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Speaker 1: Hey, this is Annie and Samantha and welcome to stuff.

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Speaker 1: I ever told your protection of I Heart Radio and

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Speaker 1: today we're doing sort of a welcome back to school episode. Sure,

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Speaker 1: yeah about student debt. So not the happiest look at

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Speaker 1: at student debt or going back to school, but you know,

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Speaker 1: we thought we would talk about it. And as part

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Speaker 1: of this, I wanted to ask you because I went

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Speaker 1: to Georgia Tech Georgia Technical Institute because I could pay

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Speaker 1: for it because of Georgia has the Hope Scholarship, and

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Speaker 1: so it was a very financial decision for me. And

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Speaker 1: I have never had student debt, but I know that

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Speaker 1: you have, Samantha, if you'd be willing to talk to

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Speaker 1: us right out that so I'm interested that you did.

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Speaker 1: Was your housing and such covered? I had to pay

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Speaker 1: for the housing, which was about a thousand, eight hundred dollars,

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Speaker 1: and I had to pay for books. But uh, I

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Speaker 1: think I've talked about it before. I was very I

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Speaker 1: saved a lot of money as a kid. Uh so

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Speaker 1: I was able to pay for it out of my pocket. Yeah, okay, Yeah,

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Speaker 1: so because I was able to get Hope as well,

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Speaker 1: which is a local program in the in Georgia, and

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Speaker 1: I know it's nationwide, but it's a program that is

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Speaker 1: taken out of the Georgia Lottery or the lottery system

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Speaker 1: UM for schools. And when I was getting in, and I

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Speaker 1: I guess you are too, at that point, it was

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Speaker 1: fairly new. UM. I think came out from my sister

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Speaker 1: when she went to school. And it provides a scholarship

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Speaker 1: tuition for any state schools UM and will do so

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Speaker 1: for those with three point oh g p a s.

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Speaker 1: And I think it's changed now to three point two. Yes,

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Speaker 1: they changed it for specifically technical uh kinda pursues maybe

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Speaker 1: maybe for everything, but I know for Georgia Tech they

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Speaker 1: were like, oh god, it's so hard, let's give them

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Speaker 1: a bigger a bigger rate of success. Yeah, okay, so

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Speaker 1: it got it went the qualifications, it went higher, So

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Speaker 1: if you don't hit three point two, you couldn't receive

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Speaker 1: it because too many people were getting in. It was

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Speaker 1: getting drained very very quickly, not surprisingly. But also we

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Speaker 1: know that pre K and such has also been paid

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Speaker 1: out by the lottery system as well, although it takes

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Speaker 1: a lot to qualify to get into pre K for

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Speaker 1: a lot of these children, and I had to take

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Speaker 1: out student loans because I did not have money, uh

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Speaker 1: for housing or transportation or for um books which yeah,

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Speaker 1: hope scholarship covered tuition and about one book two books.

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Speaker 1: And I had to try to have a job, and

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Speaker 1: I did. I had a job, but it was really

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Speaker 1: hard to do jobs in trying to do college at

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Speaker 1: the same time. Maybe I'm not intelligent enough that I

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Speaker 1: could keep up with both um, especially with a car payment,

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Speaker 1: especially with so I from the age six, Like I've

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Speaker 1: told the story that I've started working at the age

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Speaker 1: of thirteen at a dairy queen um and it has

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Speaker 1: been working, have been working since then because it's not

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Speaker 1: something that has ever been important in my family. They

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Speaker 1: love education, they value it, but it's not something that

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Speaker 1: you have to have essentially, which is kind of funny

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Speaker 1: because we did by the time our age group came around,

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Speaker 1: Like you know, we had to because that's the minimal qualifications.

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Speaker 1: UM way back when you didn't have to that was

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Speaker 1: amazing if you had a call education. But in our generation,

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Speaker 1: of course that's what we had to have, and trying

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Speaker 1: to do that. If I could have gone to a

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Speaker 1: local school, but I had been very miserable trying to

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Speaker 1: go back and forth. I could have done, you know,

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Speaker 1: all these things. So part of that was getting loans

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Speaker 1: for living situations. By the time I got into my

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Speaker 1: core curriculum, which is past the core curriculum into my major,

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Speaker 1: which was social work, I had to do a practicum.

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Speaker 1: And what that means is I literally spent thirty hours

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Speaker 1: a week to your minimum of twenty hours a week

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Speaker 1: two intern for free. I was told by the person

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Speaker 1: who was my I guess supervisor or person who was

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Speaker 1: giving me my grade that the minimum was not enough

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Speaker 1: and I should be able to do more. I found

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Speaker 1: out later she was a very rich girl who had

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Speaker 1: a lot of money and didn't need to have another job,

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Speaker 1: and she was going through a divorce, so it took

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Speaker 1: it out on me fun times um. But that has

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Speaker 1: nothing to do with any of this. But because of that,

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Speaker 1: I had to take the loans or I could not

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Speaker 1: do job in term practical and all of that. I

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Speaker 1: went to de facts for a year, the most miserable

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Speaker 1: year of my life. I quit abruptly because I was

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Speaker 1: having panic attacks in the middle of driving um and

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Speaker 1: not sleeping at all at having nightmares, and so therefore

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Speaker 1: I quit. I went on unemployment for a little while,

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Speaker 1: UH deferred on my loans and those times and then

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Speaker 1: also another time I had to I got I got

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Speaker 1: laid off from a job, I had to defer my

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Speaker 1: loans that in that process my balance went from less

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Speaker 1: than ten thousand to more than twenty five thousand because

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Speaker 1: of the interests. So this is what I'm talking about,

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Speaker 1: and this is a scam. I owe more in interest,

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Speaker 1: three times more in interest than I do what I

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Speaker 1: originally owed. UM, and I, even with a college degree

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Speaker 1: I made, I started out very less than thirty thousand

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Speaker 1: I got. I think later on. I worked for ten

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Speaker 1: years and then again after I left to go to

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Speaker 1: UH be a nanny, and I still made less than

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Speaker 1: thirty five thousand with three different promotions. So that was

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Speaker 1: kind of the field that I was on, and it

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Speaker 1: was impossible to actually pay that off. So I would

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Speaker 1: do the minimum, which does not pay anything but the interest.

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Speaker 1: So the principle remains, and it keeps accruing that interest

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Speaker 1: because all you're doing is paying off interest. And that's

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Speaker 1: how I got stuck. And even to this day, I

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Speaker 1: still have some debt left. UM and I'm watching this

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Speaker 1: whole debt relief I'm paying a little more. I could

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Speaker 1: pay a little more, but now I don't qualify for

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Speaker 1: what we'll talk about in a minute, which is income

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Speaker 1: um based repayment. Uh. And that I was able to

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Speaker 1: pay the minimum amount, which is why I also I

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Speaker 1: am still in debt. So that's my story. Yeah, and

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Speaker 1: I hope you'll because we have a section at the

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Speaker 1: end about mental tolle, I will talk Okay, perfect, I

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Speaker 1: mean it makes me sad, but yes, I hope you

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Speaker 1: will talk about it. I yeah, I was very fortunate

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Speaker 1: that I haven't had this situation, but I have a

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Speaker 1: lot of friends who have and just hearing them talk

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Speaker 1: about the the stress, like everyday stress of it, the

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Speaker 1: toll of it. Ah. And I've had friends cry when

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Speaker 1: they paid off their debt, like just celebrate, we celebrate. Yeah,

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Speaker 1: for sure, I will celebrate. M Yeah. Yeah. And I

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Speaker 1: think we're not going to get into this too much

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Speaker 1: in this episode. But one of the things that stuck

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Speaker 1: out to me and doing this research was times have

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Speaker 1: just changed. I feel like we're basing things on like

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Speaker 1: the fifties and right now there's this promise of oh,

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Speaker 1: if you go to college, you're gonna make money and

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Speaker 1: you're gonna be fine. And it's not necessarily true. It's

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Speaker 1: not necessarily true anymore, not at all. You're growing more

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Speaker 1: debt for something that's not valuable anymore. Yeah, and it's

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Speaker 1: it's the expense of getting that education has gone up

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Speaker 1: when the salary associated with it has not gone up

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Speaker 1: at all. So we're going to talk about that more. Um.

