. They only care about profits even if that means the students have to go up to their eyeballs in debt. Don't get me wrong, I'm a big of education but I'm also a fan of getting a good deal. The current system of debt for diploma is not a good deal for the student. Protect yourself and stay out of debt.
I don't know what the woman in the middle was talking about for death. For Federal loans you send your death certificate to the loan service and it's discharged.
5:15... can we get a fact check here? Pretty sure they can NOT come after your estate for federally held students loan debt after you die.
Lol, trolls come to dislike so fucking fast it's pathetic...
n1 but could be even longer aswell
So I majored in political science with a certificate in minors in lgbtq studies and communication. So based on this am I screwed or not? Go!
Not exactly. Make connections by having a strong portfolio. Basically, internships during the breaks and extracurriculars during the semester. Stick close to the top professors in your major for potential recommendations. Might need a master's, but you could do go in that route and end up pretty well of.
If ypu have low debt you win. If you are in deep....
Either get state governments back to the proper funding in budgets or this can just keep on going and going and going -_-
These are supposed to be experts? She had 45k in student loans and still owes money?
in algeria you get paid to go to college
Get college degrees in a field in demand a la the job market instead of African Studies or German Literature and you won't have any issues paying off your student loan.
Love the topics of discussion but 10 mins is very little. The people who watch this over other entertainment want to know what your pros say but they barely say anything more than the surface of the issue before its over.
Is this Animal Farm sustainable ?
HELL YES !
Join the army. I’m debt free
The kids in the back look like mindless zombies being fed a lie. The coordinater low key knows this, she’s just trying to be polite. Read books, self improve errday, execute pivotal decisions (not mindlessly attending college). Save and invest in your 20’s and watch the vision take hold. Preserve the ideology and stimulate growth. Life is a lot simpler then the people around you make it to be.
get rid of government-backed loans...
Now every does know today going to college is easy the debt you might get into is horrible
We don't need more Tax $'s, We need smarter investment. I teach 34,524 Students with $250/month using technology. Using World Mentoring Academy & EdX {Harvard & MIT}, 200+Credit-by-Exam, 3 State Colleges, Students can earn Bachelor's 60+ majors for less than $5,000 books & College fees.
Can not repay; don't take an unaffordable loan out for a useless degree. Don't expect others to bail you out of bad investments. Too many degrees cheap'n the value of your education. Government involvement always explode it's cost. Those who paid off their loans just got slapped in face.
You graduate without any experience for any entry level job
with these loans
I pay $1136 every month. It blows ass, but it's what you have to do... Ya know, pay you fucking bills yourself. It's your responsibility, you took them on.
Damn I'm glad I never went to University, but what do I know? I'm just a dumb dirty Pipefitter/Steamfitter with no debt and a good paying job.
BeaverSquad everyone wants a "sexy" job....im in maintenance and debt free, now...
B of A is the sponsoring this? They just want you to shut up and pay the loan.
Just drop out college and flip houses like i did.
Her hair looks like a knitted hat
man this is hard to watch
Wait I'm confused, is this about US debt or UK debt? And why is everyone in the show black?
A black woman, a transgender woman and a white woman sit at a table......
Which one is transgender?
Let's see how many minorities we can fit in our video
white boy triggered!
Alabama1700 im mexican and i totally agree with you
Derbnage hes making a statement i dont see anhone more triggered than you
That and everyone is above average looking, were are the regular people. It looks so tense. They need a sexually ambiguous fat woman who is half insane at that table, definitely just as qualified as these bloggers and reporters.
What's really messed up is that we all know damn well that Bank of America gives no fucks about the black community.
I'm tired of black dudes such as myself being used as window dressing. How about giving brothas a job with decent benefits?
And while BoA is at it, how about they stop gouging their customers?
And if you are going to be an art history major.............find a better major!
I wonder why the host was from the UK but they were talking about an American problem. That's a bit annoying. You couldn't find an American to host??
Moni Chalabi tho
Pay your debt you bums.
As it exists in America, no.
short answer yes
NO. IT'S ALL ABOUT FIAT MONEY.
Business of Life - powered by Bank of America
That's the catch
Robots and AI will replace most of these people anyway, so why bother going into massive debt?
lol i am sorry but this is ridiculous. The american people have to look around the world and see that this system is just stupid
It's like the View, but with millennials
...or you could study in a number of European countries for free.
Major in the STEM fields and NOT in stupid stuff like Feminist African American Dance Therapy and you'll be fine.
EE.
www.yoursalso.com/engineer/
* Brought to you by...
Bank Of America: making sure you're a slave to the lender.
and 4 white people. nice..
I don't even have to watch this video to know that it's not sustainable. Figure out a way to wipe away my debt.
You willingly take on debt to get a degree, which you know is not a guarantee of a future job. It's a personal decision that everyone with student loan debt made themselves. When you signed up for your student loans, you agreed to the terms to pay it back and to the consequences if you couldn't. It's no one else's responsibility but your own to pay for your education, and you have no right to force anyone else to finance your education with the products of their labor that they worked for. You are solely responsible for debts you took on and for paying off those debts. End of story.
devwreck127 Have you been to a high school lately? They tell you to do what you love and you'll never work a day in your life. Or even worse, you need college to make a good income. These parents, teachers and guidance counselors are setting these kids up for failure. And don't tell me most 18 year olds have the maturity to know what they are really getting into...
It's no one's fault but yours for believing them. Countless 18-year-olds are smart enough to not buy into it. Still doesn't change the fact that your debts are your own responsibility, and you have no right to force others to pay for anything you want, including a college degree, which is a privilege, not a right.
Dude, you're disillusion. All 18-year-olds get guidance from their parents, teachers or some other person older than 30. Most 18-year-olds don't have the maturity or foresight to make an alternative decision and go against what they say. Where else would they get influence from? TV? Get real. MOST kids take the advice from an adult in their life and MOST adults say go to college. Obviously, it's their fault AFTER the fact because they were given bad advice. It's not that they don't want to pay for college. They can't. Teachers and parents promised them that jobland would have a lot of jobs, and guess what...there aren't enough jobs for everyone.
Coming from a European democracy where education is treated as a constitutional right of all citizens and as such is tax-funded all te way toa university level, I strongly disagree that it makes any sense to have individuals pay for their own education. It benefits the society at large that the populace is highly educated, especially going forwards into a future where most menial/low-skill jobs will become automated and disappear.. The US model creates a system in which people have to go into massive debt just to take the chance of maybe getting a job which is just stupid for the economy as a whole.
I graduated at 24 with 0 debt, got a job and was able to get a loan for an apartment soon after. I pay slightly higher tax than I would if I was in the US, but in exchange I don't have to share the country with people who're so dumb they actually fall into the con of voting a reality tv-show host with signs of early Alzheimer's that anyone with half a brain can see from a mile away into the highest office of the land. I consider that a very, very good trade-off.
You should only be studying some mickey mouse bullshit like gender studies, sociology, literature or anything arts/humanities if you are already rich. Even pure sciences are a gamble.
this video is evil