What the student loan payment restart means for the economy

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Tens of millions of Americans are expected to resume paying student loans after a three-year pandemic-era pause. CBS News correspondent Carter Evans has more. Plus, Politico education reporter Michael Stratford explains how the Biden administration is attempting to ease the burden for borrowers.
#news #studentloans #economy
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Опубликовано:

15 авг 2024

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Комментарии : 155

@Pilotpaulie 10 месяцев назад

We paid ours. You pay yours. You’re NOT special.

@christinastaggs5882 10 месяцев назад

Give us back OUR social security a lot of the ones who’ve PAID their loans are currently using up.

@katiejon17 10 месяцев назад

@@christinastaggs5882 I’m 44 and have punched a time sheet since I was 14. I’ve paid into social security, and I paid off my student loans. Guess what? You will not win this.

@stockpile2137 10 месяцев назад

Makes $80k/year and struggles to pay off $28k in student loans. This is the perfect example of schools not teaching financial literacy.

@danavelez5615 10 месяцев назад

Boo hoo...you will have to cut back on vacations and eating out. Life is rough. Pay up!

@mrmustangman 10 месяцев назад

i tried to tell you people biden was going to lie to you but you wouldn't listen.!!!!

@Chopsuey087 10 месяцев назад

He wouldn't be making 80k if he didn't go to college. He can pay his loans back.

@Anthony-wm5of 10 месяцев назад

Berkeley ain't cheap!😊

@GenK1991 10 месяцев назад

He needs to get out of his own financial hole before he starts thinking about taking care of his parents, especially if he’s claiming that on 80k / year he can’t pay off a 28k student loan. I had 25k in student loans making 45k and paid it off.

@primezeroth 10 месяцев назад

Looks like hes in california. Plus with inflation of the last 3 years, 80k is nothing

@luisrpachecojr 10 месяцев назад

He can claim them as defendants if they live with him?

@autobotdiva9268 10 месяцев назад

Was your eggs .99 cent vs now $12.99? Asking for a friend

@diegolara4202 10 месяцев назад

@@autobotdiva9268 Last time I saw eggs were on longer 12.99. You can get a 18 pack of eggs for less than $2 in walmart. Stop lying. I'm as conservative as they come but I will keep it real instead of exaggerating numbers only to make a point.

@katiejon17 10 месяцев назад

We are a family of four living on only my husbands teaching salary. In 2021 we finally paid off over $100k in student loans on (at the time) a max salary of around $55k/year gross. It took us six and a half years of working the Dave Ramsey debt snowball... but we did it ourselves. Now we have decided to keep going and are on schedule (God willing) to pay off our mortgage in three more years (10 years early). People *choose* to be victims (of their own choices), and they *choose* to make excuses instead of acting like a grown adult. Let them live with the consequences of their *choices*

@LatexFreeLiving 6 месяцев назад

Should of paid them off when you had no interest for 3 years on the loans

@SamA-ho8uj 10 месяцев назад

Means adults need to be responsible for their life choices. And the media needs to stop showing losers stories

@cruzcrstar 10 месяцев назад

Means your outtta touch with the world

@djm2189 10 месяцев назад

Agree. But why is it not a problem when people go bankrupt but student loans stay? How about the companies that got bailed out with our taxes but the C suite folks keep their huge bonuses and killer pay? Just super funny to me how many hated the thought of every day folks getting max 10k off their loans for an education that is basically needed nowadays, but love paying for companies, rich people, and idiots who buy actually useless things.

@catus-cactus 10 месяцев назад

My college no longer exists and it was officially closed years before the pandemic. I still have to pay smh

@katiejon17 10 месяцев назад

Yeah... lesson learned to do better research.

@stevelavella8625 8 месяцев назад

Yeah... numbers aren't adding up. This guy is most not be very good with his money

@froggore52 10 месяцев назад

He makes $80k per year yet ~$200 a month is enough to put him out of his house? Something isn't adding up here.

@katiejon17 10 месяцев назад

He spends money like everyone else his age on “little luxuries”.

@CocoaPuff01 7 месяцев назад

Exactly. Add in the other working adults in his home, and their income is well over 100k. He just doesn't want to pay his debts.

@eddiekulp1241 10 месяцев назад

80 ,000 income . He can pay

@christinastaggs5882 10 месяцев назад

Depending on where he lives that’s not necessarily true. I’m many cities 80k isn’t much.