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Speaker 1: And I did want to mention, uh And two thousand

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Speaker 1: and ten, I was contacted by I come from a

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Speaker 1: small town. I was contacted by our local newspaper writer

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Speaker 1: when I was working at what was then how Stuff Works,

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Speaker 1: essentially the same company I work for now. Um. And

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Speaker 1: it was the recession, because two eight was the big recession.

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Speaker 1: That's when I was in college and graduated. Uh. And

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Speaker 1: he was like, tell tell the young folks how to

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Speaker 1: get a job. And I just remember thinking, like, I can't.

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Speaker 1: I don't know, like it's changing, it's changing. I'm lucky

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Speaker 1: and what happened to me is lucky, and not that

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Speaker 1: I worked for it, but I was in a very

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Speaker 1: fortunate position. I can't give you. It's a recession. It's bad, Like,

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Speaker 1: don't come to me for that kind of advice because

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Speaker 1: I don't have it right, I don't have it, um. Okay,

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Speaker 1: So let's get into what we're talking about, and specifically

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Speaker 1: some numbers because they are pretty sobering when it comes

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Speaker 1: to student debt. So to start, one of five Americans

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Speaker 1: has student debt. And from Investipia quote, student loaned at

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Speaker 1: is what's owed to a lender that provides funding for

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Speaker 1: higher education. This money is often primarily used to pay tuition,

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Speaker 1: but also can be used for school supplies, basic necessities,

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Speaker 1: and anything else that a borrower purchases during their academic career.

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Speaker 1: Most students will be unable to pay for college without

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Speaker 1: financial aid, even if they received funding from parents and

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Speaker 1: or scholarships, due to how the price of higher education

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Speaker 1: has escalated over time. And yeah, that's something like I

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Speaker 1: remember filling out FAFSA and being such a huge deal

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Speaker 1: and just hoping like, oh, I need I need this

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Speaker 1: support from the government, and it's going to determine what

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Speaker 1: school I go to or if I go to school

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Speaker 1: at all. Yeah, I got into all. And that was

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Speaker 1: the other part to that is I was doing I

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Speaker 1: was working after school at a daycare, and then I

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Speaker 1: was doing clubs that gave me like a file the

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Speaker 1: dollar check and in order to go to college. It's like, great,

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Speaker 1: that's going to be the first month's rent or whatever

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Speaker 1: what not, because it was so significant, and yeah, like

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Speaker 1: I don't know about you. Actually I do know, like

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Speaker 1: things that accumulate in those costs, including we're talking about

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Speaker 1: ward and but food and parking is some of the

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Speaker 1: most significant costs in there. And I know for Georgia

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Speaker 1: State because my niece just graduated, they would not allow

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Speaker 1: freshman's to have cars there, which I was like, Okay,

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Speaker 1: I get it to a certain extent, but she's in Atlanta.

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Speaker 1: Like at least when I was in Athens, the community

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Speaker 1: was short enough that I could walk pretty easily, but

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Speaker 1: Atlanta asked, it's not very walkable, as we have talked

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Speaker 1: about before. Yeah, that parking, that parking fee was serious,

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Speaker 1: and they're just some things you look back on and

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Speaker 1: you're like, wow, I was really making kind of a

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Speaker 1: devil's deal with Yeah, I guess I'll eat this very

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Speaker 1: low gallery frozen meal that I can get on my

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Speaker 1: meal plan and that's my one meal for the day, um,

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Speaker 1: which is taking that zip luck back to the dorms

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Speaker 1: to the food hall. Yes, So here's a quote we

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Speaker 1: wanted to include from the Institution for Women's Policy Research.

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Speaker 1: Following the promise of economic mobility, Americans turn to loans

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Speaker 1: to finance the skyrocketing cost of higher education. By twenty nineteen,

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Speaker 1: the average price tag was twenty three thousand, fifty one

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Speaker 1: dollars for public four year institutions and forty nine thousand,

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Speaker 1: nine one dollars for private four year institutions, up from

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Speaker 1: ten thousand, fifty one dollars and twenty four thousand, thirty

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Speaker 1: six dollars, respectively in and this is all in twenty

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Speaker 1: twenty two dollars. Between two thousand and twenty eighteen, the

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Speaker 1: median student debt for white borrowers doubled but quadrupled for

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Speaker 1: black borrowers. Black women have the highest average student loan

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Speaker 1: debt at thirty seven thousand, five hundred and fifty eight dollars,

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Speaker 1: followed by black men at thirty five thousand, six hundred

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Speaker 1: sixty five dollars. White women OH about thirty one thousand,

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Speaker 1: three hundred forty six dollars on average, and white men

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Speaker 1: twenty nine thousand, eight hundred and sixty two dollars. Hispanic

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Speaker 1: slash Latino women OH twenty seven thousand, twenty nine dollars

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Speaker 1: on average, slightly less than Hispanic Latino men at twenty

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Speaker 1: seven thousand, four hundred and fifty two dollars. So those

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Speaker 1: are some pretty stark numbers. UM. And here's another one.

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Speaker 1: Women hold about two thirds of America's one point six

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Speaker 1: trillion student loan debt. UH. This is more than the

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Speaker 1: gross domestic product pretty much every country, and it's the

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Speaker 1: second highest source of US household debts after housing itself.

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Speaker 1: For women, that equals out to about eight hundred and

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Speaker 1: thirty three billion dollars as of six UM. Some other

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Speaker 1: numbers are higher in the mid like nine hundred billion

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Speaker 1: dollar range, So it's high, it's high. Whatever you whatever

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Speaker 1: number you find, that is huge, and it disproportionately hits

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Speaker 1: women of color and especially Black women. As of black

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Speaker 1: women held the highest average student loan debt. And we

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Speaker 1: have a couple of quotes about that quote. Black women

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Speaker 1: hold the highest amount of student loan debt of any

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Speaker 1: racial or gender group. A a u W reports that

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Speaker 1: one year after graduation, black women oh ten thousand dollars

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Speaker 1: more than any other women borrowers. And then further, due

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Speaker 1: to systemic racial discrimination, black families have far less wealth

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Speaker 1: to draw from for college tuition. This means black students

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Speaker 1: must borrow more, have increased difficulties paying back those debts,

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Speaker 1: and hold loan debts that take up a larger proportion

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Speaker 1: of their financial resources. And from a CNBC report, the

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Speaker 1: Brookings Institute estimates that on average, black college graduates OH

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Speaker 1: fifty two thousand, seven twenty six dollars in student debt,

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Speaker 1: while white college grads oh closer to twenty eight thousand

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Speaker 1: and six dollars. And the Urban Institute reports that among

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Speaker 1: borrowers between the ages of twenty five and fifty five

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Speaker 1: who took on college debt to finance their own undergraduate degree,

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Speaker 1: black borrowers oh thirty two thousand, forty seven dollars on average,

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Speaker 1: while white and Hispanic borrowers are roughly eighteen thousand, six

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Speaker 1: hundred eighty five dollars and fifteen thousand, eight hundred and

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Speaker 1: fifty three dollars, respectively. So that's quite a big difference.

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Speaker 1: Is quite a big difference from the Washington Former quote.

