Student Loans: Last Week Tonight with John Oliver (HBO)

LastWeekTonight
21 Mar 202430:02

Summary

TLDRThe video script discusses the overwhelming issue of student loan debt in the United States, highlighting the massive scale of the problem with over 43 million Americans欠着1.7万亿美元的债务. It touches on past and present attempts to address the crisis, including Biden's plans and the role of student loan service companies. The narrative emphasizes the impact of policy choices and the rising costs of education, culminating in the call for comprehensive debt relief and accessible, affordable higher education for all.

Takeaways

  • 🎓 Student loan debt is a massive issue in the US, with over 43 million Americans owing a total of $1.7 trillion.
  • 🍔 Fast-food chains like Burger King and KFC have attempted to tackle the student debt problem with promotional campaigns.
  • 🚫 Joe Biden's plan to erase over $400 billion in student debt was struck down by the Supreme Court.
  • 📈 The cost of college education has steadily increased, making it difficult for students to avoid taking on significant debt.
  • 🏛️ States have reduced funding for public colleges and universities, leading to increased tuition and fees to cover the gap.
  • 🏢 Universities have increased spending on amenities to attract out-of-state and international students, who pay higher tuition.
  • 💸 Student loan services, which are meant to help borrowers, have been criticized for poor customer service and making the repayment process more difficult.
  • 👨‍🎓👩‍🎓 Borrowers with smaller loan amounts often struggle more with repayment, and the system is particularly hard on those who took on debt for degrees that are not traditionally high-paying.
  • 👵 Even retirees are affected by student loan debt, with some having taken out Parent PLUS loans on behalf of their children.
  • 🤝 There are programs to ease the burden of student debt, but they are often complicated and poorly administered.
  • 🎉 Despite challenges, the Biden administration has managed to forgive billions in student loan debt through various programs.

Q & A

  • What was Burger King's initiative to help with student loans?

    -Burger King had a program called 'Whopper Loans' where they offered to repay up to $500 of some people's student loans, promoting it with a video of their mascot using a flamethrower to incinerate loan documents.

  • What was the unique contest held by KFC to honor its founder?

    -KFC held a contest where they offered $11,000 in college tuition to the first baby born on September 9th named Harland, in honor of the founder Colonel Harland Sanders, whose birthday was on that date.

  • How many Americans have student loans and what is the total outstanding debt?

    -Over 43 million Americans have student loans, which is about 133% of the US population, with a total outstanding debt of $1.7 trillion.

  • What was the initial purpose of the GI Bill and how did it evolve over time?

    -The GI Bill was initially introduced to provide federal money for higher education, particularly for veterans. Over time, lawmakers expanded federal funding for education, leading to the creation of various loan programs for students in different fields of study.

  • What policy changes contributed to the rising cost of college education?

    -After the 2008 financial crisis, states began slashing funding for public colleges and universities, leading to significant increases in tuition and fees to cover the funding gap. This dynamic, along with universities competing for out-of-state and international students, contributed to the steady rise in the cost of college education.

  • How has the existence of the student loan industry affected tuition costs?

    -The existence of the student loan industry has contributed to a vicious cycle of rising tuition costs and higher debt loads. Universities have been able to charge higher tuition fees, knowing students can take on more debt to cover these costs.

  • What is the impact of student debt on individuals' personal and financial decisions?

    -Student debt can make it difficult for individuals to plan for their future, affecting decisions such as buying a home, starting a family, or pursuing certain careers. It can also lead to long-term financial strain and stress.

  • What are some criticisms of the student loan forgiveness program?

    -Critics argue that student loan forgiveness unfairly benefits those who took on debt for degrees that may not lead to high-paying jobs, and that it shifts the financial burden onto taxpayers. They also question why student loans should be forgiven when other types of debt, like car loans or home loans, are not.

  • What issues have been reported with student loan service companies?

    -Student loan service companies have been criticized for providing bad information, mishandling payments, and making the process of navigating the system more difficult. Some have been reported to steer borrowers into forbearance, which can lead to higher overall debt, rather than helping them enroll in income-driven repayment plans or public service loan forgiveness programs.

