Boomers really got their 12 dollar education, got onto the boards and leadership then said "ight lets crank this ish up"

Not only that, but the interest on the US loans is over $1 trillion. Just the interest.

Also, so many jobs require a college degree now. My FIL used to do soil testing for a well digging company, he’d collect soil samples, process them, and present results to the higher ups. He only has his high school diploma. That same job now requires a geology degree, and pays about $45k/ year, makes no sense 🤷‍♀️

US employers need to stop requiring college degrees for everything. When I got out of the Air Force, my first job was working in the mailroom at an airline. It paid $30,000 and required a bachelors degree.

Too many extra credits required that shouldn't be required.

Gen z and millennials must stand together to fight for change. I feel bad for what is happening college has gotten out of control in its cost As well as the cost of everything else.

This is a very simple fix: 1. Reinstate statute of limitations and simple means-tested bankruptcy protections (contrary to popular belief, bankruptcy exemption happened BEFORE the government “backed” the loans - which just means, before the government conspired to take away your consumer protections and act as a collection agency on behalf of private issuers.) 2. Make colleges have skin in the game. If they believe so much in the education they are offering and they are DIRECTLY financially profiting from the loans far more than students do, THE COLLEGES should be the co-signer. 3. Institute a form of career-path underwriting, making sure that students are picking tracks that align with their skills, interests AND what the market actually needs. No more issuing loans for the full cost of education for kids who actually have no idea what they are going to do, and are only in college because their parents and other influential adults in their life have told them if they don’t get a degree, they will be worthless. And if all that is too hard, do it like other countries: Make students loans part of the paycheck tax system. Have it be maybe 1-3% of your gross (could have progressive % increase for higher earners with higher loan amounts) and auto-deducted. Payments are only due when you’re working, you cannot get behind, and they fall off after 10-15 years no matter how much you’ve paid, or how many months you were out of work or under employed and unable to pay. And DEFINITELY no more daily compound interest. That’s insane.

$30,000 in student loan dept, pay towards it for 20+ years and you'll only have $75,000 left to pay

I’m 29 and was one of the Zillenials tricked into the college/student debt path.. I will not make that same mistake for my children

Don't worry guys, just paid $250 off on my loan. I think we're safe for 1 more second

True. These days the trades (electrical and plumbing in particular) can earn you a lot if you’re good at doing those kinds of things. I can do some of my own electrical and plumbing but the guys who know what they’re doing do it three times faster, and better. Props to them.

Fed should pull any aid if they start hiking the cost of college like they have. There is zero reason it should cost that much, period full stop.

If the government hadn't gotten involved with backing student loans and pushing college as the only path to upward mobility for decades, college would probably still be affordable and we wouldn't be in this mess.

The problem is the institutions being allowed to get away with charging outrageous amounts of money and the only solutions being provided will allow those institutions to continue over charging. EDIT: Yes, I’m implying the Government is the problem. Apparently I had to do this edit.

He's 100% correct, going to college for general degrees are a waste of money.

I remember when I was a kid going thru school when they really started pushing the "you must have a college degree to get a job" agenda. First it was associates degrees, which I never expected to HAVE to do when I was a kid, BUT it also changed to needing a bachelor's before I graduated high school. I joined the military.

1.5 trillion in 1984 is like 4.5 trillion in todays money

Government needs to stop giving loans for school. Then school would have to make cuts and lower prices to get students and stay afloat

Why on earth do they allow this type of interest to be used on student loans….its absolutely criminal

Paid my loans off years ago. I put in the work in high school to earn a tuition waiver from a program for first-generation college students. Graduated with $15K of debt.

The government at this rate needs to do something, either stop allowing employers to seneselessly requrie degrees for jobs that don't need them or stop allowing colleges to charge so much money.

I don't have any thank goodness

I tell my kids "what do you want to do?" And then we plan around the goal. Neither of them NEED college for what they want to do. I never understood going to college just to go.

