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The student debt crisis is spiraling out of control while big banks like Sallie Mae make huge profits. No one should have to be in debt for the rest of their lives just because they want an education.
Cancelling student debt will provide economic freedom for millions of people.
Transcript provided by YouTube:
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[Music]
00:01
what gets you into college
00:03
good sat scores high gpa lots of
00:05
extracurriculars
00:07
sure but what you really need is money
00:10
if you don’t have the cash you’ll need a
00:11
loan and we mean huge student loans
00:14
because the cost of college has risen 1
00:16
000 in the last 30 years
00:19
this means big money for the banks that
00:20
collect fees and interest
00:23
now millions of young people are
00:24
starting their adult lives with an
00:26
average of 29
00:27
000 of loans on their backs altogether
00:30
we’re talking 1.2 trillion dollars in
00:32
student debt
00:33
and more and more people are finding it
00:36
impossible to pay them back
00:38
welcome to the student debt crisis
00:42
the increasing demand for higher
00:43
education and cuts to state funding gave
00:45
colleges a huge incentive to keep
00:47
inflating prices
00:51
i graduated about a year ago currently
00:54
in 35 000 of debt i am in debt about
00:58
like 25 000
01:00
i owe 23 000
01:03
i owe over 50 000 in student loans
01:06
38.8 million americans owe money on a
01:09
student loan
01:11
and the biggest names in banking are
01:13
making huge profits off the booming
01:14
student loan industry
01:17
sally may the largest provider of
01:19
private student loans made 949 million
01:21
dollars last year
01:24
they only give you about six months to
01:25
look for a job you have to start paying
01:27
like that
01:28
back the loan like it’s very pressuring
01:30
especially nowadays it’s very
01:32
hard to find a job over half of the
01:34
students graduating in 2012 could not
01:37
find
01:37
a decent paying job they either had
01:39
low-wage jobs or unpaid internships or
01:42
were unemployed altogether
01:44
so you can’t make the payments you start
01:46
incurring late fees
01:48
which makes the loan even harder to pay
01:50
off and it stays with you for years
01:52
even decades
01:56
right now a third of the people who
01:57
started repaying their loans are
01:58
delinquent or in default
02:00
that’s 13.7 million people more than the
02:03
populations of chicago new york and san
02:05
francisco combined
02:08
worse it’s not just the borrowers who
02:10
are in trouble
02:11
many loans require cosigners so if the
02:14
student is unable to pay that cosigner
02:16
a father a mother or a grandparent is
02:18
now on the hook
02:19
even a grandparent’s social security
02:21
benefits can be garnished to pay the
02:23
loan
02:24
we should have an answer to this if you
02:25
get really behind in your car payment or
02:27
your credit cards
02:28
you can file for bankruptcy but congress
02:30
has made it nearly impossible to
02:32
discharge student loans through
02:34
bankruptcy
02:36
big institutions make big profits while
02:38
students try to make ends meet under
02:40
crushing debt
02:41
is this how we want our education system
02:42
to work the whole point
02:44
of going to college is to get the career
02:46
you want but i’ve
02:48
lately that’s been discouraged because
02:49
no one can afford school
02:51
you get a job just to pay off your
02:53
student loans
02:54
we need higher education not higher
02:56
debts
02:57
sign up to end the student debt crisis
02:59
at highered not debt.org
03:08
you
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This post was previously published on YouTube.
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Photo credit: Screenshot from video