  • What actions has the Biden administration taken to address student loan debt?

    -The Biden administration has forgiven nearly $12 billion of debt for borrowers with disabilities and over $56 billion for nearly 800,000 borrowers through adjustments to existing programs. They have also implemented the REPAYE plan, a retooled version of income-driven repayment, which has the potential to wipe clean debts for many borrowers after 10 years of payments.

  • What broader issues need to be addressed to tackle the student debt crisis?

    -In addition to addressing the existing student debt, there is a need to tackle the high cost of college education. Proposals include making college tuition-free and holding colleges accountable for a portion of the debt when students default on their loans.

Outlines

00:00

🎓 The Student Loan Crisis

This paragraph discusses the massive issue of student loan debt in the United States, highlighting the staggering numbers of Americans affected and the total debt. It mentions the government's failed attempts to address the issue, including President Biden's plan that was struck down by the Supreme Court. The paragraph also touches on the personal struggle of one individual with a significant student loan balance and the broader implications of this debt on society.

05:02

🚀 The Origins of Federal Student Aid

This paragraph delves into the history of federal student loan programs, starting with the GI Bill and moving through various expansions under different administrations. It discusses the evolution of these programs, from targeted loans for STEM fields to broader availability regardless of study area, and the introduction of income-based repayment and national service options. The paragraph also points out the unintended consequences of these policies, which have contributed to the ballooning of student debt.

10:04

📚 Rising Tuition and the Role of Public Funding Cuts

The paragraph examines the factors contributing to the rising cost of education, particularly the cuts in public funding for colleges and universities following the 2008 financial crisis. It describes how these cuts led to increased tuition fees to cover the gap, and how universities responded by attracting out-of-state and international students with expensive amenities. The paragraph also criticizes the privatization of public higher education and the impact of these trends on student debt levels.

15:05

🤔 The Burden of Student Loans

This paragraph explores the personal impact of student loan debt on individuals, including the difficulty of understanding the financial commitment at a young age and the long-term consequences on life decisions such as starting a family. It highlights the barrier student loans can create for career opportunities and the challenges faced by those in lower-income jobs who are disproportionately affected by the debt burden.

20:07

👨‍🎓 Misconceptions and the Realities of Student Debt

The paragraph addresses common misconceptions about student loan borrowers, clarifying that those with the highest debt are often not the 'rich kids' but individuals who pursued higher education in fields that are essential but not traditionally high-paying. It also discusses the Parent PLUS program and its impact on older Americans, who take on debt on behalf of their children, sometimes leading to retirees carrying significant student loan burdens.

25:08

🤝 Efforts to Ease the Student Debt Burden

This paragraph outlines the efforts made by the Biden administration to provide relief for student loan borrowers, despite the challenges faced in Congress. It details the successful forgiveness of billions in debt for borrowers with disabilities and those in public service, as well as the introduction of the REPAYE plan, which offers potential relief for many others. The paragraph emphasizes the historic nature of these actions and the ongoing need for comprehensive solutions to the student debt crisis.

Mindmap

Keywords

💡Student Loans

Student loans are financial instruments provided to students to help cover the costs of higher education. In the video, it is highlighted as a significant issue in the United States, with many Americans struggling with the burden of repaying their loans. The narrative discusses the massive scale of student debt and its impact on individuals' financial futures, as well as policy decisions that have contributed to the problem.

💡Debt Forgiveness

Debt forgiveness refers to the process of being relieved from the responsibility of repaying a debt. In the context of the video, it discusses the political and societal debate surrounding the forgiveness of student loans, with some advocating for widespread relief as a means to address the student debt crisis. The concept is tied to broader discussions about economic fairness and the social contract between citizens and their government.

💡Income-Driven Repayment

Income-driven repayment plans are a type of student loan repayment option that ties monthly payments to a borrower's income and financial situation. These plans are designed to make loan repayment more manageable for those with lower incomes. The video discusses the complexity and challenges of navigating these plans, which are administered by student loan servicers and can lead to issues with loan forgiveness and long-term debt management.