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Speaker 1: According to the Institute on Assets and Social Policy, after

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Speaker 1: twenty years in repayment, the typical black borrowers still owes

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Speaker 1: of their cumulative borrowing total, while similarly situated white burrowers

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Speaker 1: have reduced their debt by with nearly half of white

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Speaker 1: borrowers holding no student debt at all. And from the

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Speaker 1: desk of Congresswoman Ayana Pressley quote, the student debt crisis

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Speaker 1: is one that uniquely affects Black women, who are the

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Speaker 1: most educated and indebted democraphic group in our country. Generations

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Speaker 1: of policy violence and discriminatory policies like redlining and predatory

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Speaker 1: lending have denied our families the opportunity to build wealth

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Speaker 1: and have forced us to take on crushing amounts of

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Speaker 1: debt that have severely limited our economic futures. Black women

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Speaker 1: oh twenty two percent more than the average student debtload

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Speaker 1: of white women, and are the most systematically underpaid, earning

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Speaker 1: just sixty four cents to every dollar earned by white men.

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Speaker 1: The disparate impact of the pandemic has only exacerbated these inequities,

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Speaker 1: which yes, we have talked about. We cannot separate the

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Speaker 1: gender wage gap and then all the intersectionalities within that.

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Speaker 1: In this conversation from American Progress dot org, students attending

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Speaker 1: private for profit colleges how the worst default rates across

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Speaker 1: all institution types one third of all borrowers defaulted within

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Speaker 1: six years of starting at a private for profit institution,

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Speaker 1: including forty two percent of Black or African American borrowers.

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Speaker 1: While the default rates for private for profit institutions are alarming,

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Speaker 1: there are also concerning gaps by race at public and

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Speaker 1: private nonprofit four year inst tuitions. At these schools, black

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Speaker 1: are African American borrowers at a default rate nearly four

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Speaker 1: times greater than white borrowers and more than double that

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Speaker 1: of Hispanic or Latino borrowers. And more women are completing

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Speaker 1: degrees as compared to men, and they are more likely

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Speaker 1: to pursue higher education as compared to men right now,

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Speaker 1: but that all comes out of cost. According to the

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Speaker 1: American Association of University Women the a a u W,

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Speaker 1: which we've mentioned earlier, the average American woman holds about

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Speaker 1: thirty one thousand, two hundred and seventy six dollars in

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Speaker 1: student debt. This translates to an average monthly bill of

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Speaker 1: three hundred and seven dollars beginning the month after graduation.

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Speaker 1: At the same time, a woman exiting college with a

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Speaker 1: bachelor's degree, they are nuring a job force where their

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Speaker 1: average salaries around thirty five thousand, three thirty eight dollars,

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Speaker 1: so already this is not good um, which is about

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Speaker 1: of what men are expected to earn. By the way,

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Speaker 1: they also found that forty one percent of female undergraduates

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Speaker 1: took on debt in the latest figures available, compared to

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Speaker 1: thirty five percent of male undergraduates upon completion of a

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Speaker 1: bachelor's degree. Women's average student debt is about two thousand,

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Speaker 1: seven hundred dollars greater than men's, and Black women take

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Speaker 1: on more student debt on average than do members of

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Speaker 1: any other group, So obviously this is a financial burden

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Speaker 1: and is on top of housing, car payments, children um

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Speaker 1: if if children are in the mix, and after women graduate,

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Speaker 1: they face a gender wage gap, one that is worse

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Speaker 1: for women of color and lgbt Q plus folks, and this,

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Speaker 1: among other things, means it will take them at least

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Speaker 1: two years more to pay their student debt compared to men.

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Speaker 1: And all of this compounds into women not having as

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Speaker 1: much to go into retirement or savings, which is a

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Speaker 1: huge deal. And as we've discussed during our many episodes

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Speaker 1: on how the pandemic hit women harder and women of

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Speaker 1: color harder in the early months of the pandemic, Women

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00:20:26,080 --> 00:20:30,879
Speaker 1: accounted for almost sixty of unemployment claims, often because of

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Speaker 1: the types of professions they were in and or having

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Speaker 1: to stay home to school their children. And on top

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Speaker 1: of that, while more women are attending college than ever before,

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Speaker 1: the cost has risen exponentially, doubling over the past generation.

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Speaker 1: And this while incomes have remained stagnant. Uh and the

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Speaker 1: expectations of women around cleaning, childering, and basic domesticity are

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Speaker 1: still far higher than what they are from men and

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Speaker 1: who That's not the only layer to the conversation, according

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Speaker 1: to ernest dot com. While this might not be the

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Speaker 1: case in every household, a seventeen survey by t ro

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Speaker 1: Price showed that the parents of all boys were saving

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Speaker 1: more and willing to spend more on their kids college

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Speaker 1: education than parents of all girls. Of parents with only

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Speaker 1: boys has started to save money for their college education

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Speaker 1: compared with thirty nine of parents who had only girls

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Speaker 1: and from Investipedia quote. In fact, female bars typically require

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Speaker 1: more education to earn a wage equal to less educated men.

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Speaker 1: To exceed the lifetime earnings of a male graduate with

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Speaker 1: just an associate degree, a woman may need to earn

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Speaker 1: at least a master's degree. Those who receive a graduate

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Speaker 1: education to counter at pay gaps will ultimately take on

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Speaker 1: even more debt and pay more or in the long run.

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Speaker 1: And further, according to the Center for Responsible Lending, approximately

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Speaker 1: tw of all college students in twent eighteen were parents

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Speaker 1: with dependent children, more than of parents were single mothers

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Speaker 1: who oh gosh. And further, of all enrolled college students

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Speaker 1: work while studying right uh and honestly, specific needs or

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Speaker 1: higher education for a lot of the fields that we

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Speaker 1: see women, especially black women, marginalist people go into more

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Speaker 1: oftentimes pay less, but require a higher degree UM. Like

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Speaker 1: the agency that I worked with, masters often was required,

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Speaker 1: but the cap of the salaries fifty thousand for a

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Speaker 1: master's um. And that's maybe if you've been in there

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Speaker 1: for a while and you've got some incentives like being

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Speaker 1: a part of the military or something previously, and the

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Speaker 1: fact that it takes that level to get to there,

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Speaker 1: like I was saying, in that same agency, I started

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Speaker 1: off with seven with a college with a requirement for

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Speaker 1: a college degree. You move up and it went up

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00:23:09,400 --> 00:23:13,440
Speaker 1: to twenty nine to thirty three to thirty six, so

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Speaker 1: it's phenomenally less. And if you were trying to actually

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Speaker 1: get a degree at the same time, it was almost

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Speaker 1: impossible because it would take you six years with lots

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Speaker 1: of debt because most likely you're gonna do it online.

