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What is a college grad's life without debt?

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Total student loan debt in the United States is now nearly $1.8 trillion, and experts say young people are delaying buying homes and starting families because of it. So, what could the lives of students look like when they graduate debt-free? Correspondent Lilia Luciano talks with experts about the "sticker shock" of college tuition, and with alumni of Morehouse College's Class of 2019, whose college debt of approximately $34 million was wiped out by a gift from billionaire businessman Robert F. Smith.
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5 сен 2024

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Комментарии : 325

@crowbabies 2 месяца назад

The irony, my daughter got into Lafayette. When they told us we would have to take $18k a year of debt, I said, “Then we have a $18 thousand a year problem.” It was an amazing school, but not good enough to start $72k in the hole. She chose a not as great school closer to home and graduated debt free.

@shaunmc013 2 месяца назад

She pivoted and that’s what people need to understand. Education is education…

@jjtiojohn12 2 месяца назад

@@shaunmc013 but theses corporations over look no name colleges for the ivy, its always been that way for years. Now their tune is starting to change.

@shaunmc013 2 месяца назад

@@jjtiojohn12 any job posting I’m seeing, nobody is saying that you need to go to Harvard. There’s other Corporations you could apply to..

@jjtiojohn12 2 месяца назад

@@shaunmc013 yea you don't see it because your not in an HR role, they filter out potentials and look for key words if you don't have a white sounding name, didn't go to a MIT Yale or Brown you are on the rejection pile!

@jtechfirm 2 месяца назад

Also you can get certs from ivy leaques and take classes there as a visting student

@oceanwoods 2 месяца назад

There should be no interest on these loans. That is the main issue that keeps people from paying them off

@ABC123-v9u 2 месяца назад

Exactly. During the covid forbearance period, I kept paying to make sure 100% of my payments were applied to the principal.

@Fgji230 2 месяца назад

Time is money. No one would pay their loans then. Will just wait 50 years until inflation erodes the debt away. Like the Federal debt. Lol

@sharonh2991 2 месяца назад

This is what I say Biden should do rather than discharging student loans, just eliminate the interest. I’ve been saying this for years.

@MrBrewman95 2 месяца назад

Then no bank or services will loan any money to anyone.

@sharonh2991 2 месяца назад

@@MrBrewman95 these would be the government or federal student loans that we’re talking about. These are the type of loans that Biden dismissed, not private bank loans. He can’t do anything about bank loans.

@TheRealEdStoner 2 месяца назад

The politicians and college administrators that let this happen should be in jail.

@NazriB 2 месяца назад

Lies again? Help Company Heineken Carlsberg

@Sammich4839 2 месяца назад

jail? calm down internet poster

@TOKIEYOH 2 месяца назад

@@Sammich4839 dude these people are ruining lives

@Sammich4839 2 месяца назад

@@TOKIEYOH because college students voluntarily took out debt? you make no sense

@pamelamays4186 2 месяца назад

Because my RN Mom worked in an underserved neighborhood in San Diego, California, her student loans were forgiven.

@imperialmotoring3789 2 месяца назад

My dad went to night school for a chemistry degree while working full time in a factory. He paid his loan and lived a successful life.,

@MrBrewman95 2 месяца назад

I paid mine off in 2020 and graduated in 2017 with 14,500 in debt. Went to community college for my AA at Valencia College and then transferred to UCF for my BS.

@annmarieknapp 2 месяца назад

Good for you!!!! That's awesome. Took me 14 years to pay my debt.

@damham5689 2 месяца назад

If university was low cost or free it would increase the number of educated people entering the workforce. The downside is that corporations would use it as an excuse to lower wages and benefits.

@scifirealism5943 2 месяца назад

Yep

@kreativeforce532 2 месяца назад

no they wouldn't. higher educated workers mean more leverage for higher pay.

@scifirealism5943 2 месяца назад

@@kreativeforce532 yep

@kevinm.8682 2 месяца назад

The only thing keeping universities from being "low cost" is the universities charging what the market will bear. And more. Hold these academic thieves accountable for over promising and under delivering.

@Naomi-xu4hq 2 месяца назад

@@kreativeforce532no it doesn’t, Tech has over 200,000 college graduates in computer science, IT, information systems, etc. now wages are falling and many are getting laid off

@jenkneefur1984 2 месяца назад

I was lucky enough to pay off my debt the second I graduated. It makes a HUGE difference. I was able to take time off, which I needed to do for my own mental health. 1-2% interest max There is no need for these huge interest rates other than simple greed.

@lizwaters4066 2 месяца назад

The big problem is not the amount they take out, it is the interest and the terms! No interest, no crazy terms. There are people who took out $100 k in college loans. They have already paid back $150k but still owe $125K. Who is getting all this money? It is not the university.