💡Public Service Loan Forgiveness

Public Service Loan Forgiveness (PSLF) is a federal program that forgives the remaining balance on student loans after a borrower has made 120 qualifying payments while working full-time for a qualifying public service employer. The video highlights the difficulties and bureaucratic hurdles in accessing this program, which is intended to encourage public service by reducing the burden of student loan debt.

💡Parent PLUS Loans

Parent PLUS Loans are federal loans that allow parents of dependent undergraduate students to borrow money to help pay for their child's college education. These loans are characterized by having no income requirements and no limit on borrowing, which can lead to retirees facing significant student debt on behalf of their children. The video discusses the risks associated with these loans and the long-term financial implications for families.

💡Student Loan Servicers

Student loan servicers are companies that manage student loans on behalf of the government. They are responsible for helping borrowers navigate repayment options, income-driven repayment plans, and loan forgiveness programs. The video criticizes these servicers for their inefficiency, poor customer service, and for sometimes making the process more difficult for borrowers, which can hinder access to relief programs.

💡Tuition Costs

Tuition costs refer to the fees charged by educational institutions for instruction. The video discusses how the steady rise in tuition costs has contributed to the student debt crisis, as more students need to take out loans to afford higher education. It also touches on the impact of state funding cuts to public colleges and universities, which often leads to increased tuition for students to cover budget gaps.

💡College Affordability

College affordability refers to the feasibility of covering the costs associated with higher education without incurring prohibitive debt or financial strain. The video argues that college should be affordable for everyone, regardless of their field of study, and discusses the need for societal and policy changes to address the high costs of college education in the United States.

💡Economic Barriers to Entry

Economic barriers to entry are financial obstacles that prevent individuals from accessing certain opportunities, such as specific jobs or education. In the video, the concept is applied to the increasing requirement of a college degree for many jobs, even when the degree may not be necessary for the job's tasks. This creates a cycle where individuals must take on debt to obtain a degree, which then becomes a barrier to other life decisions, like starting a family.

💡Financial Future

Financial future refers to an individual's economic prospects and stability over time. The video emphasizes the impact of student loan debt on the financial future of borrowers, often trapping them in long-term debt that affects their ability to plan for major life events, such as having children or purchasing a home. The weight of this debt can influence career choices, family decisions, and overall financial well-being.

Highlights

Student debt is a massive issue in the United States, with over 43 million Americans having student loans, totaling $1.7 trillion in debt.

Burger King and KFC have both run promotions offering to repay student loans as a marketing strategy.

The current student loan system can feel overwhelming, with some individuals paying for over a decade and still owing a significant amount.

President Joe Biden's plan to wipe out over $400 billion in student debt was struck down by the Supreme Court.

The Federal Loan program has expanded significantly since its inception, contributing to the current student debt crisis.

States have reduced funding for public colleges and universities, leading to increased tuition and fees to cover the gap.

Universities have increased spending on amenities to attract out-of-state and international students, who pay higher tuition rates.

Student loan services, which are meant to help borrowers, have been criticized for poor customer service and making the repayment process more difficult.

Some government programs aimed at easing student debt are complicated and poorly administered, leading to high denial rates for loan forgiveness.

Parent PLUS loans allow parents to take on debt on behalf of their children, leading to some retirees being burdened with student loans.

Student loans are difficult to discharge through bankruptcy, making them particularly burdensome for borrowers.

The current system creates barriers to entry for many jobs, requiring a college degree even for positions that could be performed without one.

Borrowers with smaller loan amounts often struggle more with repayment, and may not have completed their degrees.

The cost of college in the United States is a central issue that needs to be addressed to prevent further accumulation of student debt.

President Biden has managed to forgive nearly $12 billion of debt for borrowers with disabilities and made adjustments to Public Service Loan Forgiveness.

The new SAVE plan lowers eligibility requirements and could wipe out debts after 10 years of payments for those who borrowed less than $122,000.