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Speaker 1: And for a long time, it was only privatized for

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Speaker 1: profit colleges that were offering those type of degrees UM,

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Speaker 1: So therefore you were taking advantage of extremely because that's

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Speaker 1: the only ones that really offered to people who have

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Speaker 1: full time job, of family, any of those things. UM

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Speaker 1: and hopefully you have access to the computer, because if

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Speaker 1: you don't, that's a whole different conversation. In my lifetime,

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Speaker 1: when I was trying to figure out if I wanted

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Speaker 1: to go back for my master's because I wanted to

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Speaker 1: go into a deeper field. But at the same time,

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Speaker 1: you know, it wasn't about the money. I knew I

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Speaker 1: would have to go into even more debt because I

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Speaker 1: would not qualify for the same UH scholars ships that

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Speaker 1: you as you do UM. And then master's program costs

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Speaker 1: about twice or three times to four times as the

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Speaker 1: undergraduate programs do, so it's significantly more. At the same time,

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Speaker 1: trying to do homework and as I talked about in

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Speaker 1: social work, and I'm sure many other films. You have

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Speaker 1: to do a practicum or an internship that takes up

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Speaker 1: twenty hours of your week as well. There's a lot

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Speaker 1: it is. It is such a lot, and I it

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Speaker 1: kind of sounds trite, but I'm just reminded of when

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Speaker 1: we played Life together, Samantha, the game of Life, and

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Speaker 1: so much of it felt like a pay to play,

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Speaker 1: and this that this feels like that to me, Like

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Speaker 1: you have to pay, you have to go into debt. Two,

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Speaker 1: get this degree that will supposedly get you the job,

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Speaker 1: but it doesn't really get you the job anymore like

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Speaker 1: it might, but it's not a guarantee at all. And yeah,

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Speaker 1: so if you aren't able to find a well paying

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Speaker 1: job after graduating, as many are not, and you can't

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Speaker 1: pay your student loans, a person can be labeled as

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Speaker 1: such a linquent, which can in turn lead to their

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Speaker 1: loans defaulting, which in turn can put a major dint

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Speaker 1: in their credit report, which I still think is nonsense,

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00:25:16,480 --> 00:25:20,760
Speaker 1: but that's a future episode. Whether or not it's nonsense,

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00:25:21,000 --> 00:25:23,440
Speaker 1: it can be a huge deal and it can affect

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Speaker 1: a lot of what you want to buy or accomplish.

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00:25:28,240 --> 00:25:32,600
Speaker 1: Um and the type of college matters too. Here's another

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Speaker 1: quote from Investipedia. Although all of these amounts are high,

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00:25:36,400 --> 00:25:39,560
Speaker 1: the difference between the cost of public for your institutions

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Speaker 1: and for profit for your ones is stark. They may

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00:25:42,680 --> 00:25:46,040
Speaker 1: not enroll as many students as public universities, but for

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Speaker 1: profit institutions disproportionately enroll women, particularly Black women and ors

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Speaker 1: single mothers. And they also report from one to four

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Speaker 1: years falling graduation, women have paid off thirty one percent

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Speaker 1: of their out standing debt, compared to the thirty eight

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Speaker 1: percent that men paid off. Black and Hispanic women were

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Speaker 1: significantly further behind during the same time period, at twelve

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Speaker 1: percent to eighteen percent, respectively. Additionally, the A A u

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00:26:14,400 --> 00:26:17,880
Speaker 1: W found that fifty seven percent of Black female borrowers

401
00:26:18,040 --> 00:26:21,000
Speaker 1: and two thousand and eight to two thousand twelve faced

402
00:26:21,040 --> 00:26:24,800
Speaker 1: financial difficulties while paying down their debt, compared to forty

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00:26:26,640 --> 00:26:33,080
Speaker 1: and for Hispanic, White, and Asian women respectively. And when

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00:26:33,080 --> 00:26:36,160
Speaker 1: it comes to the l G B, t Q plus community,

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00:26:36,560 --> 00:26:41,119
Speaker 1: numbers are lacking, but one study from the Williams Institute

406
00:26:41,200 --> 00:26:43,840
Speaker 1: out of u c. L A School of Law found

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Speaker 1: that fifty one percent of trans adults have taken out

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00:26:47,160 --> 00:26:50,800
Speaker 1: federal educational loans in comparison to thirty five point nine

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Speaker 1: percent of l b q CIS gendered women and twenty

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Speaker 1: seven point nine percent of g b q CIS gendered men.

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Speaker 1: On top of that, trans people are more likely to

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Speaker 1: go through credit rejection. People who identify as LGBTQ plus

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Speaker 1: oh an average sixteen thousand dollars more as compared to

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Speaker 1: those who do not identify that way. And here's another

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Speaker 1: quote from INVESTIPDIA. Additionally, a seventeen survey conducted by the

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Speaker 1: Center for the Study of Student Life at the Ohio

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00:27:24,280 --> 00:27:28,000
Speaker 1: State University found that the two d forty four participants

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Speaker 1: who identified as either transgender men are gender non conforming

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00:27:32,680 --> 00:27:35,400
Speaker 1: were more likely to take out a loan to pay

420
00:27:35,400 --> 00:27:39,439
Speaker 1: for college eight two somewhat more likely to have student

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00:27:39,480 --> 00:27:43,080
Speaker 1: loan debt three point nine percent, and slightly more likely

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00:27:43,119 --> 00:27:46,480
Speaker 1: to rely on financial assistance from family members to pay

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00:27:46,480 --> 00:27:51,080
Speaker 1: for college expenses to percent than their CIS gender counterparts.

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Speaker 1: The report also detailed how trans folks were more likely

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Speaker 1: to face discrimination, rejection, and bullying, leading them to drop

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00:27:59,400 --> 00:28:03,639
Speaker 1: out of school or for their grades or suffer, and

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00:28:03,720 --> 00:28:09,040
Speaker 1: perhaps prolonging their schooling and increasing their debt um So

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00:28:09,160 --> 00:28:14,320
Speaker 1: there's that and then all of the sticks around from

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00:28:14,359 --> 00:28:18,160
Speaker 1: go banking. About fourteen percent of women in that age

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00:28:18,240 --> 00:28:21,840
Speaker 1: range have ten thousand to thirty thousand in student loan debts,

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00:28:21,920 --> 00:28:25,920
Speaker 1: and another fourteen percent have thirty thousand and one dollars

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Speaker 1: to fifty thousand. That means that at the age when

433
00:28:30,080 --> 00:28:32,520
Speaker 1: they should be scrambling to max out, there four o

434
00:28:32,640 --> 00:28:36,040
Speaker 1: one ks and I raise more than one woman in

435
00:28:36,200 --> 00:28:40,400
Speaker 1: four is approaching retirement with ten thousand to fifty thousand

436
00:28:40,440 --> 00:28:45,360
Speaker 1: dollars in student loan debt. About seven percent have fifty

437
00:28:45,440 --> 00:28:49,920
Speaker 1: thousand and one dollar to seventy thousand in college debt,

438
00:28:50,000 --> 00:28:52,760
Speaker 1: and four percent to have between seventy thousand and one

439
00:28:52,800 --> 00:28:56,680
Speaker 1: dollar and one hundred thousand dollars, and another four percent

440
00:28:57,320 --> 00:29:01,920
Speaker 1: have more than one hundred thousand dollars. And so this

441
00:29:01,960 --> 00:29:04,600
Speaker 1: has been a very quote heavy and number heavy episode.

442
00:29:04,640 --> 00:29:10,200
Speaker 1: But I just want to reiterate the mental toll, the

443
00:29:10,240 --> 00:29:14,640
Speaker 1: emotional toll that this has um which I've seen in

444
00:29:14,640 --> 00:29:17,280
Speaker 1: my friends. Like I said, I've seen them cry when

445
00:29:17,320 --> 00:29:20,560
Speaker 1: they finally paid off their loans. I've seen them cry

446
00:29:20,680 --> 00:29:23,400
Speaker 1: when they realized they wouldn't be paying off their loans

447
00:29:23,480 --> 00:29:26,560
Speaker 1: as quickly as they thought they would, and just this

448
00:29:27,760 --> 00:29:38,080
Speaker 1: thing that hovers over you, UM that you know. I

449
00:29:38,200 --> 00:29:40,640
Speaker 1: don't want to speak for everybody, but from personal experience,

450
00:29:40,680 --> 00:29:42,520
Speaker 1: like sometimes you go to school and you don't know

451
00:29:42,560 --> 00:29:46,600
Speaker 1: what you want UM, you don't know what you really

452
00:29:46,920 --> 00:29:50,480
Speaker 1: want to do, and then to be in debt for