@worldtraveler3044 2 месяца назад

This!! I have paid my loans 3 times over! School loan interest funds wars to social services. It is put in the general fund.

@datheisman 2 месяца назад

The Government. That’s why when people talk about student loan cancellation they don’t understand that this is the government charging these predatory rates. These loans should be interest free, and can only be used on degrees in need. The need based degrees should be reevaluated every 4 years. And degrees in STEM also including teaching and Human services should always be determined as needed.

@joelwillems4081 2 месяца назад

Don't make the absolute minimum payments and expect the principal debt to go down. Pay them off before getting into future debt like car and house loans. I have two years left on a $200k mortgage. The first few years the principal barely budged and now it is getting chopped rapidly. It's how math works.

@diocletian607 2 месяца назад

Its not the same with student debt where the rate is often 7% and youre not building any wealth equity. The system is rigged and designed to keep you paying the loans forever.

@gabrielgonzalez6456 Месяц назад

No other industry gives this amount of money to 18 year olds with no income, plus there’s no way to recoup this money. I think federal loans should be forbidden, then when no one can afford colleges they’ll be force to drop tuition rates. All these loans have made school much more expensive cause of the ease for money

@d3r3kyasmar 2 месяца назад

I went to community college. I work part time while studying. Graduated without debt. Now i work earning 6digits. Meanwhile my colleagues earn less than me and yet they have 6digit debt. I am not here to brag or to make someone look bad. But never ever put yourself down just because you are not part of the majority.

@marytheresejacksonlutz2533 2 месяца назад

My kids did the same and they went to low cost colleges. We did help a little but for the most part they all paid off their loans. And they are all working. You were smart!!!

@chellyfujimoto8038 2 месяца назад

Daughter did the same, got her masters this May and is debt free, not even a car note.

@djbombba 2 месяца назад

The truth that they don’t want to hear

@tcbullock5432 Месяц назад

100%! Graduated from a CC in May. No debt. 2 degrees. I’m about to work on my bachelors and most likely will get that debt free too.

@myway2503 2 месяца назад

People, if you go to a private school or a school outside your state, you will pay more for your education. Stay in-state and go to a public university. Your future self will thank you.

@sandylewis8897 2 месяца назад

Yes! Daughter went to community, then transferred to a NJ state college. Debt-free nurse next year!!

@worldtraveler3044 2 месяца назад

State schools are now 24k a year when you include everything. It’s disheartening.

@chritchharrass7159 2 месяца назад

I’m enrolled in an instate public college and it’s less expensive on paper compared to private schools and a few hbcus but when all the hidden fees are tallied up and state aid comes in (the only-very little-bit you get with these kinds of schools for the “average” student) it’s way more expensive. The loan is the only way to survive.

@PHX0121 2 месяца назад

@@worldtraveler3044yes. In Arizona nursing program is now around 18-20k a year at state university.

@acd1168 2 месяца назад

I went to a private school for undergrad and grad school (med). I graduated undergrad with $32k which I paid off after 3 years. I got full tuition for med school. My state school was going to cost me more for both undergrad and med school. I’m a Virginia resident.

@worldtraveler3044 2 месяца назад

It’s not just tuition. It’s room, board, healthcare, & fees for everything. 24k PER YEAR we pay for our current college kid. This is after scholarships & grants. I will not allow our children to drown in school debt like I have experienced.

@tyler0506 2 месяца назад

I love that guy who’s taking care of housing for his brother. Kudos to you and your family dude

@oco987 2 месяца назад

Well that 2019 class was very lucky to say the least

@RLS-bu4bj 2 месяца назад

In 1998, I graduated from college without debt. I had paid my final payment in January of that year. My entire degree was $26K and it was paid for with my student job and my dad's overtime from his union job. That inexpensive degree has been a gift. My daughter would like to go to my school, but it's $26K a year. I worry I can't give her what was given me

@rahuliyer7456 2 месяца назад

You can, but it involves going overseas...like South Africa, India, Malaysia, Canada...all English speaking. You could go to Europe if you want. Same for Latin America. Mexico, Colombia, Argentina. All have good universities.

@Flipper86 2 месяца назад

@@rahuliyer7456 Or you get summer and part time jobs, saving the money earned, get good grades, do research/apply for scholarships, and earn scholarships and grants. Another cost saving option is to take advantage of dual credit opportunities in high school and/or go to community college for gen ed classes and transfer to university later. My niece earned over a semester’s worth of credits in HS. My nephew was a national merit scholarship and went to a university that recruits merit scholars by offering a free ride. My cousins just graduated from community college and will attend university in the fall.