The way I did it was I got a job in my field 2 yrs into my program so I could make good money before graduation while simultaneously getting the rest paid for by my company, and with a degree and experience I was making about $80k immediately after I graduated. College can be a good choice, but it’s not the only viable choice.

Loans should only apply to courses with actual value. Not for useless crap like art history, religion or gender studies. Also, there should be a hard cap on how much schools can charge for tuition. And no more forcing students to take classes they don't need or want just to meet a minimum quota to qualify for a student loan.

WE NEED MORE YOUNG PEOPLE IN THE TRADES !!! WHERE ARE YOU ?????

My mom is a boomer and she went to community college back in the late 60s. She told me back then community college was completely free. I was shocked 😲. Thought i heard her incorrectly and kept asking "free, like free free?". She said yes free. She told me if you were a resident or something community college was like public school (elementary school, highschool, etc) and it was free. She got a really good job. When she graduated she was able to find a job that required a college education. I guess they didnt have to many college educated people so whoever came in to apply got the position. This was public sector position meaning great pay, great benefits, great pension. She got to retire early at 57 full pension/benefits and they pay for her medical insurance. My mom is living the dream. 😂 she's retired and her pension pays her more money than i make working full time. But im not mad 😊 i think its great for her.

Said no one ever: _"My degree in gender studies and underwater basket weaving has paid off."_

We in the trades have been saying college isn't the only way for a long time. Come join us.

Wealth.... Hell we can't even buy a small two bedroom starter home anymore whilst working a tech job... I'm 29 a veteran and went to school for machining/ welding those jobs went away for good once the pandemic hit and especially if you're in a dead small town... I moved near a city but the job outlook , community support and dating pool is horrendous for all men but especially young men ... Women only want the richest because those are the only guys who can afford a home. What's stopping us angry young men from picking up rifles and revolting like they did in Cuba 100 years ago because the land of opportunities has turned into the land of greed and corruption. You can't keep holding us down forever.... We're told to go to school, work hard , be a Godly man and help one another but those who reject all of that are the ones succeeding and those who preach it the most never frickin practice it and those of us who went and did it are in debt, mentally ill, competing for shit paying jobs and being unethically taken advantage of when it comes to rent.

They need to shut that whole loan system down.

You know there are only 5 fields that college is absolutely necessary. And maybe just maybe just look for the best price of university. 100k for most degrees is nuts.

Sucks, I saw right through the college scam. Went to work with my hands. I’m 36 and a couple of my friends just now started making more than me and only because they became cops with ot

It was 25% success rate not 1/3 right? Or am I mathing wrong?

My parents paid my $250,000 degree and I don’t even use it. But I make $100,000 so it worked for something

Housing, healthcare, banking, the economy. Its amazing how once the government inserts itself it all goes to shit.

Unless you’re going to be a doctor, lawyer, engineer, etc, there are very few jobs that should require a degree. Student loans, especially for “DEI Studies” type majors are literal indentured servitude.

The solution to the cost of higher education is right under our noses. The government needs to buy out one of these for-profit online universities and host it as free for US citizens. Of course, it would need to stick to more nonpartisan topics, but imagine offering free education in a way that doesn’t simply run up a deficit!

The entire student loan program needs to be completely shut down. You either paybcashbornyou dont go

Hu, who woulda thought id actually be thankfull to my pos dad for once, taking me out of Shcool probably saved me from debt.

They shouldn't be charging for college in the first place. America didn't use to charge for college prior to the 60's. PERIOD. There would be nothing to cancel if they didn't and employees and employers wouldn't have to take on this burden that we cannot carry.

College needs to be boycotted until they make it free.

This man's channel is so important..!;like, share, tell your neighbors 💯💯💯

This one you're perfectly correct about.

Only modern country on the planet that does not pay for students to go to college. I agree, college is not for everybody, but it definitely should be provided by the nation.

