Gio and Chris
Spanish Spoken Piece: La educación es gratis hasta que llegas a la universidad, y luego eres aplastado por las universidades. Hace trece años, la deuda por préstamos estudiantiles era de cuatrocientos ochenta y un millones de dólares. Hoy, es más de un punto cinco trillones. Pero incluso cuando intentas pagarlo, no puedes. Una empresa llamada Navient sido demandados varias veces por sobrecargar al ejército, dañar el crédito de los prestatarios discapacitados y, en algunos casos les cobran doble el cargo. Están siendo demandados nuevamente por que ellos estan cobrando a los estudiantes de más. Y están guiando a los clientes por el camino equivocado y poniendo las necesidades de los estudiantes a peligro, Navient obtuvo cuatro mil millones de dólares. Lo que es aún peor es que los estudiantes no tienen control sobre qué compañía de préstamos pueden usar. el Departamento de Educación elige para usted. Como ustedes estudiantes pueden alludar es llamar a los funcionarios electos para ir tras este tipo de empresas. Agarren becas como y edúquese sobre los métodos de pago de las compañías de préstamos. No podemos dejar que estas empresas se aprovechen de nosotros. Muchas gracias por sus tiempo.
Student Loan Debt, Student loan debt has topped $1.5 trillion in recent years, making it the largest type of consumer debt outstanding other than mortgages. The average student loan borrower graduates with nearly $30,000 in debt. In total, Americans carried $13.15 trillion in debt as of year-end 2017. Most of it is mortgage debt—about 71% of the total, if you include home equity loans. Much to our surprise, the next-largest category isn’t auto loans or credit cards. It’s student loans, which are now 10% of total debt. Their share has been growing steadily. This might be okay if the debt enhanced the student’s financial security, but for millions of Americans, that’s not what has happened.
Borrowers don’t achieve the desired results but remain stuck with the debt anyway.
Rise of student loan debt:There is no single reason why student loan debt has gotten so out of hand. Increased tuition costs, reduced state spending, borrower behaviors, and even choice of major all play a role.
Current status: The total amount of student loan debt is $1.47 trillion as of the end of 2018 — more than credit cards or auto loans. Might be way higher in the future
Grow Awareness: do community college, move to another country, contribute for scholarships, (going to get more ideas from show on Netflix), follow other country’s loan system. In Australia, income inequality is much higher than in Sweden. Yet while students borrow about as much as they do in the United States (30,000 Australian dollars, or about $22,000), the system works smoothly because borrowers pay nothing until their earnings reach about $40,000. Above that threshold, borrowers pay 4 percent of their income until the debt is paid off. Payments rise and fall automatically with earnings, just as our Social Security payments do.In 2006, total student loan debt was 481 million, today it is over 1.5 trillion. It is really hard trying to pay it off. Florida was suspending the licenses of almost a thousand health care workers for being behind on their payments. One guy got arrested by the US Marshal for owing 1,500. The banks used to partner with the government for loans, but Obama cut out the banks and students began borrowing from the government. The department of education became the largest bank in America in terms of loans. The began outsourcing loan management to loan servicers. Navient handles more than 300 billion in student loans. They have been accused of overcharging military members, damaging credit of disabled borrowers, and in some cases, double charged them. Navient workers were made to not give adequate answers,keeping their calls 7 minutes or under, focusing on speed rather than quality. When customers asked for income based repayment, which lowers incomes and have smaller monthly payments, they were told to get forbearance, which stops your payments for a while, but you pay more interest later. It has added 4 billion dollars in interest. They are not helping customers, they are just collecting more money for the company. The department of education choses the loan service you get, you don’t even get to choose. They were taken to federal court. There was a program invented by the dept of education to forgive student loans by doing public service for 10 years and doing 120 monthly payments. 28,00 people applied, but only 96 got approved. The inspector general exposed the dep that loan servicers were screwing over people and and the dept was ignoring it. Talk to your elected officials to go after the loan companies. Six state attorney generals are suing loan service's. Over 44 million Americans collectively hold nearly $1.5 trillion in student debt.