@annai157 2 месяца назад

There are LOTS of options for inexpensive college degrees. Take some time to research it - I especially recommend the youtube channel "College Hacked" - I used the method they describe, and an accredited university that they recommend to pay cash for my degree. My late sister, OTOH, took out 5 k in college loans. When she passed away, 15 years later, she owed 50K on those same loans. If you don't like the "College Hacked" idea, check out Dave Ramsey's recommendations - also on youtube. Do your research now. You'll thank yourself (and your daughter will thank you) later.

@eliser9776 2 месяца назад

The problem is an 18 year old has no concept of the financial burden they are creating just to have the dream college experience.

@paloma598 2 месяца назад

and the fact that we're told that if you don't go to college, you're a failure.

@daneshcol 2 месяца назад

Why not just make college cheaper by reducing the federal loan program!?

@bipolarmomandnowwhat 2 месяца назад

Also a portion of the tuition is set aside for those who cannot afford college.

@JohnADuerk 2 месяца назад

Might I please suggest attending a community college for two years while living at home and working? You can pay your way as you go, which means no debt when you transfer. Also, it might be better to attend an in-state, four-year public university. Without question, higher education costs have skyrocketed over the past three decades. That said, there are multiple ways to limit the amount of debt a person incurs.

@paloma598 2 месяца назад

also taking dual enrollment classes while you're in high school. CLEP exams are another thing you can do to get college credit. there's a website called modern states that has prep courses and gives you a voucher when you finish the course.

@BlahBlah-em2ed 2 месяца назад

If you are a parent with a small child and are reading this, you can start saving for your child’s college education now. Even starting small: $10 or $20 a month, every month for 15-18 years can help.

@shaunmc013 2 месяца назад

College is a system of higher education but it’s also a business so you have to be about your business when you attend it and understand why you’re going.

@diocletian607 2 месяца назад

No its a business only. Theyre taking your money and trying to convince you why you will make money after paying them. Its all about the money. And thinking that schools are anything other than salesmen trying to make a buck is how people get into debt in the first place. Theres this trust that people have that the school should be trusted and will be out to help you when it just isnt the case. They just want your money.

@shaunmc013 2 месяца назад

@@diocletian607 I disagree- the problem is schools are getting funded by big corporations and the government. It’s a business partnership that we’re being victimized by but…. You have the choice not to take out those loans. There’s so many financial resources and opportunities on the University level that i can’t nearly understand why people go into debt over a bachelor’s. I went for three years, graduated with no debt, didn’t touch a loan. Studied hard got scholarships, financial aid, and Pell grants, and the school was giving me extra money to live on..

@ABC123-v9u 2 месяца назад

Look further into the payoff of public sector. It is not accurate. I worked 25 years for local government and was denied forgiveness. I graduated as an older adult. I tried reaching out to my congressman and have never heard back. Don't get me wrong, I know I went to school and I expect to pay; however, when the DOE allows military spouses free education, why not do more for those of us who work for local governments, too?

@1Dude2009 2 месяца назад

why should public sector workers get their loans paid off? I have been told that the very generous retirement plans was the key into being competitive with the private sector. You want that and free tuition?

@ABC123-v9u 2 месяца назад

@1Dude2009 If you read, I have been paying on my loans. For more than 15 years. If there is a program offering forgiveness, then why not. Military spouses go to school for free - which isn't free. Someone still pays for their education - ALL of us who pay our taxes. So in essence, not only do I get to pay for my loans, but military spouses, too!?! I will continue to pay my loans. I received my education. However the gov't should not cherry pick which gov't employees have loans forgiven. ...and, the *generous retirement packages* are given to upper management, not the worker bees.

@1Dude2009 2 месяца назад

@@ABC123-v9u I agree the government should not cherry pick who gets "free" college. AS for your retirement, are you getting a guaranteed income when you retire? I am not getting a guaranteed income. I get whatever I put away out of my own pocket.

@ABC123-v9u 2 месяца назад

@1Dude2009 Allan, yes in fact I do. However, I made a job change to go gov't. I lost $4 an hr and started at $9.73 hr to accept the job. So, had I not decided to lose money to get a govt job I would not have had a retirement check. I may not get a big check, but I was willing to make sacrifices in order to ensure my future. So, if you don't have a retirement plan, rethink your future.

@annai157 2 месяца назад

Military spouses raise kids alone, and have a very real chance of being widowed, or of spending the rest of their lives caring for someone with horrific injuries. Public Sector employees, on the other hand, often have quite comfortable, safe desk jobs. I don't see a comparison. Now - if you mean firefighters or police officers when you say "public sector employees" - I might go for that. But the DMV employee, or the file clerk at a judge's office - I don't see that job as analogous to a military spouse.

@vivianfonger 2 месяца назад

I graduated from a public, in state college without any debt. The best decision I had ever made in my life.

