We must fundamentally restructure our student loan program. It makes no sense that students and their parents are forced to pay interest rates for higher education loans that are much higher than they pay for car loans or housing mortgages.
Seventy-eight percent of millennials are worried about not having enough good paying job opportunity to pay off their student loans. Seventy-four percent can't pay the health care if they get sick. Seventy-nine percent don't have enough money to live when they retire. So, already, we're having a whole generation that's coming on, not only here but also in Europe, that isn't able to get good-paying jobs.
War at home is matched by a war on youth. I wrote about this recently. Young people graduate with an average of $23,000 in student loan debt, and they are the ones saddled with it. Youth have become indentured servants and that turns them away from public service.
I would get my student loans, get money, register and never really go. It was a system I thought would somehow pan out.
You're thinking to yourself, 'How is it possible that I am going to pay back $150,000 in student loans? I'm never going to pay that back. What am I going to do?' Listen to me and listen to me good, class of 2013. I want you to think back to all of these things you said to yourself, 'I can't do that. I can't palpate a cow. And what's worse, palpating a cow or taking semen from a horse?' But you did it, didn't you?
[Wendy] Davis [pursued] higher education, as her campaign website says, with 'the help of academic scholarships, student loans, and state and federal grants.' Now that she is in a high-profile and hotly partisan race, it has come out that she also benefited from the moral and financial support of her second - now ex - husband. In the process, though, behavior we would expect and hardly notice in a man is being portrayed as freakish and problematic in a woman.
Remember that in most cases, student loan debt is not dischargeable in bankruptcy. So you continue to pay it off anyway. Those who have very low interest rates (2-2.5 percent) on student loans and know everything is secure, great.
If we wanted a program to help the majority of the population, we'd offer loan guarantees to help poor people get access to reliable cars so that they could have a better shot at getting - and keeping - a well-paying job...A small amount of capital could make a much bigger difference in their lives than extra student loan relief for middle-class college kids would.
Without the jobs being available to enable them to repay that [student-loan] debt in the course of their financial lifetimes, basically.We maintain that, yes, that's a significant chunk of change - it's $1.3 trillion - but what investment is more worth making than in a generation that does not have a future?
People internalize, from the jail to student loan debt, to credit card debt, to unemployment to the whole collective. It manifests itself in many ways, in people's home lives, domestic stuff.
Engineering undergraduates should not be charged fees. They should receive grants, not student loans, and the government will get the money back long-term from increased exports.
And I want to work with this Congress, to make sure Americans already burdened with student loans can reduce their monthly payments, so that student debt doesn't derail anyone's dreams.
When the time came for me to go to college, there was only one scholarship that my high school offered at the time and I didn't win that one, but that didn't stop me. I went on to college anyway. I worked my way through it and paid my student loans for 11 years.
I tried out for another show while I was in college so I could pay off my student loans, and it sort of led to The Real World. The same people that were casting that show were casting The Real World, so they asked me to do it.
I had three jobs in college. The best day of my life was when I paid off my student loans, on my own.
Quite frankly, Barack Obama knows what it's like to pay a mortgage and student loans. He knows what it's like to watch a beloved family member in a medical crisis and worry that treatment is out of reach. Barack Obama knows our struggles. And, my friends, he shares our values.
Students are suffering under incredibly high tuitions and high student loan interest rates. They graduate from school, and they're having a very difficult time finding a job. They don't feel as though there are honest leaders who are listening to them, and who will be a part of the solution.
Government's running the student loan program; what in the world could be wrong with it? If the government's running it, if Obama's taken it over, and he's got a lot of compassion, a big heart, loves people, what could possibly be wrong with it? And then the subject of tuition came up, and how come tuition never gets cut? Why does tuition always go up? Guarantee, folks, when you subsidize something, if you run a university and the government's gonna subsidize parts of your operation, why in the world should you cut anything?
We call for a bailout for an entire generation that is basically held hostage by unpayable student-loan debt.
Just like a house is worth whatever a bank's going to lend against it, an education is worth whatever the bank is going to lend the student to pay the university. So the availability of government-guaranteed student loans has vastly inflated the cost of education, just like it's inflated the cost of housing.
If you have to pay about forty to forty-three percent of your income for housing, you also have to pay fifteen percent of your paycheck for the FICA for Social Security wage withholding. You have to pay medical care, you have to pay the banks for your credit card debt, student loans. Then you only have about twenty-five or thirty-five percent, maybe one-third of your salary to buy goods and services. That's all.
A consolidation makes sense only if you can lower your overall interest rate. Many people consolidate by taking out a home equity line loan or home equity line of credit (HELOC), refinancing a mortgage, or taking out a personal loan. They then use this cheaper debt to pay off more expensive debt, most frequently credit card loans, but also auto loans, private student loans, or other debt.
In housing you have jingle mail and you can walk away and leave the bank holding the bag. In the case of student loans, the debt follows you through life, and the banks or government will turn it over to collection agencies that are not very nice people and can do all sorts of harassing things to you. It's becoming a nightmare.
Normally, if someone goes bankrupt, you wipe out the debt and get a fresh start. But that's not permitted with student loans. So the effect is to impoverish many graduates with very high debts.
But credit card debt is unsecured debt, which means if you get in trouble and cannot pay off your credit card, you can discharge it in bankruptcy. What are they going do to you? If you're in a financial position to just methodically pay off both credit card and student loans, pay them all.
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