A lot of people are under the impression that this gets rid of everybody's debt completely and that is simply just not the case. We are talking about students or former students getting $10,000 if they make under $125,000 per year. There is an additional $10,000 if you receive Pell Grant money as well. But we are just talking about $10,000. And just to give you an idea of how much student debt is out there, 45 million people owe $1.6 trillion in student debt. 1.6 trillion
Bowie Rowan
@bowie · 4:59
So, for example, I had like max Pell Grants and also scholarship money and it didn't even get close to covering the costs every semester and tuition just got higher and higher and continues to do so. I ended up going back to grad school and did get a full scholarship for my masters at the same university, which felt like some kind of justice, but I was just shocked at how much tuition had risen even since I finished undergrad
Bowie Rowan
@bowie · 0:48
And sorry. I know I messed up my time clearly. Like I said, I'm passionate about this. Just wanted to finish that thought. I know a lot of people. Myself included
Swell Team
@Swell · 0:15
J.L. Beasley
@Her_Sisu · 4:45
But I also got to pay these loans back. Something has to give. And you're right, the root cause is the cost of education. It is absolutely ridiculous
J.L. Beasley
@Her_Sisu · 3:19
But that's a subject that people don't want to talk about. But yes, I have no regrets for those student loans because it has afforded me the ability to be able to pay for the lifestyle that I have. And I have one child and the lifestyle that he has. We've been able to live well. We've been able to travel, and I still have those student loans. I now preach something different because my parents gave me two options, college or military
phil spade
@Phil · 3:45
Instead of having six figures in debt, this guy's going to be making six figures a year. So I think he's on the right approach, and I think we looked down for some reason, we've created this expectation you have to go to college. You have to go to college. And we looked down at trade schools, and now there's a vacuum
Sebastian Cahill
@sebc23 · 2:20
I think that this is a great conversation to start. As somebody who's a student, I think it's something that definitely made a lot of people, you know, around me very happy. I wanted to address mainly honestly, your point about people saying, you know, like, I didn't go to school, but now I'm going to be paying for this. Where's my $10,000? And I think, like you said, that's a really complex question
grace pouri
@gracepouri · 0:49
You're just doing work to do work to get your diploma at this point, for so many places. So I don't know, I think it's possible, honestly, that it would get passed. Asked in the court, but whether or not it's beneficial, that's the real question
Kyle Crossman
@kylecrossman · 3:12
But I don't see how this is changing anything major and fundamental in the long run. So you're kind of just angering people for no reason in that sense. I'm just very curious to see where it goes. I have a friend who just graduated from Irvine and she was on the Pell Grant and she called me and she was like, oh, my God, my debt is going to disappear. And that's awesome, that's wonderful. I want that for her
If we can support other countries citizens, then we can support our own. We can help out. I mean, our taxes are going to Ukraine, I want to say, like over $2 billion, man. And some of that money is probably from I don't know, from somewhere else, maybe. I have no idea. I really don't know how much of our taxes are going towards the aid for Ukraine and even other countries too
We all know how much student loan debt there is and you think about your average American. So I'll be fully transparent. I have about $40,000 in loan debt left after my Master's program. That can't be said about a lot of my friends who went out of state for college because they felt like they needed to and now owe upwards of 100 and 5200 thousand dollars in loan debt. Ten grand does buckets for them, really
What I'm saying is, so what's going to happen to them? Right? They haven't fixed the problem. They've given you guys a Band Aid, right? And you're saying or lollipop. Lollipop. My students are not getting the same lollipop. My students are getting set up still to be in the same situation. That all you all with student loan debt are in. That's not okay
Professor Z
@Professor42 · 4:59
And I just don't understand the thought process of some people. I think instead of buying and going and saying, hey, we'll take ten K off something that's probably going to cost you $150,000, I think what he should have done and should have did is regulate education costs and also steer people towards other alternative options. College is not the only means to succeed in life. Many family members we grew up poor. When I say poor, my parents lived in a tent
Katie Callahan
@katiecal · 1:46
I think, like you said, the bigger issue here is the outofcontrol cost of school. I mean, I feel like people shouldn't be in debt for, you know, a good chunk of their life just because they wanted to go to college. College in in this day and age, it's almost like it's necessary to have gone to college to get like a high level paying job
Bowie Rowan
@bowie · 3:35
The reason now, by the time I end up paying off all my loans, I will have paid probably close to $200,000 is because more than 50% of that I should get. The exact percentage will have been an interest that is unforgivable to me. And it also, I think is bad for the economy. Because, say I had all of my student loans paid off by the time I was in my late 20s, early thirty. S. That is income that I would have
Bowie Rowan
@bowie · 1:27
So they understood when you don't show up, when you don't pay attention, this is like this is what's actually happening. Right? Because I didn't have anyone guiding me through that. I thought, I'm going to school first in my family, so it makes sense. It'll all work out, right? If someone would have actually sat me down and done the math, I probably would have gone, huh? What?
phil spade
@Phil · 3:57
But when I've seen it firsthand and you start to notice this and you really start paying attention, you'll see what I mean? And the loan forgiveness program here, the decision against that is a prime example in my opinion. This is why I think it's important to realize what's going on. The good news is that President Biden is appointing a bunch of judges himself and has been