@CapnCody1622 2 месяца назад

Literally not even an option nowadays for the vast majority of students. The cost of even an in state public school is out of reach without taking out loans.

@scifirealism5943 2 месяца назад

@@CapnCody1622exactly

@mtaylor9235 2 месяца назад

Lafayette College -87K/yr. Even with a 39k/yr coupon…💸💸💸

@peacenow4456 2 месяца назад

Amazing amazing forgiveness gift. Today's tuition is crazy it's so unfair. When I graduated from public college my semester cost was about $400.00 a semester. And my Dad helped me pay for 3 semesters. I paid for semesters when summer work or on-call work helped. I always worked 20+ hrs a week and took call, and carried a full load and went to summer school and bridge Xmas break school and paid my rent etc, to cut down time and get out on time... College should be affordable.

@AA-wc3tw 2 месяца назад

The average student college debt is $29k? That's WAYYYYYY less than I anticipated....that's way less than many brand new cars. I assumed the average student debt is above $80k. I think college education in the US is highly overpriced and often underdelivers (for that price), but $29k isn't much.......I went to a college that cost $24k PER SEMESTER.

@annai157 2 месяца назад

"Average" - that means that the many students who graduate *entirely* debt free are calculated along with those who end up 1/2 million dollars in debt. I wonder what the median is - specifically among those who DO have debt. I suspect it's much higher.

@bbutler7158 2 месяца назад

It's gotten worse. Not only are loans still readily available loans are eligible for off campus housing. Yes, those fancy new state of the art apartment complexes they mushroomed into many gentrified neighborhoods. The school partnered with the rental companies to assist with getting units filled so that the rent is evenly divided just as if on campus. The interest rates need to be managed! College has become big business in capitalistic USA 🇺🇸. And who is hiring graduates with career paths and liveable wages? We'd be better off giving students to this type of easy credit for local farming, schools and the ole small business. Every man using their God given gifts to exercise and earn a living. No, everyone is not a business person but the option needs to be available.

@eddiedoherty2349 2 месяца назад

During his campaign in 2015, Bernie sanders raised the awareness of this issue. Anyone taking a large student loan today is foolish. The example here is a student who chose the school that would have let him enter the world with a crushing $120k of debt. There were other less costly options, but he chose the expensive one. Georgia Tech would have been half the cost for the same degree.

@annai157 2 месяца назад

Well, kinda. The average Morehouse student's SAT score is 1058. The average Georgia Tech student's SAT score is 1435. Draw your own conclusion about which school has higher standards, and likely produces the better education.

@eastmidwest11700 2 месяца назад

Not having debt (or taking out less than $20k in total debt over the 4 years - all federal) just creates more choices! You don’t have to stay in that job you don’t like, you can start a business. And if you compound the amount that would’ve went to the debt, that strengthens your retirement security.

@DoubleClutch95 2 месяца назад

So 2019 Morehouse College was the inspiration of the Rich Wigga, Poor Wigga Atlanta episode? That's crazy.

@Tamar-sz8ox 2 месяца назад

God bless Robert G Smith ! Hallelujah ❤ So happy for the debt free Morehouse graduates !

@yvonnecamperriovista225 2 месяца назад

There are so many people I know who don’t think there should be loan forgiveness. People don’t realize that the interest on these loans is so high, and aren’t able to negotiate or refinance, stuck with 8% loan is crazy, paying for years. Also I feel there should be an opportunity to do community service to go towards paying it off. Colleges are living beyond their means and should be made accountable for their actions, especially if they go bankrupt!

@trekuhl3966 2 месяца назад

Great for Freddy Williams, his debt wasn’t erased it was paid by a very generous individual. He’s fortunate that the debt he accepted and accumulated was paid for by another.

@bernicebarnett401 2 месяца назад

So what! Yay!

@Hunter96187 2 месяца назад

Just like a lot of billionaire alumni’s should for certain things extend of asking tax payers to do it.

@vincem2759 2 месяца назад

It actually was...it wasn't a cash payment rather funneled through the school via a foundation ( tax reasons)

@samph3315 2 месяца назад

My first thought was that’s got to mean better mental health for them without the stress of debt hanging over them. I was lucky that I went to a Cal State school 40 years ago and paid off my loan by 29. State schools schools be a lower cost option.

@samph3315 2 месяца назад

What does suck is that I couldn’t deduct the interest of the loans! From what I hear you can now but it’s only limited to like $2500!

@HondaTiger56 2 месяца назад

Let’s start with discussing debt relief for students who attended public universities. Not private

@kevinm.8682 2 месяца назад

Let's not forgive EITHER. If the student didn't get set up for success by attending school, looks like a class action lawsuit against these universities that sold them useless degrees.