453
00:29:50,640 --> 00:29:55,760
Speaker 1: something that maybe is not going to serve you, whether

454
00:29:55,800 --> 00:29:59,880
Speaker 1: it's because times have changed and the college degree to

455
00:30:00,000 --> 00:30:02,960
Speaker 1: doesn't mean as much as it once did, or because

456
00:30:03,120 --> 00:30:05,520
Speaker 1: you were young when you decided to do this thing

457
00:30:05,840 --> 00:30:10,360
Speaker 1: and then you change your mind, like have this just

458
00:30:11,520 --> 00:30:15,200
Speaker 1: bill like always coming, you owe this much money. It

459
00:30:15,280 --> 00:30:18,400
Speaker 1: takes an emotional toll. I mean definitely. When you talk

460
00:30:18,440 --> 00:30:20,520
Speaker 1: about people who don't know what they want to do,

461
00:30:20,640 --> 00:30:23,160
Speaker 1: they often don't use the degree that they get UM

462
00:30:23,200 --> 00:30:25,959
Speaker 1: because they had no idea what it would involve and

463
00:30:25,960 --> 00:30:29,440
Speaker 1: it doesn't have real worlds applications UM when you leave,

464
00:30:29,720 --> 00:30:32,240
Speaker 1: and I'm thinking about both my my field and like

465
00:30:32,280 --> 00:30:35,120
Speaker 1: I did know what I wanted when I left, Obviously

466
00:30:35,200 --> 00:30:38,480
Speaker 1: I couldn't sustain it because it wasn't enough for me

467
00:30:38,560 --> 00:30:41,880
Speaker 1: to live on UM in that field. And I know

468
00:30:41,920 --> 00:30:43,680
Speaker 1: people who do it, but I also know people who

469
00:30:43,720 --> 00:30:45,200
Speaker 1: do it are in like a couple of theom that

470
00:30:45,280 --> 00:30:47,960
Speaker 1: are able to have dual income, and they still that's

471
00:30:47,960 --> 00:30:50,520
Speaker 1: still a stretch. That's still a stretch. And even those

472
00:30:50,520 --> 00:30:53,000
Speaker 1: people go into what I've done to when I had

473
00:30:53,040 --> 00:30:55,880
Speaker 1: two or three jobs at a time, um, trying to

474
00:30:55,960 --> 00:30:59,760
Speaker 1: do so. I have a friend who she got her

475
00:30:59,800 --> 00:31:02,320
Speaker 1: masters and she works in the same field, but she's

476
00:31:02,360 --> 00:31:04,880
Speaker 1: having to do another job on top of that because

477
00:31:04,880 --> 00:31:07,160
Speaker 1: she's still paying off not only her debt but just

478
00:31:07,240 --> 00:31:11,080
Speaker 1: trying to live day by day. Um. And what is

479
00:31:11,240 --> 00:31:14,320
Speaker 1: increasingly become unfair for those who we would look put

480
00:31:14,320 --> 00:31:18,560
Speaker 1: in the lower economic status, uh, just having struggles in

481
00:31:18,640 --> 00:31:22,479
Speaker 1: society because we cannot pay rent, we cannot pay uh

482
00:31:22,920 --> 00:31:26,440
Speaker 1: car payments, we cannot pay with inflation all those things

483
00:31:26,680 --> 00:31:30,080
Speaker 1: that this cost of just getting food has gotten high,

484
00:31:30,120 --> 00:31:32,400
Speaker 1: and it's always gone high, and then we don't have

485
00:31:32,560 --> 00:31:35,560
Speaker 1: an increase on what was the minimum wage. So therefore,

486
00:31:36,040 --> 00:31:38,360
Speaker 1: if the bottom, if the person who is getting paid

487
00:31:38,520 --> 00:31:41,320
Speaker 1: the bare minimum is not enough for a living wage

488
00:31:41,320 --> 00:31:44,560
Speaker 1: from even ten years ago, there's no up ladder for

489
00:31:44,600 --> 00:31:48,720
Speaker 1: anybody else either, because that's still the president that it holds.

490
00:31:49,040 --> 00:31:51,840
Speaker 1: Unless it's a nonprofit, which maybe you can get into,

491
00:31:52,040 --> 00:31:54,080
Speaker 1: you better hope you can get into, but you better.

492
00:31:54,080 --> 00:31:56,600
Speaker 1: Hope you've had experience to get into that. There's so

493
00:31:56,640 --> 00:32:01,320
Speaker 1: many things that causes so many issues with these conversations,

494
00:32:01,360 --> 00:32:03,360
Speaker 1: because we also know that the credit system that gets

495
00:32:03,360 --> 00:32:06,000
Speaker 1: set up to nineteen nine and the same people who

496
00:32:06,000 --> 00:32:07,680
Speaker 1: are whining about the fact that we need to just

497
00:32:07,720 --> 00:32:09,560
Speaker 1: get over and pay for it are the pa people

498
00:32:09,560 --> 00:32:12,280
Speaker 1: who never had to deal with the same level of

499
00:32:12,320 --> 00:32:15,160
Speaker 1: scrutiny that we have to. We know that these practices

500
00:32:15,200 --> 00:32:19,400
Speaker 1: were placed to give capitalist ideas a step above and

501
00:32:19,440 --> 00:32:23,880
Speaker 1: putting and this was a racist tactic in what is

502
00:32:23,920 --> 00:32:27,560
Speaker 1: being placed on who is being economically who has had

503
00:32:27,600 --> 00:32:30,640
Speaker 1: given the economic advantage. And I say this as a

504
00:32:30,640 --> 00:32:33,600
Speaker 1: person that is uh, I guess my debt is like

505
00:32:33,600 --> 00:32:36,480
Speaker 1: a white person, even though Asian people have done a

506
00:32:36,480 --> 00:32:40,200
Speaker 1: little better, because that's a whole different conversation, you know,

507
00:32:40,320 --> 00:32:43,200
Speaker 1: like there's this a whole level um. But when it

508
00:32:43,280 --> 00:32:46,880
Speaker 1: comes down to it, it's so I I gave up

509
00:32:47,040 --> 00:32:49,160
Speaker 1: at one point time when I went into when I

510
00:32:49,200 --> 00:32:50,920
Speaker 1: lost my job, trying to figure out what I want

511
00:32:50,960 --> 00:32:54,200
Speaker 1: to do, not trying not to lose my mind or

512
00:32:54,280 --> 00:32:58,000
Speaker 1: maybe my saying my health. Um, I gave up and

513
00:32:58,080 --> 00:33:00,480
Speaker 1: it really really was I'll never be able to be

514
00:33:00,520 --> 00:33:03,240
Speaker 1: free of this. So therefore I'll just pay the MINIMU

515
00:33:03,320 --> 00:33:05,920
Speaker 1: until I die and hope that it just disappears after

516
00:33:06,000 --> 00:33:08,760
Speaker 1: that because I think my parents will be dead. I'm

517
00:33:08,800 --> 00:33:10,560
Speaker 1: not gonna have kids, so they're not gonna take it.

518
00:33:10,600 --> 00:33:14,920
Speaker 1: So let's just cross our fingers that's what's gonna happen.

519
00:33:15,800 --> 00:33:18,360
Speaker 1: Because there's so much to that that I'm like, I

520
00:33:18,400 --> 00:33:22,280
Speaker 1: can never do a job that's so stressful, but I

521
00:33:22,560 --> 00:33:25,240
Speaker 1: feel like I was supposed to do and pay off.