Biden's administration has relieved $138 billion in student loans for 3.9 million people, more than any previous president.

There are proposals to address the high cost of college, including making tuition free or holding colleges accountable for student debt when students default.

Student debt disproportionately affects black borrowers, who are more likely to take out loans and carry larger average debt.

Transcripts

00:04

our main story tonight concerns student

00:06

loans the biggest thing you leave

00:08

college with besides a diploma and a

00:09

drinking problem student debt is such a

00:12

massive issue in this country that a few

00:14

years ago Burger King had a program

00:16

dubbed Whopper loans where lucky people

00:18

could get up to $500 of their loans

00:20

repaid which they promoted with video of

00:22

their mascot incinerating loans with a

00:24

flamethrower and just the year before

00:27

KFC did this if you name your baby

00:30

Harland you could win $11,000 in college

00:32

tuition all part of a contest by KFC to

00:36

honor its founder Colonel Harland

00:37

Sanders the chain will give the prize to

00:39

the first baby born on September 9th

00:41

named Harland September 9th was the

00:43

Colonel's birthday in the $1,000 is a

00:46

nod to his chickens 11 herbs and

00:49

spices okay first that laugh is

00:52

delightful but also someone actually did

00:55

that they named their baby Harland for

00:58

$11,000 in college tuition money which

01:00

is dark but to be fair harland's not the

01:03

worst baby name the worst name would be

01:05

Derek think about it you saw a baby with

01:08

cheeks like clouds and an innocence

01:10

unparalleled and you thought that's

01:12

Derek that's my little second string

01:14

lacrosse player I can't wait to hold

01:16

that junior sales associate in my arms

01:19

but as wild as those offers are you can

01:21

see the appeal currently over 43 million

01:24

Americans have student loans that's

01:26

about 133% of the US population for a

01:29

total outstand standing debt of $1.7

01:32

trillion that's higher than the GDP of

01:35

Australia one of the countries you

01:37

know sometimes to illustrate a point I

01:41

have to use a country like Estonia and

01:43

you have to infer from my tone whether

01:44

that means a number is big or not but

01:46

now because I've successfully

01:47

traumatized you over the years you're

01:49

probably wondering is that really

01:51

Estonian I don't know you tell me maybe

01:54

you should have paid more attention to

01:55

that school that you paid so much

01:56

money

01:58

for and for many struggling to pay their

02:00

student loans the debt can feel

02:02

overwhelming I started with 80,000 I

02:05

have been paying for 10 years the grand

02:08

total is I have paid

02:12

$120,000 and I still owe

02:16

$76 how the is this possible that

02:22

is the appropriate response no one

02:24

should be working for 10 years only to

02:26

end up worse off than when they started

02:28

I mean physically worse sure that's a

02:30

given it's completely understandable but

02:32

not financially now you might remember

02:34

Joe Biden campaigned on tackling student

02:36

debt but his most ambitious plan to wipe

02:38

out over $400 billion of it was struck

02:41

down by the Supreme Court last summer

02:43

another Banger decision from the gavl

02:45

gang who are really playing the hits

02:47

these days honestly you guys should

02:49

probably take this show on the road and

02:50

if you do I've actually got the perfect

02:52

Tor buus for another 48 Hours it can be

02:56

yours well one of yours if the rest of

02:59

you get invited in is kind of up to him

03:01

and for many on the right the Court's

03:03

decision was a good thing because all

03:05

along the very idea of student loans

03:07

getting forgiven had made them Furious

03:10

he may pull the trigger tomorrow on even

03:12

more student loan forgiveness for

03:15

pointless useless baloney liberal arts

03:17

degrees like the cultural significance

03:19

of soap operas why stop it student loans

03:22

why not pay off people's car loans their

03:24

home loans their loans to get a tattoo

03:27

why should I have to pay for my

03:28

neighbors's dumb daughter who went to I

03:31

don't know grad school for anthropology

03:34

who just backed her car into my car and

03:36

didn't leave a note uh-uh I'm not paying

03:38

for that wow what a bunch of weird

03:43

madeup followed by one thing

03:44

