[01:26 - 01:32]Student debt is a major issue in the US

[04:20 - 04:28]Joe Biden's plan to tackle student debt was struck down by the Supreme Court

[04:20 - 04:28]The idea of student loan forgiveness angers some on the right

[04:20 - 04:28]Short-sighted policy choices led to the current student debt situation

[04:53 - 05:02]Federal money for higher education began with the GI Bill

[05:03 - 05:10]Sputnik and the Cold War prompted more federal funding for education

[05:10 - 05:19]The National Defense Education Act created the first loan program for math, science, and engineering students

[05:19 - 05:28]LBJ, Nixon, and Clinton all made changes to the loan program

[05:28 - 05:41]Burger King and KFC offered loan repayment and tuition prizes to promote their brands

[07:19 - 07:26]Tuition costs have steadily increased, especially for public colleges and universities

[07:19 - 07:26]State funding cuts contributed to the rise in tuition costs

[07:26 - 07:36]In 2016, LSU's government-to-student payment ratio shifted significantly

[00:00 - 07:36]The US has a major issue with student debt, which has been exacerbated by short-sighted policy choices and rising tuition costs, particularly in public colleges and universities. The government has made changes to the loan program over the years, but Joe Biden's plan to tackle student debt was struck down by the Supreme Court.

[07:36 - 07:43]In 2008, 70% of higher education funding came from state governments and 30% from students.

[07:43 - 07:49]Now, in 2021, it is 80% from students and 20% from state governments.

[07:49 - 07:55]This shift towards privatization has led to a lack of affordable public college options for elementary school students in the future.

[08:17 - 08:22]When asked to justify budget cuts to higher education, the then governor of Louisiana cited a constitutional obligation to deliver a balanced budget.

[08:39 - 08:45]This shift is happening throughout the country, not just in Louisiana.

[09:29 - 09:37]This has led to universities competing to attract out-of-state and international students, often by offering expensive amenities.

[09:43 - 09:54]LSU's 500-foot lazy river, which spells out the school's initials, is a symbol of this trend.

[10:44 - 11:00]The existence of the student loan industry has contributed to a cycle of rising tuition and higher debt loads.

[11:45 - 11:53]Many jobs now require a college degree, even though it may not be necessary for the job itself.

[12:29 - 12:35]Minimum monthly payments often only cover interest, leaving the principal amount of the loan untouched.

[12:29 - 12:35]The typical borrower is often portrayed as a caricature, but the reality is that student loan debt affects many different types of people.

[13:43 - 13:53]This can make it difficult to plan for the future, especially for those with large amounts of student loan debt.

[14:34 - 14:40]This can even impact decisions like having children.

[07:36 - 14:57]In summary, the shift towards privatization of higher education has led to rising tuition, higher debt loads, and limited options for affordable education for future generations, while also impacting individuals' ability to plan for their future and make important life decisions.

[14:57 - 15:04]Struggling artist offers to pay for college, while criticizing rich kids studying theatre and their potential job prospects

[15:50 - 16:03]Many people with high student loan balances are able to pay due to advanced degrees, while those with smaller amounts of debt may struggle to repay

[16:45 - 16:58]Parent Plus loans allow parents to take out student loans for their children, leading to increasing numbers of retirees burdened with debt

[18:41 - 18:49]Student loans are difficult to discharge through bankruptcy

[18:57 - 19:07]Student loan services often make things worse for borrowers, with long hold times and mistakes in managing loans

[18:57 - 19:07]Government programs for debt forgiveness and income-driven repayment are complicated and often mismanaged by loan services

[21:28 - 21:37]Borrowers are often steered towards forbearance, which allows interest to accumulate and makes it harder to repay loans

[21:55 - 22:03]Some borrowers are actively trying to improve their situation, but are not receiving help from loan services

[14:57 - 22:33]Many people struggle with student loan debt, while those with high balances are often able to repay due to advanced degrees. Parent Plus loans and complicated government programs add to the burden, and loan services make things worse with long hold times and mistakes. Borrowers are often steered towards forbearance, which only adds to their debt. Student loans are also difficult to discharge through bankruptcy.

[22:34 - 22:57] An investigation found that some services were not tracking borrowers' payments or qualifications for forgiveness.

[23:48 - 23:57]A whistleblower from Naviant revealed that employees were graded on how fast they could get customers off the phone, not on how helpful they were.

[23:48 - 23:57]Naviant denies putting time limits on calls and steering customers into forbearance.

[24:13 - 24:19]Naviant's contract with the government has expired and their accounts were transferred to Mohila, which is also facing issues.

[24:19 - 24:27]Only 32 out of 2 million borrowers have successfully cancelled their loans through income-based repayment plans.

[24:57 - 25:13]The system is rigged against working-class people, especially black borrowers.

[25:23 - 25:37]Congress needs to pass massive debt forgiveness, but some members have hypocritically received loans and not paid them back.

[27:05 - 27:16]Under Biden's administration, nearly $12 billion of debt has been forgiven for borrowers with disabilities and another $56 billion for nearly 800,000 borrowers through adjustments to the public service loan forgiveness program.

[28:08 - 28:16]The system is rigged against working-class people, especially black borrowers.

[28:23 - 28:34]Biden's SAVE plan offers potential relief for borrowers with less than $12,000 in debt after 10 years of payments.

[28:35 - 28:45]Biden has relieved $138 billion in student loans for 3.9 million people in just three years.

[28:35 - 28:45]Biden's administration has offered some relief through adjustments to programs and the SAVE plan.

[28:52 - 29:04]The cost of college in the US is absurd and needs to be addressed through various proposals.

[28:52 - 29:04]Congress needs to pass comprehensive debt relief.

[29:15 - 29:21]The cost of college needs to be addressed for the benefit of all.

[29:32 - 29:45]College should be affordable for everyone, regardless of what they study.

[22:34 - 29:48]The system for student loans is rigged and needs to be addressed for the benefit of all.