522
00:33:25,440 --> 00:33:28,440
Speaker 1: So if I was getting, like, if you think about mathematically,

523
00:33:28,840 --> 00:33:33,960
Speaker 1: my actual salary before taxes was twenty seven nineties something

524
00:33:34,040 --> 00:33:37,320
Speaker 1: n something. Takeaway taxes, we know that's like a third

525
00:33:37,320 --> 00:33:39,360
Speaker 1: of it is gone. So now we're putting it down

526
00:33:39,360 --> 00:33:42,640
Speaker 1: to sixteen thousand a year and then trying to live

527
00:33:42,680 --> 00:33:45,600
Speaker 1: on my own, having my own car payments, paying bills,

528
00:33:45,720 --> 00:33:49,000
Speaker 1: having the student low that is not helping me whatsoever.

529
00:33:49,480 --> 00:33:55,080
Speaker 1: And if I may maybe can do extracurricular stuff, then yeah.

530
00:33:55,600 --> 00:33:58,720
Speaker 1: But I literally was getting I think at that point,

531
00:33:58,760 --> 00:34:02,120
Speaker 1: eight hundred and seven dollars per paycheck, which was like

532
00:34:02,360 --> 00:34:04,960
Speaker 1: right for a new person who never had money outside

533
00:34:04,960 --> 00:34:08,000
Speaker 1: of the minimum wage, and that was below minimum wage

534
00:34:08,040 --> 00:34:10,880
Speaker 1: for the hours that I was working. It was almost

535
00:34:10,880 --> 00:34:15,600
Speaker 1: impossible to keep up with too high. Maybe it was

536
00:34:15,640 --> 00:34:18,719
Speaker 1: like seven yeah, I think it was seven something because

537
00:34:18,760 --> 00:34:20,520
Speaker 1: I was trying to figure it out. And this includes

538
00:34:20,640 --> 00:34:23,239
Speaker 1: hopefully I'm being healthy and I don't have to go

539
00:34:23,280 --> 00:34:25,879
Speaker 1: see a doctor, because all of that is a part

540
00:34:25,960 --> 00:34:30,399
Speaker 1: of this. Um. I just literally it was. I would

541
00:34:30,480 --> 00:34:33,120
Speaker 1: sit I remember sitting crying at my friends trying to

542
00:34:33,160 --> 00:34:36,279
Speaker 1: figure out how to do this, how to pay my

543
00:34:36,400 --> 00:34:39,000
Speaker 1: bills because what I was doing was getting credit cards

544
00:34:39,000 --> 00:34:41,080
Speaker 1: with high interest rate and paying it with that, so

545
00:34:41,120 --> 00:34:43,239
Speaker 1: that was not helpful either because I was trying to

546
00:34:43,280 --> 00:34:47,840
Speaker 1: obtain so I just finally gave up on everything, on everything.

547
00:34:47,960 --> 00:34:50,200
Speaker 1: You know. I actually got a dog, which was amazing

548
00:34:50,320 --> 00:34:52,920
Speaker 1: for my mental health, but I had always had to

549
00:34:52,960 --> 00:34:56,440
Speaker 1: pay four thousand dollars for his health bills, so on

550
00:34:56,560 --> 00:34:59,800
Speaker 1: top of that, it was it was impossible. I never

551
00:35:00,000 --> 00:35:04,120
Speaker 1: felt so defeated, and I still kind of feel that

552
00:35:04,160 --> 00:35:06,440
Speaker 1: way today, like I've got I'm in a better place. Obviously,

553
00:35:06,520 --> 00:35:08,680
Speaker 1: I've been able to buy a house, and I'm not gloating,

554
00:35:08,719 --> 00:35:12,560
Speaker 1: but honestly it's because it was paused and the way

555
00:35:12,560 --> 00:35:15,080
Speaker 1: everything worked out, it got bought out by different companies,

556
00:35:15,080 --> 00:35:17,560
Speaker 1: so it looked like it got paid off. So I

557
00:35:17,880 --> 00:35:20,320
Speaker 1: hit the sweet spot. I'm saying, I'm very very personal

558
00:35:20,320 --> 00:35:22,520
Speaker 1: about my finances about this, but I had a sweet

559
00:35:22,560 --> 00:35:25,440
Speaker 1: spot where it didn't show up on my credit so

560
00:35:25,480 --> 00:35:28,520
Speaker 1: I was able to have more borrowing power, which I

561
00:35:28,560 --> 00:35:31,520
Speaker 1: didn't go. I didn't go outside of my scale. I

562
00:35:31,560 --> 00:35:34,320
Speaker 1: was like, nope, I've I've I've learned at this point,

563
00:35:35,320 --> 00:35:38,839
Speaker 1: I've learned better. Um. But yeah, it's a hard thing

564
00:35:38,920 --> 00:35:40,680
Speaker 1: coming back into this reality and checking it and trying

565
00:35:40,680 --> 00:35:42,759
Speaker 1: to figure out how to do best do this and

566
00:35:42,800 --> 00:35:44,960
Speaker 1: knowing that I'm in a better place than I was before,

567
00:35:45,120 --> 00:35:47,839
Speaker 1: but also filled this whole like I cannot believe I'm

568
00:35:47,880 --> 00:35:51,520
Speaker 1: still dealing with this twenty years later, Um, for a

569
00:35:51,640 --> 00:35:56,879
Speaker 1: degree that literally got me paid nothing, and then being

570
00:35:56,880 --> 00:36:00,799
Speaker 1: told it's so important. I think that's the one of

571
00:36:00,840 --> 00:36:06,880
Speaker 1: the biggest things that's frustrated me about this whole conversation

572
00:36:07,040 --> 00:36:10,839
Speaker 1: is that the idea is you go to college, you'll

573
00:36:10,840 --> 00:36:15,640
Speaker 1: get a well paying job, and that's not true. It

574
00:36:15,719 --> 00:36:18,399
Speaker 1: might be, but generally that is not something you can

575
00:36:18,400 --> 00:36:23,960
Speaker 1: trust anymore, if it ever was something you can trust. Ever,

576
00:36:38,440 --> 00:36:43,959
Speaker 1: we do have some I don't know possible solutions things

577
00:36:43,960 --> 00:36:47,200
Speaker 1: people are talking about, right, Samantha, So I guess we

578
00:36:47,280 --> 00:36:50,120
Speaker 1: do have some new conversations because it's become part of

579
00:36:50,120 --> 00:36:52,880
Speaker 1: the limeline have been a big controversy, but we know

580
00:36:53,000 --> 00:36:56,080
Speaker 1: doing the pandemic, there's been a pause on the federal

581
00:36:56,120 --> 00:36:58,439
Speaker 1: sort of loan payments. Again, like I said, it's helped

582
00:36:58,480 --> 00:37:03,279
Speaker 1: me out um and through these talks of extensions, and

583
00:37:03,320 --> 00:37:05,680
Speaker 1: there may be more. There's more talks of it coming through,

584
00:37:05,840 --> 00:37:09,280
Speaker 1: possibly until at least three who knows, because it's supposed

585
00:37:09,280 --> 00:37:12,359
Speaker 1: to end this month. But the end is nigh as

586
00:37:12,520 --> 00:37:14,319
Speaker 1: as we would like to say, because we know this

587
00:37:14,360 --> 00:37:17,799
Speaker 1: can't be forever. Just like how little stimulus they gave us,

588
00:37:17,920 --> 00:37:20,320
Speaker 1: this is very little that they will give us as well.

