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

34 Comments

  • @kdee61 on May 28, 2024

    Why not forgive the interest because how the hell do you end up paying back more than double what you borrowed. What kind of economics is that?!

  • @Old60sHippie on May 28, 2024

    Everyone should have to watch this video, including every college student in the country. I went to college in the early 70s, and my college loans amounted to less than $1K. I paid them off with one check. As someone who has worked in "higher education" ever since then, I watched the problem develop. Here's my take on it. First, high schools stopped actually educating people, making it necessary for colleges and universities to take up the slack, and at the same time making it necessary for people to have a college education to do jobs they used to be able to do with a high school diploma. Second, states stopped funding "public" education. The university I worked for, a public state university, got less than 5% of its operating budget from the state. As a result, colleges and universities adopted a so-called "business model" of operation. They stopped being educational institutions and became businesses. Their product was people who could tack a B.A. or B.S. on the end of their names. Their operating expenses were paid largely by tuition, which in a very high percentage of students' cases meant student loans. Universities live and survive off of student loans. Third, while states were no longer paying for public education, they still wanted to micromanage it, which meant colleges had to hire increasing numbers of administrators at bloated salaries, while larger and larger numbers of the courses they offered students had to be taught by "adjuncts" (part timers) who could be paid a pittance. Faculty salaries stagnated or increased at a rate well below inflation, while administrators' salaries went nuts. Fourth, the management of student loans was turned over to private industry, companies that at first look appear to be incompetent, but at closer look turn out to be predatory. I'd call them loan sharks, except they don't actually put up their own money to make the loans. They are basically collection agencies. I get calls from them, and I don't have student loans! Fifth, politicians play political games with the whole issue. While they are perfectly willing to dump trillions of dollars into corporate welfare (money to rich people who then turn around and line the politicians' pockets with it), they refuse to help people who had virtually no choice but to take on a crippling amount of student debt, or to put it another way, the people who actually make up the economy of this country. People, I'm not a huge fan of Joe Biden, but if you want ANY help at all with your student loan debt, you better be out in droves this fall voting for Biden, because those other guys are just going to continue to screw you. You heard them in this video. That didn't sound much like compassion to me.

  • @johnraymondbarker4 on May 28, 2024

    Thank you! Thank you! Thank you!! So much of the media has been getting this wrong at best and spreading misinformation and lies at worst. I borrowed about $28K. I paid back over $89K. I still owed over $48K when President Biden’s one-time IDR Account Adjustment honored my 25 years of payments/forebearances/servicer mismanagement and freed me from this monstrous injustice. And my situation is far from unique.

  • @s7r1x on May 29, 2024

    High School Teacher here is there any way you could post a censured version I can show in school?

  • @H0ll0WxW0lF on May 29, 2024

    Can't believe Snookie gets paid $300 for a 5second cameo that All sound/begin/end the exact same

  • @Gaming_Antics on May 29, 2024

    Student Loans ironically put people in poverty, because when a college graduate makes $20 and under an hour, s/he is getting like $2,200, and student loans take $400-$800+ a month, so what’s left isn’t enough for apartment rental, car for work, car insurance, and food. So if people can’t get a $25 an hour job and they got student loans, they’re screwed and will be living poverty. People should avoid student loans, it’s a scam.

  • @user-ws7ly9yj9e on May 30, 2024

    Everyone should just stop paying.

  • @michaell3739 on May 30, 2024

    That was Latvia, Estonia was one country up.

  • @jedisalsohere on May 30, 2024

    man this show really has not dulled with time, like this shit is hilarious

  • @user-pc7hj7lq9p on May 31, 2024

    I paid off my student loan. After way too many years. And I approve Biden's idea for debt forgiveness.

  • @quantumphaser on May 31, 2024

    A really advanced country would have free education for its citizens so as to better the country as a whole

  • @quantumphaser on May 31, 2024

    And suddenly the reason why nobody's buying a hundred thousand dollar truck is coming to light

  • @TableForOne1976 on May 31, 2024

    This show should explore the need for skilled tradespeople. That would help some folks avoid needing a four-year degree to take entry level admin positions. Not all, but some.