@katiejon17 10 месяцев назад

@@christinastaggs5882 he can move. Either way - that is *his* debt. Taxpayers already pay for 13 years of free education.

@1132539 10 месяцев назад

Take out a loan and have to pay it back. What a strange concept?!

@djm2189 10 месяцев назад

@autobotdiva9268 10 месяцев назад

Strange ro keep fubding ukraine from citizens tax dollars without asking them

@DoodleThis 9 месяцев назад

Ppl always seem to forget the BS certain banks do to ppl like selling their loans off to sharks who then increase the interest and add tons of fees making it seem near impossible to pay off.

@emilionarvaez1415 8 месяцев назад

Thank God for student loans. I have a completely different outcome in my life cause of the ability to borrow. Upper middle class now, beautiful life. I am more than willing to pay back what I promised.

@casienwhey 9 месяцев назад

My heart breaks for them, having to cut back on vacations and restaurants. It's simply tragic to do that to a person.

@adamsilva9129 9 месяцев назад

lol🤣

@user-fn9cs4dv8r 10 месяцев назад

this is will be good for economy, we are fighting inflation. people will buy less, therefore helping to bring inflation down.

@BecauseBroward 10 месяцев назад

I know a couple people who REFUSE TO take responsibility and even BEGIN TO to pay back those LOANS.

@Pilotpaulie 10 месяцев назад

Hope their credit reflects this.

@faerierosepress4133 10 месяцев назад

@@Pilotpaulieit won’t reflect on the credit reports for at least a year from now.

@williamshaw5388 10 месяцев назад

I hope no one pays them back.

@sublimetrance 10 месяцев назад

Until the economy improves, many of us simply do not make enough income to pay them back.

@Pilotpaulie 10 месяцев назад

@@sublimetrance I remember that feeling. I got a second job.

@mlecarre2057 10 месяцев назад

Taxpayers should not be in the business of lending 19 year olds money…

@deftuncut 10 месяцев назад

I see this argument but we also need to invest in our future. Unfortunately it’s not cheap

@rickysampson8759 10 месяцев назад

@@deftuncutdoctors and lawyers are literally spewing over our borders. We have plenty of future

@johng1738 10 месяцев назад

Should be free. Our economy would be stronger if the young didn’t need debt to get a stable, no physical career.

@rickysampson8759 10 месяцев назад

@@johng1738 how would it be stronger? All the big tech ceos are college dropouts. If you want a nonphysical job then you need to give each physical workers 400k the very moment they enter the workforce fair is fair isn’t it. Oh that’s right you hate the working class

@RM-jb2bv 10 месяцев назад

@@johng1738what a Sikh thing to say. Nothing is free. You think goods and services grow on trees? Seriously. Why would you even think it should be free? What sense does that make? What about food l? Tires? Computers? Coats? Cars? Houses? Should that all be “free” too?

@gitchygitchyyaya 10 месяцев назад

No vacations or a second home? 😢

@marybowers6090 10 месяцев назад

Well the first guy may be living in an area he can’t afford, also a community college or in state university is easily paid off every semester while working a couple of jobs. These students with high student loan debt went to school that they could not afford, meaning it was out of their budget. That is making poor financial choices. That is no one’s fault but their own. You don’t buy a Bentley if ur flipping burgers . That’s called life 101. Currently you can go to community college for 5 k a year and in state college university from 12-15 k. I earned two degrees and paid my bill each semester working 3 jobs. Had absolutely no help, no grants or loans. Walked out with two degrees and no debt. I also managed to split rent and utilizes since I was 19 while doing this . Oh and my wage 2.25 plus tips , my rent 550.00 for a 1 bedroom, not including utilities. Also had a car and insurance. Everything is relevant. It wasn’t any cheaper than it is now because we were making Pennie’s compared to what kids make now. My 15 year old made 8k working in the summer, so these college kids are mismanaging their money and want taxpayers to bail them out

@louismatassa8489 5 месяцев назад

Student loan forgiveness? What's next credit card forgiveness car loan forgiveness mortgage loan forgiveness pay you're own bills 💸💵

@robertmargadona8969 10 месяцев назад

Let's get this straight everyone...right now they are training AI for free(AI isn't independent enough to take on debt) to use and save companies money on labor costs while leaving us real people who helped them in the first place, out in the "who cares about you" zone. When the internet came we were scared about our data being sold off and our privacy being intrude. Not only did our information find it's way to businesses but we have massive amounts of spam callers, business ID's that follow us around forever giving hints to companies about our interests and how to get the most out of us no matter if it's good for us or not. And now deja vu with AI. Same people, basically the same lie, plus people have lower trust and interest in people because of burnout. People everywhere just want to be happy but instead....dread.