Soooo of the solution is government paying them off through taxes you've rewarded the behaviors that got us here. Charge the colleges for causing this issue not the victims or empower government with unearned power expansion.

My little sister signed up to go to college. I want to be supportive of her in this stage of life. But as the only person of my family’s generation to finish college… I wanted to scream “NO!!!! Not you too!!!!!!”

My question is who was in charge to let this all happened?

I’m completely against student loan forgiveness. If you took out a loan, you have a responsibility to pay it back. However, this is a national problem that we pushed on kids as soon as they were legally able to agree. If we want to fix this, we need to change the system going forward and drop interest rates on current debt holders.

I am a senior at a top 30 college on scholarship. Tuition my freshman year for someone on no scholarship or aid was 82K. This year it is 91K. In 4 years it increased by almost TEN GRAND. that’s INSANE. Could you imagine if any good that boomers frequently purchase (like a car) increased by that much??? It would be dealt with within a year

I always hear folks talk about how "greedy" big businesses are regarding their profits for raising the price of things. I wonder why so few folks talk about how greedy these universities are for jacking up the cost of said education. We dont have a college debt crisis, we have a pricing issue. A bigger issue is the government backed loans supporting the education monster.

They should stop loaning money till the budget is balanced. Simple solution, you can either work and pay for school or don’t go. Easy peasy.

Here’s a little story, I work for Starbucks, not the best place but it’s a job that’s barely getting me by. I’ve been with the company for many years and have had many horror stories encountering rude customers, but nothing enraged me more than the interaction I’ve had with one older gentlemen I would say he looked in his 60’s or so placed me a 10 cent tip with a remark of “this is for your college fund.” I’m 28 and not in college and I empathize to those that do, I am angry for you.

Student loans were a mistake, we need to break these colleges. Make the colleges pay the loans, and shut down the ones that can't.

Big part of why I dropped out of school was because of this. I was lucky and got by with lots of scholarships, but still ended up paying around $5000-$10,000 on stuff that wasn’t included in tuition during the college experience. Add that to the fact that I was a transfer student that kind of forced me into retaking classes I’ve already taken but couldn’t transfer over for some reason, I wasn’t really learning anything I couldn’t online, and the HORRID mental health I had while in college, it was a no brainer. So even tho I have no student debt, leaving me in a better financial state than others my age, I sacrificed the degree that would get me a job that would actually pay me even slightly what I’m worth. I had to CHOOSE to survive now and figure it out, or get through it and come out the other end a husk of my former self and in SO MUCH DEBT. But that’s my decision based off of what options I had at the moment, and I can luckily still live with my mom rn and I got super lucky when finding the part time job I have now. It’s hard out there, and make the best choice for YOU. ❤️❤️❤❤

They were lied to about the value of college

I would absolutely love to go to college, but I don't want to be saddled in dept for the rest of my life. Yes, I'm aware I could go to community college, but none of the ones near me offer anything I'm actually interested in.

Remove government subsidization. Then colleges have to actually rely on market value for each diploma. Anything government subsidizes, it ruins. People need to figure it out.

This is why I decided to go to an affordable college that also allows plenty of opportunities to transfer in credits. I then discovered that some employers are willing to pay for 100% of tuition and applied to one of them. Since I transferred in my gen eds and electives, it’ll only take 1.5 years to complete my degree and I don’t even have to pay for it

education should be as free as possible. there shouldn't be any interest in student loans. A lot of other countries don't charge interest for student loans.

While the whole system is corrupt, forcing tax payers to pay for other bad decisions is not the solution.

Don’t borrow what you can’t pay back . It’s that simple.

I literally spent one semester in college because I already worked in the field that I was trying to get a degree in, and the classes were so basic and outdated that they weren't worth the money.