589
00:37:20,360 --> 00:37:23,640
Speaker 1: But the discussion has been ongoing, um and so we

590
00:37:23,640 --> 00:37:25,680
Speaker 1: thought we would take a moment to talk about what

591
00:37:26,080 --> 00:37:29,359
Speaker 1: some of these solutions that have been proposed by different organizations,

592
00:37:29,600 --> 00:37:34,319
Speaker 1: maybe our federal representatives, whatever, and even individuals, about best

593
00:37:34,360 --> 00:37:38,160
Speaker 1: possible solutions. Of course, the big one which I've been

594
00:37:38,160 --> 00:37:39,799
Speaker 1: really crossing my fingers for it and a lot of

595
00:37:39,840 --> 00:37:42,799
Speaker 1: us have, is just canceling all of the student debt,

596
00:37:42,880 --> 00:37:45,680
Speaker 1: just point blake, canceling it now um. Of course this

597
00:37:45,719 --> 00:37:49,080
Speaker 1: would be too close to having a free education and

598
00:37:49,120 --> 00:37:52,239
Speaker 1: to socialists, I'm sure for so many people, So the

599
00:37:52,320 --> 00:37:55,759
Speaker 1: likelihood of this is very, very low. We also know

600
00:37:55,800 --> 00:38:00,799
Speaker 1: when it comes to UH capitalism, federal loans, educational loans

601
00:38:00,920 --> 00:38:05,359
Speaker 1: have been privatized Thanks Day, it was priortized before. Don't

602
00:38:05,400 --> 00:38:09,520
Speaker 1: get me started. But as well as the fact that yes,

603
00:38:09,560 --> 00:38:12,439
Speaker 1: people have a lot of money in this to get

604
00:38:12,440 --> 00:38:14,799
Speaker 1: those interest rates, to get that payment, because that's how

605
00:38:14,840 --> 00:38:17,560
Speaker 1: they trickle into the economy, is taking it from people

606
00:38:18,440 --> 00:38:21,760
Speaker 1: at the bottom of the wrong We know this, UM.

607
00:38:21,800 --> 00:38:24,000
Speaker 1: But another idea, and the one that seems to be

608
00:38:24,080 --> 00:38:27,319
Speaker 1: kind of the most likely today. You know, I'll say

609
00:38:27,360 --> 00:38:30,560
Speaker 1: that today because it changes a lot, is for giving

610
00:38:30,680 --> 00:38:34,440
Speaker 1: up to somewhere in the ten thousand to fifty thousand range.

611
00:38:34,480 --> 00:38:37,839
Speaker 1: So the conversation has thrown out all these different numbers. UH.

612
00:38:38,080 --> 00:38:40,239
Speaker 1: One has been the ten thousand, and there's another twenty

613
00:38:40,280 --> 00:38:43,719
Speaker 1: five thousand, there's another fifty thousand, and ideas run from

614
00:38:43,760 --> 00:38:47,319
Speaker 1: having the Secretary of Education to move forward with legislation

615
00:38:48,120 --> 00:38:52,240
Speaker 1: to get in that to Biden. President Biden actually signing

616
00:38:52,239 --> 00:38:55,439
Speaker 1: an executive order, which was actually one of the things

617
00:38:55,440 --> 00:39:00,000
Speaker 1: that Elizabeth Warren. Representative Warren has put her platform against

618
00:39:00,040 --> 00:39:02,319
Speaker 1: say our cancel student loans, and she has been a

619
00:39:02,360 --> 00:39:05,719
Speaker 1: big voice in this, as well as several other representatives

620
00:39:05,760 --> 00:39:09,520
Speaker 1: as well. But she's talking about doing an executive order

621
00:39:09,840 --> 00:39:12,560
Speaker 1: in order to do that. But currently White House Press

622
00:39:12,600 --> 00:39:15,040
Speaker 1: Secretary has alluded to the fact that Biden will more

623
00:39:15,120 --> 00:39:18,920
Speaker 1: more likely signed for a ten tho dollar forgiveness for everyone,

624
00:39:19,520 --> 00:39:21,799
Speaker 1: which I've seen comments of like, that's great and all,

625
00:39:21,840 --> 00:39:23,920
Speaker 1: but how does that really help for an eighty thousand

626
00:39:23,960 --> 00:39:26,400
Speaker 1: dollar a loan that I have? And again, when we

627
00:39:26,440 --> 00:39:28,719
Speaker 1: talk about what it looks like with interest rates and

628
00:39:28,719 --> 00:39:31,480
Speaker 1: what you're paying off, and I know this happens with houses.

629
00:39:31,520 --> 00:39:35,759
Speaker 1: To this, this whole system is corrupt. And of course

630
00:39:35,880 --> 00:39:39,600
Speaker 1: there has been suggestions that there should be no interest loans,

631
00:39:39,840 --> 00:39:43,040
Speaker 1: as in zero interests, which has been a pain in

632
00:39:43,080 --> 00:39:45,320
Speaker 1: the butt for many of people. This interest rate. Again,

633
00:39:45,440 --> 00:39:47,680
Speaker 1: I say this, even though the interest rates is low,

634
00:39:48,040 --> 00:39:53,000
Speaker 1: when it completely spirals out, it's like a never ending hole. Um.

635
00:39:53,040 --> 00:39:55,960
Speaker 1: But then there's another possibility, which is to offer zero

636
00:39:56,000 --> 00:40:00,600
Speaker 1: percent interests until twenty four which sounds like a really

637
00:40:01,360 --> 00:40:05,520
Speaker 1: big cop out to me. Um. But yeah, one of

638
00:40:05,520 --> 00:40:08,400
Speaker 1: the short term ideas UM, and then there's a conversation,

639
00:40:08,440 --> 00:40:11,360
Speaker 1: what about the bigger picture, what about the long term fixes? UM,

640
00:40:11,400 --> 00:40:14,680
Speaker 1: and some have had suggested the usage of the public

641
00:40:14,719 --> 00:40:18,400
Speaker 1: service alone forgiveness. As a person who was in public service,

642
00:40:18,640 --> 00:40:21,759
Speaker 1: it is so difficult to get this type of loan,

643
00:40:21,840 --> 00:40:23,840
Speaker 1: and by the way, you have to be there for

644
00:40:23,920 --> 00:40:29,280
Speaker 1: ten years uninterrupted with perfect credit almost and perfect payment

645
00:40:29,760 --> 00:40:33,440
Speaker 1: repayment records, as well as you must get documentation from

646
00:40:33,440 --> 00:40:38,200
Speaker 1: each employee that the the level of requirements that you

647
00:40:38,280 --> 00:40:41,400
Speaker 1: have to meet is hard y'all, and that's why so

648
00:40:41,440 --> 00:40:43,759
Speaker 1: many people were denied and people trying to use this

649
00:40:43,800 --> 00:40:46,239
Speaker 1: as I see, we're doing something different. We're helping, we're

650
00:40:46,239 --> 00:40:49,440
Speaker 1: helping our teachers and our people. They're not they're not,

651
00:40:50,560 --> 00:40:52,719
Speaker 1: they're not. This was introduced, by the way, in two

652
00:40:52,760 --> 00:40:55,880
Speaker 1: thousand seven UM, but has not been usable until this

653
00:40:55,960 --> 00:40:59,680
Speaker 1: year really with previous restrictions being changed as well as

654
00:40:59,680 --> 00:41:02,960
Speaker 1: some are ineligible payments to be counted, so there's a

655
00:41:03,000 --> 00:41:05,040
Speaker 1: type of loan that you can count this for. But

656
00:41:05,080 --> 00:41:07,960
Speaker 1: now you can chaunt these UM. So the waiver has changed,

657
00:41:08,200 --> 00:41:10,640
Speaker 1: but that has a time limit right now. So if

658
00:41:10,680 --> 00:41:13,360
Speaker 1: you don't do it, I think before December, you cannot

659
00:41:13,440 --> 00:41:16,239
Speaker 1: qualify it. But that that is that conversation about trying

660
00:41:16,239 --> 00:41:20,200
Speaker 1: to extend uh these waivers um. And I would say