@doubleoseven273 2 месяца назад

Colleges have also turned in to resorts

@maurreese 2 месяца назад

If we can bail out banks, we can definitely forgive student loans. Billy at the bank did nothing for most families, but forgiving student loans could really mean a difference.

@scifirealism5943 2 месяца назад

Politicians want poor people to accept minimum wage jobs

@mic1240 2 месяца назад

Students and parents are getting wise to costly schools do not mean higher incomes. There are so many great public schools with lower tuition and great academics.

@jonfilibuster8499 2 месяца назад

It’s not the debt that’s the problem it’s the interest. 6% on 200k loan is 12k a year in just interest one has to pay a year

@vincentcasolaro 2 месяца назад

Become a plumber or an electrician or an HVAC technician. No debt, get paid in an apprenticeship, and probably make as much or more than half of the college graduates.

@joeybaseball7352 2 месяца назад

Guess what bonehead, not everybody wants to be a plumber or an electrician or an HVAC technician. Some people want to be artists, or pastors, or zookeepers, etc.

@kevinm.8682 2 месяца назад

@joeybaseball7352 so do those things. If paid apprenticeships aren't available for those skills, and scholarships aren't enough, be prepared to take out loans. Nobody is OWED a low cost vocation of their dreams paid for by everyone else.

@imperialmotoring3789 2 месяца назад

@@joeybaseball7352 I want to be an artist. Should the government force you to subsidize my art or should I get a real job?

@pwstroud 2 месяца назад

not everyone can be a plumber

@imperialmotoring3789 2 месяца назад

@@pwstroud Not everyone can make a living off of a gender studies degree either.

@barry3426 2 месяца назад

This is why I tell my own nephews not to even make that decision to borrow student loan debt to pay for college. It's best to receive either as many scholarships and grants. Also the military can help out with paying for college. Money that does not have to be paid back is always the best choice of money to use. Borrowing student loan debt nowadays is an example of bad debt. You're responsible for paying back every dollar you borrow plus the amount of interest that accumulates on that balance. Certain career fields won't start you off with a salary that is valuable enough in order to pay back a student loan debt. Making the decision these days not to borrow any of that debt saves both college students and grads thousands of dollars. This CBS segment is all about a billionaire who decided to cut those graduates a check for their debts. That rarely happens and I'm sure so many other past college graduates would want the same thing to happen to them. High school graduates of today need to make that wise decision to do everything in their power to avoid debt so they won't have to wish for a billionaire to cut them a check.

@steelguitarunionhall 2 месяца назад

My parents paid for me. I paid for my kids. You start saving when the child is born.

@rosariodeleon541 2 месяца назад

My daughter is in the US Army, 1st Lieutenant and nobody has lent her a helping hand

@KS-cl8br 2 месяца назад

Well both Trump and Biden want to put her and millions of others at risk by getting us in endless conflicts.

@joeybaseball7352 2 месяца назад

The army pays for college

@scifirealism5943 2 месяца назад

@@joeybaseball7352not entirely

@vincem2759 2 месяца назад

The military pays for college and healthcare. Yes it's the government.

@steveconn 2 месяца назад

Very glad I could afford my expensive liberal arts college when I could. Colleges really should reimburse for the substandard Zoom education during the Covid years.

@pelenaka 2 месяца назад

Did they interview graduates who didn't make sound financial decisions after they became student loan debt free ?

@beachlover7268 2 месяца назад

It’s ridiculous how much it cost to get an education in this country!! It’s like you’re getting a punishment for achievement. We told all our lives to reach for the stars but you better have money because you’re going to have a huge debt after! Congratulations. Now get a job!

@annai157 2 месяца назад

It's not a punishment for "an achievement" - it's the price one pays for making a poor purchasing decision. Many people (still) go to college debt-free. People who sign on to debt, and then don't think about it until the first bill comes aren't achieving something. They're making a poor decision.

@maxlinder5262 2 месяца назад

Without debt.......Eased..... less worries.....😊 just my opinion

@susannpatton2893 2 месяца назад

Why do we want dumb citizens? Education should be the top priority in every city In every state Across the whole Nation Grandparents should be able to retire in their 60's New graduates have a job to go to College is free because we want smart citizens

@kevinm.8682 2 месяца назад

Ok, using that line of reasoning.... We want homeowners, because people who own homes are invested in their communities. My mortgage should be paid off and my home should be free....

@1Dude2009 2 месяца назад

We don't want dumb citizens, and implying that someone that does not go to college is very elitist of you. College is not "free," someone has to pay for it. You seem OK with blue collar workers paying tuition for college graduates. There is never talk about reforming student loans. Lafayette college has an endowment of over $1 billion dollars, they could charge a lot less and help their graduates leave college debt free, but they won't do that. We need t start taxing endowments, restrict the number of administrative staff a college is allowed to have to receive public funds, cap the amount of student loans available, AND reduce the interest to virtually zero.

