the congressional budget office justreleased a report to indicate how much the federal government has made off withstudents who are paying back their student loan debt now of course there isan interest-rate on student loan debt and currently the interest rate is atthree point four percents um... and by the way it sets a double july first thishappens every freakin year and every year we go through the same debateshould they lower the interest rate what's gonna happen um... anyway theobama administration has made fifteen one billion dollars this year alone at baseon student loan debt this bizarre reese
can't seem to make a profit on anythingin this country the only thing we can make a profit on and not just a profitbut the key word billion with a b is all students thatseems to be the only way we can make money how does that make any sense whatso many students are taking us in london uk i wanna be fair to be a bombingministration because he has done some good things when it comes tostudent loans so one thing you know bob wanted to do is make sure to cut out the middleman when it comesto students who want their college education so
before obama sect and a lot of students would have to dependon private lenders that's a big banks to get their student loans and thoseloans had darydary hike interest rates so the bottom istration steps in andthey said look we are going to offer federal student loans they've alwaysbeen available right but we're going off of the student loans at a very lowinterest rate and as i mentioned the interest rate is three point fourpercent however every year on july first there's this huge debate in congressabout whether or not they're going to allow the interest rate to double and itdoubles it's a significant amount and
its a six-point eight percent interestrate which is high yeah on top of the fact that the school tuition is justkeep going up and uh... exactly i would say college in the uh... would say needto meet nineties and then i went to the state school in new york hehe and he was about eight thousand dollarsa year you've got it and why you know wichita this is a private school but heprobably cost around five thousand dollars a year they madeoccasion whether that much worse it was pretty decent at doing okay
you know it's it's uh... it's bizarrebynoe the money just keeps going up and then they keep getting into more debtand then they don't get as good jobs it's like this never ending self-fulfilling prophecy solicitor loandebt has already surpassed credit card debt it's at one point one trilliondollars which is terrible for our economy because it'sacting as an impediment to the economic recovery right because like if if you have this greatcollege education and even if you have this great job but you have let's say ahundred fifty thousand dollars a student
loan debt that's gonna stop credit you know creditcard companies or um... you know uh... lenders i'm giving you a little more gigs for ahouse for instance because they're gonna say look outstanding debt is just toohigh as a result you know these college graduates are not able toget back to the economy they're not able to contribute to the economy so it's disastrous in that way but justto give you guys ascends of just how
significant the fifty one billiondollars is that's more then the top earningcorporations in this country socially exxon mobil exxon mobil the nation's most profitablecompany reported forty four point nine billion in netincome last year apple reported forty one point seven billion uh... in thetwenty twelve to school year which ended in september chevron corp reported uh... twenty six point two billion so these are huge corporations you knowit's more than apple and the oil
companies were talking about a lot ofmoney you know we're talking about a huge amount of money so ob it's it'ssomething that you should consider especially when there are reports about the obamaadministration going after these students aggressively when it comes topaying back this in mind that in fact the obamaadministration is working with chase to recover the student loanpayments ok r_j_ j_p_ morgan specifically
it'll be like just the financial part ofit which obviously is terrible you know when you get out of college in your lifehe's just going when you are saddled with that it actually reaches into therest of your life and then as he said but do not able to get a house as quickly as you surewhatever you know these are all things that then you just they just landed ontop of you would make your whole existence more difficult so this isn'tjust about money it's actually about sort of the spirit of america if i can so bold to say that you know definitelyany these
college graduates are essentiallyindentured servants and we have to find a better way to providea quality education at an affordable price will need to invest in highereducation as opposed to defunding the state schools i went to the states for aisle of theeducation i dot and thankfully i graduate with myundergrad right before on the economic collapseand right before the school got to fund it and it got so bad that i can remember
i think the tuition at that time waslike thirty five hundred dollars a year it was so cheap yeah and now students are taking outloans left and right to go to that school it's just not possible to maybewe don't have enough had the kids that went to state schools that are talkingabout you know you have all these people thought that i had to leave school anduh... you know they usually smoke whatever but maybe what look both of us with thestate schools we're doing ok so maybe we need more people that yes you can get agood education and go to a state school
and not walk out and be saddled with something that willwill rise and through your twenty
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