that definitely did happen I'll be

03:47

honest I've never considered how that

03:49

cufflink of a man has neighbors he lives

03:51

in a community among people have to see

03:53

him on the street and at the store and

03:55

yet he thinks someone hit his car by

03:58

mistake and there's only one suspect

04:01

that's absurd the whole town probably

04:03

takes turns driving into his car also

04:06

for the record Jesse wter went to a

04:08

private liberal arts college in

04:10

Connecticut which really shouldn't be

04:11

surprising that is the most Connecticut

04:13

face I've ever seen season five

04:16

Rory Gilmore would have wrecked her

04:18

whole life for him but for all the scorn

04:21

heaped on people who took on student

04:23

debt it's worth noted that this number

04:24

only got so big because of a lot of

04:26

shortsighted policy choices over the

04:28

years in fact one of of the original

04:30

architects of the Federal Loan program

04:32

back in the 60s was asked a few years

04:34

ago how she thought her proposal turned

04:36

out and she said quote we unleashed a

04:39

monster so given that tonight let's look

04:42

at that monster how it got so big and

04:44

what we can do about it and let's start

04:46

with how we got here because there's two

04:49

key issues that got us into this mess

04:51

the first is the Loan program itself

04:53

Federal money for higher education

04:55

really started with the introduction of

04:56

the GI Bill for years after it lawmakers

04:59

argued unsuccessfully for more Federal

05:01

funding for education then Sputnik

05:04

happened and suddenly everyone from

05:06

Eisenhower on down decided that

05:07

scientific education was key to keeping

05:10

up with Russia Eisenhower signed the

05:12

National Defense Education Act which

05:14

created the first Loan program for

05:16

students who wanted to study math

05:18

science and engineering and over the

05:20

years one president after another

05:22

expanded the program LBJ opened up

05:25

lending to more people regardless of

05:27

their area of study Nixon launched P

05:29

grants and created Sally May and Clinton

05:32

started the process of Shifting away

05:34

from Banks issuing student loans to

05:36

having them come directly from the

05:38

government all while pushing repayment

05:40

ideas like this the Democrats ought to

05:42

be for a program that gives every

05:44

American person the chance go to college

05:47

and help for everybody who needs it and

05:49

they should pay the money back in one of

05:50

two ways either is a small percentage of

05:52

their income over a long period of time

05:55

or by giving three or four years of

05:56

their lives back to their country

05:58

through National Services teachers our

06:00

policemen our family service workers

06:03

sounds pretty good you in exchange for

06:05

an education graduates could give back

06:07

by doing two of the hardest jobs I can

06:09

imagine and one that's mostly staring at

06:11

your phone in the New York

06:12

subway under Clinton and later Bush we

06:16

actually passed versions of that

06:18

proposal pegging student loan repayment

06:20

to income or national service and some

06:22

of these tweaks genuinely had the goal

06:25

of making access to education easier but

06:27

the only thing they definitely made

06:29

easier was ensuring that anyone going to

06:31

college could now access an absolutely

06:33

massive line of credit and theoretically

06:36

that would have been manageable so long

06:38

as the price of college didn't get out

06:41

of hand but that brings us to this

06:43

second issue because up until the

06:45

pandemic which brought tuition freees

06:46

the price of an education crept up

06:49

steadily over the years it's now at the

06:51

point where the average net cost of

06:54

attendance for instate students of

06:56

public schools that is after subtracting

06:57

financial aid and grants and in cost for

07:00

things like housing food and books is

07:02

around

07:03

$20,000 per year and while a lot of

07:06

factors contributed to that rise one key

07:08

one was a dynamic that accelerated after

07:10

the 2008 financial crisis when states

07:12

began slashing funding for public

07:15

colleges and universities where the vast

07:17

majority of us students go now

07:20

understandably those declines in funding

07:22

were followed by large increases

07:24

intuition and fees to cover the Gap here

07:27

was the former head of LSU in 2016