661
00:41:20,200 --> 00:41:23,759
Speaker 1: I don't qualify because I'm not there. Still I really

662
00:41:23,800 --> 00:41:25,160
Speaker 1: want because at least you just take it off for

663
00:41:25,160 --> 00:41:29,439
Speaker 1: the ten years out worth there um. So Uh. There's

664
00:41:29,440 --> 00:41:32,359
Speaker 1: also the conversation of making the income driven payments, which

665
00:41:32,400 --> 00:41:35,200
Speaker 1: I talked about earlier, which has always been an option

666
00:41:35,560 --> 00:41:38,080
Speaker 1: but not necessarily helpful when it comes to paying off

667
00:41:38,120 --> 00:41:41,080
Speaker 1: again the principle I have to keep talking about that

668
00:41:41,600 --> 00:41:44,120
Speaker 1: more accessible, as well as capping the monthly payments to

669
00:41:44,239 --> 00:41:47,160
Speaker 1: ten percent or less of the discretionary income, so that

670
00:41:47,160 --> 00:41:49,440
Speaker 1: would make it significant. But again, if they don't change

671
00:41:49,600 --> 00:41:52,920
Speaker 1: what kind of interest rates they are getting, it doesn't matter.

672
00:41:53,000 --> 00:41:55,440
Speaker 1: They're just paying off the interest rates. Uh. Again, at

673
00:41:55,440 --> 00:41:57,960
Speaker 1: the very least putting people who have defaulted on the

674
00:41:58,040 --> 00:42:01,480
Speaker 1: loans to go to good staying in their credit reports,

675
00:42:01,719 --> 00:42:05,560
Speaker 1: which would be significantly helpful for those who have defaulted. Again,

676
00:42:05,800 --> 00:42:08,960
Speaker 1: this is a minor solution for a huge problem that

677
00:42:09,200 --> 00:42:12,480
Speaker 1: doesn't seem like it's going to elevate much at all. Um. Again.

678
00:42:12,560 --> 00:42:15,400
Speaker 1: But even with all of these ideas, outside of outright

679
00:42:15,440 --> 00:42:18,960
Speaker 1: again canceling out right all of the student debt, the

680
00:42:19,040 --> 00:42:21,319
Speaker 1: overall debt can still be a deterrent for so many

681
00:42:21,360 --> 00:42:23,799
Speaker 1: people trying to get debt free, uh and trying to

682
00:42:23,800 --> 00:42:26,359
Speaker 1: move forward in their lives, whether includes trying to buy

683
00:42:26,440 --> 00:42:30,160
Speaker 1: large purchases is like a home or trying to start

684
00:42:30,200 --> 00:42:33,040
Speaker 1: the next phase in their family planning. This is a

685
00:42:33,160 --> 00:42:36,640
Speaker 1: huge impact and what is happening. It carries on for

686
00:42:36,680 --> 00:42:39,879
Speaker 1: a long long time. And again there's also this whole

687
00:42:39,960 --> 00:42:43,240
Speaker 1: level of buying out which I mentioned earlier, that causes

688
00:42:43,239 --> 00:42:47,440
Speaker 1: so much confusion and can cause a lot of chaos. Yeah,

689
00:42:47,600 --> 00:42:50,600
Speaker 1: it is a very confusing conversation in a lot of ways.

690
00:42:50,880 --> 00:42:53,520
Speaker 1: And it's one of those things that the more I

691
00:42:53,560 --> 00:42:55,960
Speaker 1: read about it, the more I was like, Yeah, this

692
00:42:56,080 --> 00:43:00,320
Speaker 1: is this is messed up that we're essentially expecting people

693
00:43:00,360 --> 00:43:02,960
Speaker 1: to go into debts so they can make money maybe

694
00:43:03,000 --> 00:43:07,240
Speaker 1: and they probably won't um and this will be haunting

695
00:43:07,280 --> 00:43:09,759
Speaker 1: them for the rest of their lives. It does have

696
00:43:09,840 --> 00:43:13,240
Speaker 1: a huge emotional mental toll. It does have a huge

697
00:43:13,239 --> 00:43:17,879
Speaker 1: impact on family planning, on like buying, how anything, any

698
00:43:17,920 --> 00:43:23,000
Speaker 1: of your future decisions. It just seems like another way

699
00:43:23,040 --> 00:43:29,120
Speaker 1: we're set up to fail. Yeah, indeed, indeed, And I

700
00:43:29,160 --> 00:43:32,680
Speaker 1: just want to say this has been uh kind of

701
00:43:32,680 --> 00:43:35,600
Speaker 1: a negative I guess the downer, which we we don't

702
00:43:35,600 --> 00:43:38,400
Speaker 1: shy away from ever. But I do want to say

703
00:43:38,560 --> 00:43:42,719
Speaker 1: I really enjoyed my college experience. I feel like I

704
00:43:42,800 --> 00:43:46,240
Speaker 1: learned a lot that wasn't even the subjects I study,

705
00:43:46,360 --> 00:43:50,920
Speaker 1: but also just had to argue and formulate points. And

706
00:43:50,960 --> 00:43:53,799
Speaker 1: you know, the college experience can vary for people. I

707
00:43:53,840 --> 00:43:56,520
Speaker 1: made friendships and memories that have lasted my life. My

708
00:43:56,600 --> 00:44:02,200
Speaker 1: dad was a college professor and he was adamant and

709
00:44:02,320 --> 00:44:08,000
Speaker 1: um just really really it was so important to him.

710
00:44:08,040 --> 00:44:10,359
Speaker 1: It was so important to him, and he loved doing that.

711
00:44:10,680 --> 00:44:15,239
Speaker 1: UM So, I don't want it to sound like we're

712
00:44:15,320 --> 00:44:18,200
Speaker 1: saying I never go to college, but there's something wrong here,

713
00:44:18,200 --> 00:44:22,160
Speaker 1: Like this is this is not set up in a

714
00:44:22,200 --> 00:44:25,000
Speaker 1: way that is working. I hope that we can find

715
00:44:25,320 --> 00:44:29,200
Speaker 1: a way so that it is accessible for everybody and

716
00:44:29,560 --> 00:44:32,799
Speaker 1: it does not come with a massive debt. Well, you know,

717
00:44:33,480 --> 00:44:38,320
Speaker 1: welcome back to school, as we said, and as always,

718
00:44:38,400 --> 00:44:41,200
Speaker 1: if you have any resources or things we should look

719
00:44:41,200 --> 00:44:45,279
Speaker 1: into further about this, or personal stories you'd like to

720
00:44:45,280 --> 00:44:48,279
Speaker 1: share that would be fantastic, you can email us a

721
00:44:48,320 --> 00:44:51,040
Speaker 1: stuff media mom Stuff at iHeart meat dot com. You

722
00:44:51,040 --> 00:44:53,560
Speaker 1: can find us on Twitter at mom Stuff podcast or

723
00:44:53,600 --> 00:44:56,000
Speaker 1: on Instagram and stuff I Never told You. Thanks it's

724
00:44:56,040 --> 00:44:59,840
Speaker 1: always to our super producer Christina. You're the best. Christina,

725
00:45:00,120 --> 00:45:03,759
Speaker 1: Yes indeed, and thanks to you for listening. Steph, we

726
00:45:03,800 --> 00:45:05,680
Speaker 1: never told you. This production of iHeart Radio. From more

727
00:45:05,719 --> 00:45:07,640
Speaker 1: podcasts from my heart Radio, you can visit the heart

728
00:45:07,719 --> 00:45:10,080
Speaker 1: Radio app, Apple podcast or if you listen to your

729
00:45:10,080 --> 00:45:10,760
Speaker 1: favorite shows,