I ended up with about $60,000 in student loan debt. I did go into a job that required the degree I took, but . . . I was a special education teacher. My starting salary was about $30,000. I was never going to be able to pay down the loan. And yes it interfered with my ability to do things like buy a house.

this is the worst part of it all. they come for the 18 year olds with adverts for student loans. after working so hard in high school, who wouldn't want to reap the rewards of a few scholarships. even if you get tens of thousands of dollars in scholaraships, high gpa and test scores, colleges are so expensive that they'll end up with student loan debt. add to that so many people in companies claim you have to have a degree to be hired. the problem is job requirements. -Lori

there is no reason why Northwestern should be charging 90,000 A YEAR

its insane, it would be cheaper to get my bachelors abroad (in the UK, more specifically) then here, in the us, and that would be at a better university

I’m incredibly thankful I did not go the college route and instead went through a trade school apprenticeship program. Paid a total of $3,500 for books for all 5 years, did not have to pay at all for my school, and was guaranteed a job while doing school and also after I graduated. My girlfriend went to college, completed a bachelors degree in psychology, could not find a job in her field, and swapped to cyber security after a friend gave her a job. She is still paying off student loans 3 years later. Never underestimate a trade school. You will be set for life in terms of work whether it be a brick mason, plumber, electrician or welder. Robots will not take your jobs… yet.

The government needs to untangle itself from debt instruments. College and housing would be much cheaper if they didn't have government propping up the prices with "assistance"

bureaucracy is making the possible impossible

Just here to say I love you for breaking all of this down for number challenged people like mysled

This also comes down to the major chosen. You're either gonna spend 4 years on a Bachelors or an additional 2 -4 at the Masters and Doctorate level to get a viable job. Even then, you have to determine if the cost to debt ratio is even worth it.

American greed will destroy the country.

Government loans have encouraged colleges to increase their tuition rates faster than inflation by increasingly higher margins year after year

I’d like Economics professors to start telling students that college doesn’t financially make sense for like 70% of you.

Six years in college, he actually said if you don’t spend that six years in college. Maybe this is why we’re so many trillions in debt. All these kids are going to school for five and six years instead of four years.

Student loan industry and the colleges have teamed up to send tuition prices ridiculously high. Privatizing the system was beyond stupid. Student loan debt compounds every business day.

Bro really said 51% of 52% is 30% when talking about college 😂

Its also stupid how so many jobs require college degrees. My aunt recently lost her job because the company was making a lot of cuts. She had that job for like 40 years but no company would consider her because she didn't have a degree even though she has like 40 years of experience. It's also not a job that somebody with a degree would stay at for a very long time before they moved to something else that paid more. She did eventually find a job but it's just crazy to me that someone with 40 years of experience was turned down at so many places because of lack of a degree

The fact he says "spend 6 years in college" and I just do happen to spend that exact amount of time there.

It’s amazing that 40 years ago America s debt was the same amount and just the student loans. We not headed toward the Great Recession part 2, we are headed toward a depression period.

My degree got me in my field for a while and the skills i got there helped me transition over

worst part is most of these colleges and universities have endowments larger than most countries budget

"Lucky enough" I'm sorry, my success wasn't based on being lucky. I pucked a degree that was in high demand, not just the one that sounded fun. I worked while getting my degree in positions in and adjacent to my industry. When I got a job offer, I continued to live like a student. Sacrificed having nice thing, so I could pay off my student loans as soon as possible. And I had planned for how to pay off my loans before taking them. If I had done the math and seen that it didn't work out, I wouldn't have taken out the loans. Don't tell me all of that was luck.