Education is free until you get to college, and then you get crushed.
https://www.federalreserve.gov/econresdata/notes/feds-notes/2015/how-much-student-debt-is-out-there-20150807.html
Spanish Spoken Piece: La educación es gratis hasta que llegas a la universidad, y luego eres aplastado por las universidades. Hace trece años, la deuda por préstamos estudiantiles era de cuatrocientos ochenta y un millones de dólares. Hoy, es más de un punto cinco trillones. Pero incluso cuando intentas pagarlo, no puedes. Una empresa llamada Navient sido demandados varias veces por sobrecargar al ejército, dañar el crédito de los prestatarios discapacitados y, en algunos casos les cobran doble el cargo. Están siendo demandados nuevamente por que ellos estan cobrando a los estudiantes de más. Y están guiando a los clientes por el camino equivocado y poniendo las necesidades de los estudiantes a peligro, Navient obtuvo cuatro mil millones de dólares. Lo que es aún peor es que los estudiantes no tienen control sobre qué compañía de préstamos pueden usar. el Departamento de Educación elige para usted. Como ustedes estudiantes pueden alludar es llamar a los funcionarios electos para ir tras este tipo de empresas. Agarren becas como y edúquese sobre los métodos de pago de las compañías de préstamos. No podemos dejar que estas empresas se aprovechen de nosotros. Muchas gracias por sus tiempo.
Student Loan Debt, Student loan debt has topped $1.5 trillion in recent years, making it the largest type of consumer debt outstanding other than mortgages. The average student loan borrower graduates with nearly $30,000 in debt. In total, Americans carried $13.15 trillion in debt as of year-end 2017. Most of it is mortgage debt—about 71% of the total, if you include home equity loans. Much to our surprise, the next-largest category isn’t auto loans or credit cards. It’s student loans, which are now 10% of total debt. Their share has been growing steadily. This might be okay if the debt enhanced the student’s financial security, but for millions of Americans, that’s not what has happened.
Borrowers don’t achieve the desired results but remain stuck with the debt anyway.
Rise of student loan debt:There is no single reason why student loan debt has gotten so out of hand. Increased tuition costs, reduced state spending, borrower behaviors, and even choice of major all play a role.
Current status: The total amount of student loan debt is $1.47 trillion as of the end of 2018 — more than credit cards or auto loans. Might be way higher in the future
Grow Awareness: do community college, move to another country, contribute for scholarships, (going to get more ideas from show on Netflix), follow other country’s loan system. In Australia, income inequality is much higher than in Sweden. Yet while students borrow about as much as they do in the United States (30,000 Australian dollars, or about $22,000), the system works smoothly because borrowers pay nothing until their earnings reach about $40,000. Above that threshold, borrowers pay 4 percent of their income until the debt is paid off. Payments rise and fall automatically with earnings, just as our Social Security payments do.In 2006, total student loan debt was 481 million, today it is over 1.5 trillion. It is really hard trying to pay it off. Florida was suspending the licenses of almost a thousand health care workers for being behind on their payments. One guy got arrested by the US Marshal for owing 1,500. The banks used to partner with the government for loans, but Obama cut out the banks and students began borrowing from the government. The department of education became the largest bank in America in terms of loans. The began outsourcing loan management to loan servicers. Navient handles more than 300 billion in student loans. They have been accused of overcharging military members, damaging credit of disabled borrowers, and in some cases, double charged them. Navient workers were made to not give adequate answers,keeping their calls 7 minutes or under, focusing on speed rather than quality. When customers asked for income based repayment, which lowers incomes and have smaller monthly payments, they were told to get forbearance, which stops your payments for a while, but you pay more interest later. It has added 4 billion dollars in interest. They are not helping customers, they are just collecting more money for the company. The department of education choses the loan service you get, you don’t even get to choose. They were taken to federal court. There was a program invented by the dept of education to forgive student loans by doing public service for 10 years and doing 120 monthly payments. 28,00 people applied, but only 96 got approved. The inspector general exposed the dep that loan servicers were screwing over people and and the dept was ignoring it. Talk to your elected officials to go after the loan companies. Six state attorney generals are suing loan service's. Over 44 million Americans collectively hold nearly $1.5 trillion in student debt.
Education is free until you get to college, and then you get crushed.
https://www.federalreserve.gov/econresdata/notes/feds-notes/2015/how-much-student-debt-is-out-there-20150807.html