  • @totallyawesome53 on May 31, 2024

    I will never understand this. I'm German but I studied abroad in the US for one semester. That single semester cost me more than my entire education in Germany and I didn't even have to pay the tuition itself. In Germany I studied for 12 semesters, which cost me a total of 2400€ in tuition. The on-site room for one semester in the US cost $7000 for one semester without a meal plan, which was an additional $2000.
    I received government loans during all of my time at uni. The government waives half of the loan so you only have to pay half of it back. If you pay it back all at once, you pay even less. You don't pay anything for 5 years after you graduate and are then offered to pay it all back at once or pay it back monthly. I received 18000€ from the government during my studies and only paid back 7500€. That's it. After that, I was debt free, had a well paying job as a teacher and am now financially independent. That's how it's supposed to go.

  • @kiaalexander9089 on May 31, 2024

    As a student I took out a student loan to fund my college education. After graduating, i struggled to find a well-paying job in my field due to a competitive job market. As a result, there were some challenges I faced making timely payments on student loan. Despite working multiple jobs and budgeting carefully, the interest on the loan kept accumulating, making it difficult to pay off the principal amount,impacting her financial stability and long-term goals until recently I able to get a recommendation from a financial advisor I consulted who knew the complexity of my case and referred me to a reputable loan editing service. I reached out through their website and was assigned to a loan editor whom helped me identify errors in the calculation of my payment plan and solutions to it, the editor also helped explore other options such as loan consolidation and forgiveness programs that I was eligible for but not aware of. Through this I was able to clear my student loan debt more efficiently and regain financial stability.

  • @kyleyost1163 on June 1, 2024

    While yes, forgiving all loans seems like a wonderful idea; understanding that the entire capitalist system runs off the idea that debt is proof you are able to function as a cog in the system is imperative.

    A mortgage? Ahh, yes, over 35 years, you can repay the loan we gave you. Used car loan? Let's rip you off, but at least you can pay it off on time. Credit cards? Student loans? All the same.

  • @megamawax on June 1, 2024

    I went from Navient to MOHELA. Thank goodness that I got my loans at the right time, though. My federal loans have a fixed interest rate at 1.38%, and for most of the time that I've been paying my private loans, the interest rate was really low due to the financial collapse in 2008. Great video that illustrates many of the problems with this garbage system.

  • @salahelhaddad4872 on June 1, 2024

    This is why interest and usury are haram

  • @salahelhaddad4872 on June 1, 2024

    Alhamduliallah fot egypr free colleges lol

  • @jamesjcahill on June 2, 2024

    Did you know about the 90-10 loophole that links student loans with the GI bill?

  • @t3hpoopsmith on June 2, 2024

    There has been lots of progress with the SAVE repayment plan, and waiver programs to address years of burdensome administrative complexity. SAVE should make repayments more manageable, finally. So many people are unaware of the progress we've made. Thanks for bringing awareness to it John. But I wish you would've expanded on how these programs work because MANY are in the dark and things are finally looking optimistic… And people need to show up to the ballot box to vote blue. Maybe the white house kept it low key so Republicans wouldn't attack it like they did the blanket forgiveness. I agree that it doesn't get to the root of the issue, but with the interest rate subsidies and forgiveness terms, and other fixes… the government takes on much more of the brunt of student loan costs. I think lowering the cost of college is going to be trickier than we think. The United States has the best higher education available in the world. This is a huge reason for why we are so innovative on a global scale. Although there's lots of corruption and mismanagement, part of the quality we have available has to do with the money in the system. The obvious solution seems like cost control measures in order for universities to be eligible for federal aid. But instead of trying to fix everything at once and potentially creating more negative externalities like we did with the 1965 Higher Education Act in the first place, we should tread lightly. Step one was making loan repayment less burdensome to people. Now for step two, address the costs in a way where we don't hamper the quality of education available to students in America.

  • @HeartlessKairi42 on June 2, 2024

    I WISH, as a call center employee, that I could just OOPS and hang up on a call taking too long and is too complicated, but I'm in healthcare so I CAN'T DO THAT. God federal programs and employees suck.