The problem is the rampant brainwashing inside of high school high school always told us that college was a standard of living that everyone just needed to go to college rack up huge amounts of debt and that you would get paid more for doing so they lied to us they told us that we could make more money flipping burgers at a fast food restaurant if we went to college first then if we could if we just went luckily for me I was dyslexic and they just flat out told me I had no future so I didn't bother with the idea of college and instead just got a job like everyone else my brother on the other hand made the mistake of going to college now he never gets a tax return the college he went to declared bankruptcy and disappeared off the face of the Earth he has no idea who's taking his money every now and then on a college loan that was supposed to be forgiven because of the bankruptcy and he works at the same place I do with a lot less seniority and a lot less pay college is an investment the same as buying a house or buying a car you should do it with a lot of thought and not just willy-nilly

Currently a college student. Not gonna go into full detail but a full time semester commuting without counting scholarships is around 9-9.5 k. Still expensive but definitely not a back breaking number. If any are interested on where this it’s its Eastern Michigan University

The problem with Student Loans starts with the government getting involved. Easy student loans is the underlying issue; no forethought on "is this degree worth the cost? " The moment that the government started underwriting these loans, it was a literal signal to the colleges and universities that there was MORE MONEY available for colleges; and voila, tuitions were raised. Not everyone should go to college; if everyone is a college grad, then even ditch diggers will have a college degree, which makes your college degrees LESS significant. To get a job may require a college degree, but most jobs also require OTHER demonstrable skills, and experience, something that colleges and universities do not provide. Education counselors LIED to you, as they lied to every generation; but some fell for it harder than others did.

It's important to remember that almost all major technological advancements made over the course of the last 50 years came from the minds of people who had college degrees. Education is important. It's about more than just getting a job -- the goal of education is to impart the knowledge itself. Going to college shouldn't be essential to living a safe and comfortable life, but attending college should be accessible to those who are interested in it.

If they think education was a scam what till they found out about Social Security!!! LMFAO!!!!!

I have two bachelor degrees and a master's and I've never taken out a student loan. It's been a while since I've been in college but I was getting ready to pay my tuition bill to start an NP program. It was so outrageous that I dropped my classes. I refuse to take out loans and pay tuition that expensive.

Student loans are tax subsidized. Too many people go to college which has lowered the value of college degrees. Everything the government gets into soon becomes unaffordable. Housing, medical care, college etc. Is perfect examples.

I would like to remind everyone(not specifically taking a boomer v millennial side here) that a majority of these loans were taken by kids who A) Didn't know what they wanted to do in life and took BS classes just to get the 'piece of paper' B) Dropped out due to stress or failing grades and were still saddled with the debt. Most kids who get out with a good degree and get into a field of work benefited by their degree, will make back enough money to pay off the debt. We need to stop forcing kids right into college who don't know what they're doing or who aren't cut out for it.

Young people walk into a class room Boomer teacher: ok today’s lesson SLAVERY

They need to make it illegal to require college degrees for jobs that don't need them as well as capping tuition costs.

Can we please normalize not going to college to get jobs that pay significantly less than the cost to go to college!

There should be a one time fee for administrative costs on a student loan. Maybe a .5-1% interest rate. A lot of people who grew up with nothing buy into the idea that if they borrow and go to college they will have a better life for themselves and potentially their kids. It shouldnt be a revenue stream for the government

I graduated from a community college in the late 90s with minimal debt that was paid off in 5 years. But if I had life to do over, i wouldn't have gone at all. The career I ended up going into didn't require college yet pays more than someone with a masters. I got lucky.

I'm living proof you don't have to go to college . I been arrested more times than I can count. I gotten out of prison and I was homeless. I quickly saved up enough money from selling meth to a man named Hunter . I rolled the money in a meth fund making a average roi of 2500% a week . We're the money really started coming in was when we started selling paintings for upwards of 3 million dollars to Chinese businesses for his dads charity . We call it only in America .

I agree, college is not the only avenue to success. However, something he said stood out about "50% get a job using there degree". My husband and I are both millennials. We went to college with a plan. We majored in subjects that corresponded to high demanding jobs. I could have majored in art or music but I knew that there was no monetary growth in those fields. Both my husband and I paid off our student loans before we turned 36. We set up 529S for all our children. I think the issues is that we are not teaching our youth how to play the game. We don't tell them about credit, closing cost, investments, etc.

Pepennedy project is getting major coverage. Exciting times ahead for them.