@rsimmons1980 10 месяцев назад

This guy makes $80,000, but has $30,000 in debt. He should be able to pay that off easily in 3 years at most!

@fakename2956 10 месяцев назад

He has other family members to support

@crecasens 10 месяцев назад

Exactly Lee completely missed the fact that he has a whole family of people who did not attend college that he is trying to support. And I really wish people would stop counting $80,000 in an outlay, New York, or San Francisco like it was $80,000 in San Antonio Texas. That $80,000 is like 50,000.

@rsimmons1980 10 месяцев назад

@@crecasens The other family members shouldn't be his priority. They should get a job too. If they might be young, children do not cost that much. If the parents aren't working, they can provide daycare. $80,000 is still a lot of money and well above the median. If he had a budget or if he delivered pizzas or did Uber, he could easily pay that off in 3 years. He probably wouldn't even need a second job. I live in a high cost city and could easily pay off $30,000 making $80,000.

@pirateparker 10 месяцев назад

he gambled all his money on dodge coin!

@kesilame2590 10 месяцев назад

@@fakename2956get these other family members to do something and help.

@Goodiebar18 10 месяцев назад

Should have paid it down during the pandemic…too many people figured it would just go away…

@djm2189 10 месяцев назад

You're partly right. Problem was with inflation now. Everything is crazy expensive and rent costs are off the charts. Most are newer grads who never even had a chance to get a home ahead of time. Thus, yes loans need to be paid but will destroy many people when the rest of the economy is dog shiii.

@rickysampson8759 10 месяцев назад

@@djm2189then you should have voted for trump. Didn’t they teach you economics in that fancy school of yours

@johng1738 10 месяцев назад

@@rickysampson8759economics wise, Biden is a better choice. By a lot.

@katiejon17 10 месяцев назад

That is exactly what we did. A family of 4, living on my husband’s teacher salary. We had already been very strict with our budget for 5 years to pay off our $100k+ in student loans, we took another year and a half and threw all those stupid “stimulus” checks at them. $100k+ in debt, over 6.5 years, making a high of $55k/year gross (no welfare). People do not want to change their ridiculous spending habits. Fine - they can have “little luxuries”, but I’m going to actually *own* my own home. But I don’t want a cent of tax payer dollars going to bail these fools out.

@zack1610 9 месяцев назад

@@katiejon17Just curious how do you feel about us sending tax dollars over to Ukraine? Isn’t that wasting our money as well?

@eddiekulp1241 10 месяцев назад

Most wont or can't start paying back

@sublimetrance 10 месяцев назад

I have two science degrees. Physics and biomathematics. I haven't been able to get a decent paying job since COVID. I live in my car... A divorce last year wiped me out. I am effectively homeless. I would LOVE to pay back these loans. I simply cannot. Exploding prices and no decent job in this economy means little options except loan default. I am seriously looking at jobs overseas now!!! Look at the comments. The blame is put on people like me when the blame should be on our corrupt leaders. People that have student loans debt did NOT ruin the economy. Maybe if I was a banker people would have empathy????

@tarawhite4419 10 месяцев назад

I'm so glad I walked away from college 15 yrs ago

@ayeflippum 10 месяцев назад

*Tara White* I walked away, too, after I received my master's degree.

@pegerickson 10 месяцев назад

Why does the media try to make it abnormal to have to now pay back a student loan ????? I paid back my loan I currently work 12 hours a day I pay my mortgage I pay over $600 to Kaiser Insurance every month and car insurance. I had a car loan I paid it off. If you need more money you work more hours or you get a second job. People need to stop complaining for debt that they create. So sick of it. I can say this.... they have had 3 fricken years to save. OMG...

@lunarrobot9714 10 месяцев назад

You shouldn't need two jobs to live off of. That's the problem. Living wages are not an unreasonable aak.

@zack1610 9 месяцев назад

@@lunarrobot9714exactly isn’t the whole point of bettering yourself to have more financial freedom? These anti forgiveness people contradict themselves all the time 😂

@Shaolin91z 7 месяцев назад

Pay what you owe. Don't be a slacker

@Chandankumar-qw6hb 7 месяцев назад

Financial Capital of world new york , london Silicon vally of world California, Guangdong,

@Theartofhappytravels 9 месяцев назад

I’m sorry but I don’t have sympathy for the guy in the video. I had the same amount of debt. Paid half of it back. Now focusing on completely paying it off by next year. I make much less than 80k. You have to pay back your loans before buying a house. Don’t get me wrong, it’s great that he wants to, but you took out the loan. Now you have to pay it back.