@JPLPizJPL 2 месяца назад

PREACH

@susannpatton2893 2 месяца назад

@1Dude2009 I never said that. Do not put words in my comment that isn't there. Never assume. Why the cost of education keeps going up is a question. We as a nation should invest highly in our citizens period. Other countries can do this, why can't we? Oh yes, the almighty dollar rules our roost. Libraries are free, not everyone utilitzes them. Nor looks up information that is at their fingertips. I didn't create that. Just purposing a question

@1Dude2009 2 месяца назад

@@susannpatton2893 you commented that "why do we want dumb citizens?" followed by "College is free because we want smart citizens." These are your words. It is not hard to draw an inference that you think that those with college degrees are smart and those without, not so much. I also do not want "dumb" citizens, and think we need to rethink about the job we as a country are doing in all levels of education. I don't think that college is for everyone AND I think we need to do a better job educating kids in K-12. I have a degree so that is not what offends me. I do know many people without degrees that are "smart" and some of the dumbest Americans at this time seem to be highly educated.

@meetadi4u 2 месяца назад

College administrators and non teaching staffs in an average college is 40-45% . If those jobs can be removed the input cost would reduce . Also seats at top colleges are artificially kept low and if that opens up this debt problem would reduce .

@sunflowersarles1one629 2 месяца назад

Got to an in-state public university.

@Goodman-zi6hb 2 месяца назад

The segment points out that the average length of repayment is 21.1 years (6:28), but it conveniently leaves out the fact that the standard repayment plan is only 10 years. As someone currently paying off a federal student loan using the standard repayment plan, my payment (with 6.8 percent interest) is equal to about 1 percent of the balance of the loan when I entered repayment. The balance included some interest accrual during the 6-month grace period after graduation when I wasn’t required to make any payments. Therefore, by the time that I have made 120 monthly payments, I will have paid just over 20 percent of the original loan’s balance in interest. If the average student loan borrower’s balance is $29,400 (4:04), then the average student loan borrower using a standard repayment plan needs to come up with about $10/day to make the average payment using the standard repayment plan (much less than, say, an average car payment). The people spending 21.1 years in repayment are only doing so because they expect THEIR loans, that THEY borrowed, that THEY benefitted from, and that THEY promised to repay to be “forgiven."

@tobechukwuolumba7337 2 месяца назад

A friend of mine got her student loan debt forgiven, and now, she is feeling free as of now. For me, I don't have any student loan debt, but I got scholarships and grants before I graduated from CSULB weeks ago.

@lipozrljohnson7078 2 месяца назад

Gi Bill works wonders

@njpme 2 месяца назад

Facts!

@MrWastingmytime59 2 месяца назад

Work part-time during school, full-time during summer, attend a school you can afford.

@carolscholp3659 2 месяца назад

I graduated without debt because I lived in CA where community college, first 2 years, were free. My niece went to Claremont and then to medical school. I wonder if she will ever pay off her loans

@jonathanf2392 2 месяца назад

I'm a recent college grad without debt (cause I chose to go to my local college rather than "wasting" so much money in dorming out of state, not to mention my scholarship paid my full tuition and other expenses were paid from the money I got from my dad's life insurance) and I am happy that I do not need to pay any loans or debt back, the money I make with my new job can all be for me

@kimberlylepine5115 2 месяца назад

Erasing debt is not the answer. Founding scholarships and choosing colleges that the family can afford is the answer.

@justinleemiller 2 месяца назад

Don’t get a worthless degree. You’ll be paying for it forever. You are not the exception.

@njpme 2 месяца назад

Facts 😂

@trekkie1701e Месяц назад

In Georgia, if you keep over a 3.0 gpa in state public tuition is free, paid for by the lottery. Over a 3.5 you get stipends and dorm room and board are covered.

@user-uz5ko8sv2f 2 месяца назад

There should be NO loans whatsoever… let these colleges actually compete in an open market and let these students work their way through college.. these colleges are waaayyy top heavy with administration etc… they don’t run as a business as they should, instead they run like a bloated government agency, essentially they are!!

@kman20 2 месяца назад

Uhh colleges ARE running like a business. That’s the problem. Education shouldn’t be a business in the first place.

@sandylewis8897 2 месяца назад

Totally correct -- they are fiscally irresponsible. With all the government financial aid, they have just kept raising their tuition at 3x the rate of inflation!!! Then, these kids come out and can't even find a job. Check out colleges that won't accept financial aide; their tuition is 1/3 or less than other universities!