  • @ElectroWits on June 2, 2024

    I had to sit on hold for 6 hours with these guys once. They ultimately disconnected the call

  • @Spielkinder on June 3, 2024

    You could come to germany, study for 5 years here, get world class eductaion, live a great life, party, travel europe during the summers, get a great degree from a prestigious german university AND still have NO debt at all! Why in the world would you be ok with finishing University and having 100k Dollars in debt? That's NOT normal. Not in most of the developed world.

  • @user-oz4mu2iv8g on June 4, 2024

    After graduating in 2010, in the midst of the financial crisis, I was paying $200 per month towards my relatively meager 36K in student loan debt. $189 dollars per month was going towards the interest, and because I wasn't specifying on a monthly basis that the remaining amount be applied to the principle, the remaining $11 was only being deferred to the following month's interest.

    This continued for years, until one day I received a collection letter and a $600 fine for non-payment on one of the loans. It turned out that one of my loans was sold to a different bank, and that neither bank was obligated to inform me of this in any way. Not a letter, not an email, not a phone call. And it was entirely legal. Apparently, in addition to having to repeatedly specify that the extra money I sent each month was being applied to the principle, I was also expected to confirm whether or not the bank had sold my loans to another institution.

    In the end, I borrowed another 2K and took TESL / TEFL classes, and moved to China, where a combination of low cost of living and high salary allowed me to pay off my loans within 5 years. (Had I remained in the states at the job I was working it would have taken me 200 years to pay off my loans and a total eventual cost of over 100K in payments.

  • @erikaas2747 on June 4, 2024

    Bruh, as estonian marking Latvia as Estonia is a hate crime towards latvians

  • @annoyedchef7124 on June 6, 2024

    That wasn't Estonia

  • @doclewis8927 on June 6, 2024

    When you take out any loan, ALWAYS pay extra to go towards your principle. They NEVER tell you that. Always try to put as much extra money as you can towards your principle. Make sure to mark your check for the extra that should be applied to principle too. Keep track of it too! That's very important. Refinance when and if you can to lower rates.

  • @doclewis8927 on June 6, 2024

    IF you have an "autopay", you should definitely set it up for a few dollars more than what you owe each month so what happened to the one lady (thousands like her) doesn't happen to you. The programmer set it up to withdraw exactly one cent less than would be required. That's devious. A HUMAN programmer did that on purpose because someone told him/her to do so! This is why you ALWAYS pay MORE than your loan payment when you are in debt. You also want to keep very close track of it. I don't think I'd trust any loan company/bank to take out the proper amount. I'd pay with money order or check for each payment so you have a paper trail. Also, pay more each month. Skip a coffee or whatever but pay slightly more each month. It makes a VAST difference. Make sure you mark that "extra payment" as "principle". IF you do autopay, THEN sign up for an extra $5 to go with it or whatever you can afford. IF you have to go without paying your debt a few years, like I did, make sure you STILL pay the INTEREST! Very important. It took me nearly 10 years to pay off $12,000. Seriously!

  • @doclewis8927 on June 6, 2024

    I wish there were more community colleges and more vocational colleges. I also wish more businesses and government positions would remove the "college" degree requirement since most positions need to do on the job training anyway. THAT would be a better way to do things too. A college degree is nice BUT it's NOT always necessary. Yes, there are jobs/careers where a college degree is absolutely necessary but not for most positions in business nor most positions in government.

  • @sangok on June 7, 2024

    27:54 for everyone else who's looking for john blowing a kiss back to snooki

  • @ginamori4970 on June 7, 2024

    What's up with wine glass music?

  • @francisrogers9824 on June 8, 2024

    1:43, thats actually Latvia. Estonia is immediately north. Lithuania is immediately south too.
    With the three baltic countries, you can tell which one is which because they are alphabetical north to south.
    Lastly, all three border Russia, but Lithuania borders it to the west, not the east.

  • @solesurvivor1142 on June 8, 2024

    Americans when they find out socialism isnt that bad after all

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