Consolidate My Student Loans | What the banks don’t want you to know!


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now debt is something that has in many ways become a constant in America the by now pay for it later mentality our government has 14 trillion dollars worth of debt and not only keeps on growing credit card debt I think we’ve all been there but now student loan debt is becoming one of the biggest problems for young Americans in fact for the first time last year student loan debt outpaced credit card debt and according to the New York Times it’s likely to top a trillion dollars this year and the complications aren’t immense this comes at a time when state budgets are being slashed when tuitions going up and Pell grants are in the middle of a budget debate on Capitol Hill the economy is in a recession unemployment is high and now an entire generation has to ask themselves whether it’s worth living the rest of their lives in debt just to get a degree earlier from our studio in Los Angeles I caught up with Ana Kasparian host of TYT University now by the way the Young Turks regular show they’ve been nominated for a Webby so we wanted to send our congratulations but back to this topic I first asked Ana to tell me what college students have been saying about this on The Young Turks TYT University show yeah what you’re hearing and not just in the United States but also in the UK is that students are not only outraged by it they’re frustrated and they feel discouraged they feel like you know education is no longer an investment because they’re hearing all these stories about how tuition is increasing they’re taking out these loans at the same time they’re getting less for their money because of the fact that all these universities are cutting programs due to budget cuts and by the time they graduate they enter this job market that is terrible they’re not able to find work and they’re left with these massive loans and you know the New York Times just reported that the average college student graduates with $24,000 in student loan debt and $24,000 is actually a very small amount when you consider some other students actually the majority of students who graduate with almost $100,000 in debt so a lot of students are now saying that they don’t even want to think about getting a graduate degree because they have so much debt by the time they get their undergrad to it that they don’t feel like it’s an investment they’re willing to make they don’t feel like it’s worth it it’s very depressing to you one of the statistics of the New York Times noted or not statistics but just piece of information is that a lot of these people are still going to be paying off their own student loans when they’re ready to send their own kids off to college so it’s something that’s going to keep lasting that’s so depressing but it becomes this double-edged sword as you mentioned it becomes so expensive that people start questioning whether you know it’s even worth it to be in debt for the rest of your life just to get this degree but then if you look at the situation that our economy is in right now unemployment is much lower when it comes to those people who have college degrees so do students ask you on your show to you know for for advice to ask you should do I go to college you know why do I not go to college you know some students have emailed me and they’ve asked whether or not it’s even worth it to make that investment and I do think it’s worth it but students need to start looking at student loans differently and they need to look at in education differently the days where you get higher education and you get to study whatever you want just because it interests you you can no longer look at it that way you can’t go to USC and major in philosophy and think that that’s a good investment that’s one of the worst investments you’ll ever make okay you got to look at what the tuition costs are for certain schools you got to decide whether or not that major is going to make you money by the time you graduate you have to think of it as a business investment and I know that that’s a really sad thing to think about but look you don’t want to graduate with a philosophy degree at $150,000 in debt you’re gonna you’re gonna lose in the long run you know in the New York Times article they actually talked to Barack Obama and Barack Obama talked about how when he graduated from law school he had about $60,000 in debt which by the way in today’s terms is a bargain okay and he said that his student loan payments each month were more expensive than his mortgage and a lot of students don’t want to get caught up in that situation and they shouldn’t and a really good way to prevent it to really do your research ahead of time make sure you know how much the tuition is I went to a state school and I loved it I think I got a great education and it was affordable and I was able to graduate without student loans and I was able to graduate thankfully in a decent job market and I think that some students should really consider less expensive schools even if it’s not their first choice just look into it yeah well I’m with you on that one too I’m also from California and I think they were lucky in that sense too in California in that we have good public state schools I think the UC system is great of which you know I was a part of two but it’s really sad right but you can’t go to college and study philosophy and mess around and do what you want and use those years to find yourself and just think anymore everything does have to be a business but you know on that note you mentioned that people really need to investigate what they’re getting themselves into and one of the things that I think is so underreported in this situation of student loan debt is that these for-profit colleges these Kaplan’s University of Phoenix schools they go for people that often you know might want night school because they have children they work around their schedule but these people are the ones that are most likely to actually not only have student debt but then to default on their debt as well you’re right for-profit colleges have been investigated by the federal government a great deal in the past year and it is something that’s under reported so I’m glad that you brought it up just to give you an idea of how often students default on their loans after they graduate from for-profit colleges keep in mind that only 12% of students go to these institutions that that includes the University of Phoenix Kaplan ITT Tech DeVry all of these for-profit institutions that are popping up all over the country only 12% of students go to these institutions but you also have to keep in mind that nearly 50% of all student loan defaults in the United States are from students who attend these colleges okay so a vast majority majority of them 2-8 they’re unable to find work and they’re unable to pay their loans back and keep in mind that a lot of the funds that these colleges get are from taxpayers it’s federal money that is going into these colleges so they can in turn give this money to students so they can be able to attend these schools so it’s your taxpayer money and I really like the fact that the Obama administration now is attempting to pass something known as the gainful employment Act which would basically hold these for-profits accountable if students are graduating from these colleges and they’re unable to find work and they’re unable to pay their loans well then all of a sudden the federal government is not going to help them with aid and I think that that’s a really important regulation to pass I definitely think that’s important because then unfortunately you have so much federal money going to these for-profit schools and at the same time we see budgets being slashed in states across the board and cuts being taken out from education the places where I think people could really use an ANA thanks so much for joining us thank you so much are you currently facing student loan problems then don’t wait another minute to see if we can help resolve your federal student loan issues it really is as easy as making a 1 5 minute call find out we can help you consolidate all your federal student loans into one easy payment lower your payments and even in some cases by much as 50% lower your interest rates get flexible repayment options stop harassing collection agency calls and administrative garnishment in as little as eight weeks call toll-free 1-800 777 to speak with a counselor now or for more information visit us online at

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