@bigchevs1 2 месяца назад

Like others here, I went to community college then a bachelors degree at a university in something practical - civil engineering. My high school grades were pathetic, I worked two full time jobs for several years then college. I kept on full time job and worked a part time job the entire time I was in school. Graduated with no debt and mostly A's. I had no life during this time and very little sleep. Looking back at it, that time really helped me to understand responsibility and matured me. I am now a manager making six figures. I think kids who go to school without a least a little struggle will not perform very well in life. Just my opinion.

@scifirealism5943 2 месяца назад

That is the Fallacy of relative privation. Nobody should have had to experience deprivation and hardship of that magnitude to obtain a degree

@njpme 2 месяца назад

@@scifirealism5943life isn't easy

@Hunter96187 2 месяца назад

Lmao dude owed $120,000 and acting like he didn’t chose to go to an out of state college.

@HondaTiger56 2 месяца назад

Right? I somewhat get the argument for relieving public university debt. But why private school debt? Private high schools are not funded by tax payers so private universities shouldn’t be either..

@Hunter96187 2 месяца назад

@@HondaTiger56 exactly I’m not saying that either I just think they don’t need to forgive all these debts and pay the schools. The schools have failed these kids, there in no reason some of these majors/ schools should be accredited. Doctors/nurses/teachers/engineers/ any essential trade school/ should be free for qualifying applicants, but to forgive everyone’s debt is atrocious. I’m glad this man and his classmates had their loans forgiven because that’s what their alumni should do, just think a lot of young adults think they should have the best of everything and not pay a dime back. I’m 26 with 6 figure job, I didn’t go to college , I found my niche in business and went from there. Going to an out of state college is like a 4- year vacation why should we as tax payers pay for that?

@vincem2759 2 месяца назад

I went to an instate school. Had I not got grants I would have 80K in debt. this is with In state, living off campus AND working.

@Hunter96187 2 месяца назад

@@vincem2759 what school please share public or private?

@vincem2759 2 месяца назад

@@Hunter96187 East Carolina University. in North Carolina. It's public

@tarawhite4419 2 месяца назад

I'm so glad I'm NEVER going back to college EVER again

@pwstroud 2 месяца назад

another debt trap. With Blackstone an college tuition what an american dream. Homes will be full of combined families. Really scary times

@Monika-mh2je 2 месяца назад

Greed the facts too, 30 years ago college was affordable and had less administrative jobs ,nowadays assistant has assistants. Sadly someone has to pay all those college graduates. If everyone goes to college what will happen with " regular jobs" ??

@user-yj2ty8qt7g 2 месяца назад

Everyone forgets about the people that fall in between the gap; the 2 working class parents with 3 children who can't afford to put us all through college. I went to the cheapest state school closest to home, worked 2 jobs all 4 years, and still graduated with more than $50K only to graduate and get a job that required my degree in healthcare at $13-17 an hour...I make a lot more money now but the issue is the *interest*; I was paying $1000-2000 a month to them while the COVID pause happened and now the interest is racking up more than the monthly payment required. *People also forget the loans are in my parents names so I cannot apply for healthcare reimbursement programs and the loans were based off their income *not mine*. So I become a victim to high interest loans even though I make a great salary to pay them off quickly - I simply cannot get ahead.

@EbenezerNimh 2 месяца назад

"Where the business of human capital and human capital is expensive" lady these young people are human beings not cattle at an auction. "RIDICULOUS "

@At_the_Garden 2 месяца назад

How do these smart people not know what debt they are going to have and what their earning opportunities will be before going to college, it is all available.

@ErmirDedja-xj8ql 2 месяца назад

I look forward to seeing you become the best trader of 2023.

@viethuynh6808 2 месяца назад

Bankruptcy is a solution to your credit card debt, student loans are not dischargable in bankruptcy

@Lovelyinspo 2 месяца назад

Yes it is. It is now

@spacewalker9375 2 месяца назад

I thought HBCU were supposed to be affordable. (At least the ones in my backyard are) how come that first guy has such a high estimate on his cost saved

@nikilori2488 2 месяца назад

Exactly!!

@averyl6 2 месяца назад

I believe you're referring to the guy who was from out-of-state, out-of-state tuition is insanely high nation-wide.

@foreverfly3113 2 месяца назад

Who told you HBCUs were affordable? 🤔

@derrickpatrick1206 2 месяца назад

Thanks Mr. Robert Smith and Morehouse graduates with paying it forward.

@Tamar-sz8ox 2 месяца назад

If you majored in things like nursing or physical therapy , 30 grand in debt is not so bad . Other people = forget about it

@DavidMiller-kf1ss 2 месяца назад

Thanks!❤

@HawaiianTyphoonStudioZ Месяц назад

I work part time and go to college part time for over 2 and a half years now and I'm debt free whike growing a small amount of savings.

