student loans

now that donald trump will bethe next president of the united states, many students with aconsiderable amount of student loan debt are wondering,what will happen to them? what does trump plan to do withstudent loan debts, and making college affordable forpeople who want to go to college in the future? it's really difficult todecipher what he will do, because he hasn't been veryspecific about what he's in favor of, and what he plans ondismantling.

but we do have little bits andpieces based on what he said in the past. top has said throughout hiscampaign that he wants to do away with the federal studentloan program. a lot of republicans, a lot ofconservatives, are not in favor of the federal studentloan program. they think that artificiallyinflates the cost of going to college, which, it does have animpact, but that's not the full reason why student loansand tuition has gone up.

but here's with the federalstudent loan program did do: for one, it keeps the interest ratesfor repayment low, so that students will have to worryabout going to private lenders that usually have exorbitantfees, or interest rates tied to these loans. he also supports moving thefederal loan system to private banks, making thestudent loan system a marketplace and market-driven. so there's also a downside tothat.

under the obama administrationthere's something known as the repayment plan, and what they dois they look at your income ã± as someone who has graduatedfrom college and is now part of the workforce ã± and theydecide, we want to make sure you don't spend all of your moneypaying back your student loans. we want to make sure that youhave a payment plan set in place to make sure that youstill have some disposable income, and some money left overto be part of the economy. income-based repayments willstay comparable to the

obama administration. borrowers will pay 12.5% of their income every month,but understand that this is only for federal student loansthat already exist. if donald trump does away withall federal student loans in the future, meaning you can't getfederal student loans in the future, well then this loanrepayment plan won't even exist. because private lenders don't dothis, private lenders are like, you have to pay me, idon't care about your

income or any of that stuff, payme. another thing that happens withprivate banks is, it might be a lot more difficult to get aloan, because they might look at your major and they mightdecide, we're not really into that art major, or we're notreally into that sociology major. you want to be a social worker? social workers don't make a lotof money, so maybe we are not to give you the loannecessary to get your education.

so there's a big problem withthat as well. so for half a second in thisstory i thought, is this one of the positive things that donaldtrump at least promised to do? wrong. right. is it sounded like he wasargument against the federal government making $40billion from students. for example, elizabeth warrenhas said, when we give students the same interest ratethat we give to top banks?

is nearly 0%. if they're allowed to borrow at0% ã± video buffering ã± live the american dream, no way! right? so i thought, will he dosomething to try to be populous? fake populace, but he's going tochange his mind. but then when you read into it,as ana pointed out, it's a disaster.

he says the government shouldn'tmake that money, my friends in the banking community shouldmake that money. and they should make way moremoney in interest than the federal government has made. now understand, i hated the factthat the federal government even had interest rates thatwere higher than what the banks were paying. i thought that elizabeth warrenwas spot on with lowering interest rates for federalstudent loans.

but understand that donald trumpis not in the same camp as elizabeth warren. he wants to make sure that youdon't have access to low interest rates at all if you'rea student. you have to private banks, andthis idea, this notion of the free marketplace, we allknow that's not the reality. we all know, as past andcurrent students, as potential future students who have lookedinto this, private loans always have a higher interestrate.

a significantly higher interestrate. the federal government doesn'thave a profit motive, but the banks do. that profit motive, in myopinion, makes sense in a lot of ways. if you are starting a business,the bank needs to make sure that you are going to makemoney. not running a charity here. if you're buying a house, itneeds to make sure you can

afford the house. i'm a capitalist, i believe inall that. but when it comes to educationso that american citizens have equal opportunity, notresults but opportunity, and we headed over to thebankers, well they have no allegation to american citizens. they say no, now you're playingby my rules. i can charge what i want, and ican punish whichever majors i think are not lucrative enough.

oh you're going into publicservice? with your teacher, or maybe asoldier, i don't give a damn what you think you're goingto do in public service, pay me now. you won't get to delay it forany reason. during the primaries, bothdemocratic candidates, hillary clinton and bernie sanders,talked about debt forgiveness. under trump, debt forgiveness isnot a possibility, he does not believe in debtforgiveness whatsoever.

unless, of course, it's fordonald trump. his whole career was based ondebt forgiveness. he went bankrupt six differenttimes. he drove his companies intobankruptcy, and then bragged about it. he said once you go intobankruptcy, you have to pay your debts. now if you said, wait a minute,i was just trying to live the american dream, etc.

i don't care, here's my americandream for you, i crush you and your never allowed to escapethose debts, just like i did to become rich. unbelievable hypocrisy! so, the guy who argued againstthe bankers on the campaign trail, talked about globalfinancial interests on the campaign trail, now says,you go bankers, here's a multitrillion dollar market ijust handed over to you. drain the swamp, he is the swamp.