07:29

explaining how in just a few short years

07:31

the ratio of what the government pays to

07:34

what students pay had shifted there I'd

07:37

say in 08 we were 7030 70% State 30%

07:41

student we're 8020 right now 80% student

07:44

20% State we're quietly privatizing

07:47

public higher education throughout the

07:49

country the children in elementary

07:50

school are not going to have a public

07:52

affordable option by the time they get

07:54

out of high school it's true and you can

07:56

frankly add that to the list of things

07:57

that elementary school children aren't

07:59

going to have by the time they're 18 the

08:01

list is now affordable public College

08:03

Summers below 100 degrees and their

08:05

grandparents probably sorry kids olds

08:10

die and when that reporter asked the

08:12

then governor of Louisiana to justify

08:14

those cuts his response was less than

08:16

inspiring I have a constitutional

08:19

obligation to deliver a balanced budget

08:21

and the cuts have to come from somewhere

08:23

so the cuts are coming at the expense of

08:25

higher education and also at the expense

08:27

of students in order to keep those

08:28

universities a float students have

08:31

access to money so do lawmakers think

08:34

well we won't put money toward this cuz

08:36

we know that students can take out debt

08:37

and pay for their education that way

08:39

well obviously uh that is happening to

08:42

some degree not just in Louisiana but

08:44

around the country and I find it very

08:46

troubling yeah we're robbing our

08:48

children to pay for our budget on one

08:51

hand I guess he's being honest there but

08:53

that is still one of the worst things

08:54

I've ever seen come out of Louisiana

08:56

with the best of course being M Jac the

08:58

statue of a frog in a top hat from the

09:00

city of rain now does it look like the

09:03

placard in front of him is blocking his

09:05

enormous frog dick yes yes it does is

09:08

there a photo where it doesn't look like

09:10

that no my friends there is not so

09:14

public universities were struggling for

09:16

funding and many responded by ramping up

09:19

spending which might seem

09:21

counterintuitive Until you realize that

09:23

you can charge tuition almost three

09:24

times higher to out of state or

09:27

International students than instate one

09:29

so colleges now compete to lure those

09:32

students in with expensive amenities

09:34

from state-of-the-art student centers to

09:36

rock climbing walls in fact one of the

09:38

most potent symbols of those spending

09:40

Wars is actually at LSU itself wow there

09:44

it is lifeguards and everything students

09:48

at Louisiana State University can now

09:50

enjoy a 500t lazy river that spells out

09:54

LSU hey

09:56

lifeguard are you a student here too yes

09:58

sir so you're paying for this you're

10:01

paying for the Lazy River yes I pay for

10:03

this into my okay first stop yelling at

10:07

that student through a fence he's busy

10:10

at work being paid to watch the river he

10:12

paradoxically funds second not a river

10:15

shame but that has too many curves the

10:17

whole point of a lazy river is to get

10:19

day drunk on daddies pass out to an MGMT

10:22

album and Vibe you can't do that if

10:24

every 5 Seconds you have to navigate the

10:25

twists and turns of the letter

10:28

s but whether out of necessity or greed

10:31

universities basically started turning

10:32

their campuses into resorts to justify

10:35

taking more money from students and the

10:37

thing is even as tuition clined students

10:40

didn't stop applying they just kept

10:42

borrowing as much as they could so the

10:44

mere existence of the student loan

10:46

industry has ended up contributing to a

10:48

vicious cycle of rising tuition and

10:51

higher debt loads all of which has made

10:53

it very easy to wind up taking on

10:55

debilitating amounts of debt often at an

10:58

age where you barely understand

10:59

understand what you're getting into it

11:01

was just explained to us as everybody

11:05

has student loans and this is just

11:07

something you do to get ahead in life to

11:10

have a drink of alcohol you have to be

11:11

21 to take out $100,000 worth of debt

11:14

you can be 18 you can do that and I

11:17

definitely did not understand what I was

11:19

signing up for right that's a huge

11:21

burden to take on at 18 and that's

11:24

already a difficult age you can't

11:25