@dontmindme7569 2 месяца назад

It boggles me how europe has very low college costs and they're doing well economically and socially meanwhile us Americans have this.

@diocletian607 Месяц назад

7% = Life Debt. Not meant to be paid off. Geared to accrue capitalized interest, forever.

@meggrotte4760 2 месяца назад

I've been paying mine for a long time I have two more years to go

@EbenezerNimh 2 месяца назад

I paid off my student loan years ago took me almost 5- years to pay it off but I did. Your gonna make it my friend just stay the course.

@gregreiman9718 2 месяца назад

How about the colleges cut unnecessary spending too

@LinhNguyen-uw8ir 2 месяца назад

Shouldn't be in college when they are not too smart for college. Do not go to college if it is not free!

@ArabellaPottery 2 месяца назад

Most will be in credit card debt. Don't know how this "I have to have it" Mentality came about. It use to be save until you can buy it.

@bernicebarnett401 2 месяца назад

Wonderful!!!

@Brittanicus183 2 месяца назад

Go to junior college for 4, 5 or 6 years, get your bachelor's degree and then face the worst job market in U.S. history. What's the difference - except that you will owe under $15,000. As for pre-med and pre-law - forget it - med schools and law schools reject 95% of all applicants.

@annai157 2 месяца назад

I propose a new federal student loan relief program. Add a line to the 1040 tax form which asks, "How much additional tax would you like to pay this year to relieve those with student loan debt?" Each taxpayer can then decide how much he or she *really* believes in this cause, and can give accordingly.

@natebanks740 2 месяца назад

They should be focused on the price because that long term investment won’t payoff until you’re like 30. Assuming you get a job that pays well after graduating. Instead of focusing on cancelling debt they should focus on making college more affordable. Moral of the story go to community college before uni or do a 2 year program in high school.

@GHO5tMod3 2 месяца назад

It’s the interest it’s worse than paying off a car loan literally if the interest rate didn’t suck for most people it would be easier to pay it off

@kaistockman6443 2 месяца назад

I was paying mine for 20 years and they were finally forgiven. I should have been super happy, excited and I was sort of except at exactly the same time I got the same amount of debt in medical bills that my insurance was supposed to pay, but didn’t so it wasn’t as happy as it should’ve been. But at least I don’t have both. Only in the US. 😑

@kaistockman6443 2 месяца назад

Although my mom paid off her student loans way way way way way before I did because back then college was more affordable and she got half her loans forgiven for teaching but she also got medical debt that was supposed to be paid by her insurance and wasn’t and it was even more than mine is by a lot so she also never was really able to save or buy a home. So we need more affordable college, but we also need universal healthcare.

@41yearoldnewdriver 2 месяца назад

I am a university graduate. I am 43 years old.

@limepiper3650 2 месяца назад

Amazing 👏

@idontgiveoutname3122 2 месяца назад

While i dont mind the federal government helping theough loans, perhaps the loans should be able to be discharged through bankruptcy but only after 10 years of paying. However, then the debt gets shifted to the institution for repayment so the attended school is now responsible with the student no longer on the hook. This would have the institution having to share in the risk burden and ownership of the debt to ensure that the degrees offered actually have a return on investment.

@marcocardenas1639 2 месяца назад

34 millions. Thats crazy

@ErikBoeryd 2 месяца назад

By not going!

@bencebatyi7289 2 месяца назад

Life is good graduating college with $0 debt 😎

@jasonvoss6559 2 месяца назад

I owe $178,000 my school went out of business where is my Robert f Smith 11 years later my life has gotten worse then when I went to college

@spacewalker9375 2 месяца назад

Btw you may qualify for Biden’s forgiveness

@njpme 2 месяца назад

Why was it $178k in the first place?

@shaunmc013 2 месяца назад

Debt is inevitable - I graduated to a car loan, PG&E bills and rent lol 😂 couldn’t get scholarships or financial aid for that. Every day I tell myself thank God, I didn’t have to take out a student loan..

@user-wp5qo6qg7q 2 месяца назад

Better to get a certification nowadays.

@Angel-810 2 месяца назад

Now the Morehouse class can start that home buying early and start that generational wealth

@user-dy2ps2zb6v 2 месяца назад

I see the agenda, forgive all the student loan.

@chrisjohnson7255 2 месяца назад

We have a house, a dog, two new cars (one completely paid off), fully funded IRAs, full 401k contributions, six month emergency fund, trip to Germany and money to go out to eat twice a week. I’m not gloating , you asked , my friends don’t have this luxury and it makes me sad and feel entitled.

@hrobbins Месяц назад

Morehouse alum here. thanks to Biden fixing the public loan forgiveness program I was finally able to have $103k of student loans forgiven. To finally have such a weight lifted off is indescribable.