@MrTJP777 10 месяцев назад

I'm not on earth to chase a dollar! Respect TIME, or regret the consequences of these actions... I'm sure that robberies and shootings wouldn't occur as much if we weren't consistently driven into a financial dependence.

@robtarqs4647 10 месяцев назад

lol asking a guy making 80 k you guys are not asking real people who make a lot less than that

@katiejon17 10 месяцев назад

LetKs not forget that he has extra mo ey coming in as well. Either his parents have saved for retirement, or they receive social security, or they are on welfare. But he won’t ever say that, and the media will never bring it up.

@nickboyko1017 10 месяцев назад

Boo, $28k, cry me a river. Owed $80k, $62k in private. Paid over $20k. Life goes on. Deny yourself something you want to pay it.

@mlecarre2057 10 месяцев назад

1.7 trillion dollars of student debt outstanding.The federal government is on the hook for a majority of that number.Taxpayers should not be loaning 19 year olds money….

@sublimetrance 10 месяцев назад

Going forward, who are you going to train for the technology sector? Who is going to be your next generation of engineers? Software developers? Nurses? Etc? People voted in politicians that shipped all of our manufacturing overseas... Now people are taking exception to people getting loans for education??? And people increasingly wonder why we are looking like a third world country... You did it to yourselves America and you CONTINUE doing it to yourselves.

@electrodynamicorb6548 10 месяцев назад

We shouldn’t be printing fake fiat currency but beggars can’t be choosers.

@sublimetrance 10 месяцев назад

I have two science degrees. Physics and biomathematics. I haven't been able to get a decent paying job since COVID. And now AI makes matters worse... I live in my car... A divorce last year wiped me out. I am effectively homeless. I would LOVE to pay back these loans. I simply cannot. Exploding prices and no decent job in this economy means little options except loan default. I am seriously looking at jobs overseas now!!! Look at the comments. The blame is put on people like me when the blame should be on our corrupt leaders. People that have student loans debt did NOT ruin the economy. Maybe if I was a banker people would have empathy????

@zack1610 9 месяцев назад

It’s ridiculous. These people complain about the government helping fellow Americans but don’t bat an eye with our government sending money overseas. It makes no sense

@Shaolin91z 7 месяцев назад

Thanks Lord for your salvation 🤘

@Shaolin91z 7 месяцев назад

So glad I only owe $400. Credit card debt. That's it😂

@marybowers6090 10 месяцев назад

Loan services are burdened? We’ll hire more people, he didn’t blink in eye to hire thousands of IRS agents

@x-men69-96 10 месяцев назад

You borrow it. You pay it. Stop complaining.

@crecasens 10 месяцев назад

Again, I want you to have that same rigor with all of the wealthy politicians that borrowed money during the pandemic, and had all of those loans forgiven! There’s always empathy for the wealthy, but not for the middle class. Something very backwards about that!

@cruzcrstar 10 месяцев назад

Right 😂 when did the banks pay back the Wall Street crash 08? Did I misss that year?

@djm2189 10 месяцев назад

@midnightcaptain8344 10 месяцев назад

@@crecasensthe middle class are the ones that they want to pay for engineer and doctor’s degrees… 2 wrongs don’t make it right. They have to pay their own bills.

@crecasens 10 месяцев назад

@@midnightcaptain8344 - the middle class is the ones they want to pay for everything if you are rich, you don’t need student loans. If you are poor, you can get grants. But if you’re middle- or lower middle class, you’re stuck with loans! 🤣 in addition, every other western country has free education, because they actually want their populations to be intelligent. In the US it’s all about keeping you dumb so you can be manipulated.

@Krranski 10 месяцев назад

This is bigger than is being it's made out to be here. It's going to be a huge burden on a ton of people and a reduction in local spending. It hurts everyone except for the already wealthy.

@sublimetrance 10 месяцев назад

I have two degrees. One in physics and the other in biomath. I have been unable to get a job in the tech sector since COVID... The only jobs I have been able to get have been low paying no skilled jobs. I currently live in my car. I cannot afford rent. Barely able to afford food. A nasty divorce wiped me out last year. My student loans will be $400 a month. I simply cannot afford it. They have jacked up the economy. Now AI is taking jobs. I got a passport last month as job prospects are looking better overseas. Especially in Asia. I started learning Mandarin 4 months ago. What have we come to when you have better prospects of economic prosperity OUTSIDE of the USA?????