legally drink you can't stop fighting

11:27

with your mom who's being a total

11:30

and Leonardo DiCaprio keeps skullking

11:32

around your school why add the biggest

11:35

financial decision of your life to that

11:37

list one borrower said she barely

11:39

recognized her own childlike handwriting

11:42

on the forms that committed her to

11:43

Decades of debt and yet for many taking

11:46

it on can seem like the only rational

11:48

choice because so many careers are off

11:51

limits to anyone who hasn't been to

11:53

college even though 2third of

11:56

administrative assistants don't have

11:58

bachelor's degrees 3/4 of the new job

12:00

postings for administrative assistance

12:02

say you have to have a bachelor's degree

12:05

to be considered for that job so two3 of

12:07

the people who currently do that job

12:09

can't apply for 3/4 of the new jobs in

12:12

the field exactly a lack of a college

12:15

degree is a significant barrier to entry

12:18

for a lot of jobs and barriers to entry

12:20

make sense for some things like

12:22

practicing medicine or Guerilla

12:23

enclosures but requiring a degree for a

12:26

job that can be done without one makes

12:28

no sense at all and once you've taken

12:30

these loans on even those who can afford

12:32

the minimum payment can end up Treading

12:35

Water four years here's that woman you

12:37

just saw breaking down where her monthly

12:39

payments actually go so my total due for

12:42

this month

12:44

$77 74 what will be applied to the

12:47

principal

12:50

$645 so the principal is the total

12:53

amount of loan like actual money that I

12:55

actually took out what will be going to

12:57

the interest 600

13:00

4320 so my principal isn't going down my

13:04

debt isn't going down I'm literally just

13:06

paying the interest that is ridiculous

13:11

that $650 could clearly be much better

13:14

spent on the principal on her loan or

13:16

even to buy two cameos from Rudy

13:19

Giuliani every month and I I would prove

13:22

that to you by buying one but I do not

13:23

want to give that man any money so we

13:25

got one from Snookie instead who charges

13:28

around the same amount

13:29

hey Britney what's up mama it's your

13:32

girl Snookie and I cannot believe this

13:34

video cost half as much as your student

13:36

loan interest that's

13:40

up yeah it is thank you snooky thank you

13:44

very much and as those debts pile up it

13:47

is no wonder that for many with student

13:49

loans it can feel almost impossible to

13:52

plan for a future one of the things that

13:54

scares me is becoming a parent I just

13:57

got married last year

13:59

and my wife is on me like hey you know

14:02

I'm ready are you ready and so you know

14:04

one I would love to be a parent but then

14:06

I look at the the cost of uh child care

14:10

and I look at my student loan balance

14:11

and it's like then I'm still going to be

14:13

balancing do I make my student loan

14:15

payment or do I pay child care you know

14:18

and I don't want to default on my

14:19

student loans but at the same time if

14:21

I'm going to become a parent I want to

14:23

make sure that my child has the best

14:25

life possible and I just don't see how

14:27

that's possible with having a student

14:28

loan dead hanging over my head yeah

14:31

student loans shouldn't determine

14:33

whether you have kids it' be crazy if

14:35

something the government did influence

14:37

your decision to have a child or not

14:39

right right that would be crazy right it

14:42

would be absolutely crazy and let's

14:45

address who gets hit hardest here

14:48

because when many imagine the typical

14:50

borrower they are picturing the

14:51

caricature painted on Fox news or in ads

14:54

like this one attacking Biden's debt

14:56

relief plan want to be a struggle artist

15:00

college is on me my kids don't need

15:02

fancy things like school supplies or new

15:04

shoes I work for you theater major this

15:08

shift is for you business major go buy

15:10

yourself that new car enjoy your Free

15:13

Ride college is on me tell Congress stop

15:17

Biden's bailout for rich kids they're so

15:21

right stop paying for rich kids to study

15:23

theater what are they going to do with

15:24

that degree anyway star in a hack

15:26

political ad making fun of anyone who

15:28

studies theater go get a real job where

15:31

you touch a

15:33

wrench but about that bailout for Rich

15:36

Kids idea it gets tossed around a lot