@Krranski 10 месяцев назад

@@sublimetrance Same, brother. I have considered working abroad as well and just not paying the loans back. Skills like yours and mine (atmo science BS & MS, math minor) are seemingly more valuable other places these days, where people want to explore and create, and without such extreme pressure on immediate return. We're being pushed out. I could go on, but I am sure I have nothing new to say.

@johng1738 10 месяцев назад

Pretty much, that being said it’s another tool against a recession.if we can make payments and not fall to a recession, then it becomes another tool that can be used to boost demand.

@katiejon17 10 месяцев назад

None of these people are reducing their spending. That’s the problem. If they did reduce their spending, they’d be able to pay off their debt. They don’t.

@katiejon17 10 месяцев назад

@@sublimetrance Bye! The US doesn’t need anymore self-made victims.

@jamesvincent414 10 месяцев назад

Everyone is a victim when there to lazy to think and work. I’m a victim of working and paying taxes for every dirt bag that expects free college through loan forgiveness. This world isn’t easy….so either swim or drown. I figured it out without college and it starts with dedication…followed by mistakes…. Learning from your mistakes… and never giving up.

@CocoaPuff01 7 месяцев назад

You struggled so everyone else should too 😅 you're miserable

@jamesvincent414 7 месяцев назад

@@CocoaPuff01 I’m miserable because I’ve been working for the last 35 years and Bidenomics is making me pay thousands of dollars more every year for the same things. I’ve had a hard time encouraging people to vote for Trump, but people need to learn from their mistakes and I need to suffer along with them because of that choice. Either way I’m pretty close to retiring and I’ve made great choices with my investments and wish I wouldn’t be judged by others by the nice things I have because they weren’t given to me by Uncle Sam , I had to work hard to achieve them.

@Rob-xv6bx 10 месяцев назад

So where does the forgiven debt go ? Who is held liable ? It's a loan!

@midnightcaptain8344 10 месяцев назад

Oh no! Less vacations, impulsive spending and Starbucks? How ever are they going to survive?? 😂

@mrmustangman 10 месяцев назад

it will take him OVER 30 YEARS to pay that back....

@thomasauslander3757 10 месяцев назад

Free government money

@datthebigboss4532 10 месяцев назад

Nothing. There I saved you time

@USERNAMEUA 10 месяцев назад

Yea I’m a college student and just got Covid and now y’all want me to start paying again smh how convenient

@marklewen9384 10 месяцев назад

Yes, PAY YOUR DEBTS..

@hught6885 10 месяцев назад

It’s called being an adult and accepting accountability!! Don’t borrow someone else’s money, regardless if it’s a lender or a friend, to spend on college/living expenses etc and sign a promissory note to pay them back once you graduate from college. The lender honored his end and loaned you the money for years and years!! Accept accountability!! Stop with the pity and “I’m too stupid” story!!! If you are smart enough to go/graduate from college…and you should be smart enough to Be Responsible and Accept Accountability!!

@lyraserpentine894 10 месяцев назад

Yes, why don't the corporations that took the PPP money pay back that debt to the American people? Oh, the govt forgave that debt? But not student loans. Cool. Millennials will have political power by the end of this decade and we'll forgive all student debt then. So, we'll pay for now.@@marklewen9384

@marklewen9384 10 месяцев назад

@@lyraserpentine894 yes, dont pay your debts FREELOADER. What a quality person you must be. WAH WAH WAH....i entered a mutual contract, knew the terms, AND NOW THE OTHER PARTY WANTS ME TO HONOR MY END OF THE DEAL!!# How dare they ?? ?

@djm2189 10 месяцев назад

@@hught6885Agree. But why is it not a problem when people go bankrupt but student loans stay? How about the companies that got bailed out with our taxes but the C suite folks keep their huge bonuses and killer pay? Just super funny to me how many hated the thought of every day folks getting max 10k off their loans for an education that is basically needed nowadays, but love paying for companies, rich people, and idiots who buy actually useless things.

@Lp78Ch 10 месяцев назад

Your Harvard degree is worthless now

@crecasens 10 месяцев назад

If they went to Harvard, I’m sure they’re making decent money and can pay their student loans. Unless they are the legacy students who come from wealthy families and so they don’t have any student loans.