♪ ♪
[CHEERS AND APPLAUSE]
>> John: WELCOME, WELCOME,
WELCOME TO "LAST WEEK TONIGHT"!
I'M JOHN OLIVER, THANK YOU SO
MUCH FOR JOINING US.
IT HAS BEEN A BUSY WEEK.
HAITI'S PRIME MINISTER AGREED TO
RESIGN AMID DEEPENING UNREST,
JOE BIDEN AND CHUCK SCHUMER
SOFT-LAUNCHED A BREAKUP WITH
BENJAMIN NETANYAHU, AND A
CERTAIN SOMEONE'S ADOBE FREE
TRIAL EXPIRED IN A PRETTY PUBLIC
MANNER.
BUT WE'RE GOING TO BEGIN IN
CONGRESS, WHERE THE HOUSE PASSED
A BILL THAT COULD EVENTUALLY BAN
TIKTOK, THE WILDLY POPULAR APP
SOME OF YOU ARE USING TO WATCH
THIS VERY CONTENT IN THREE
MINUTE CHUNKS.
AND FOR THOSE WHO DO CHOOSE TO
ENGAGE WITH THE SHOW THAT WAY:
WE'RE BACK.
♪ ♪
I'M NEVER DOING THAT AGAIN.
THE HOUSE BILL WOULD EFFECTIVELY
BAN TIKTOK UNLESS IT BREAKS TIES
WITH ITS CHINESE PARENT COMPANY,
SOMETHING NANCY PELOSI
SUMMARIZED LIKE THIS.
>> THIS IS NOT AN ATTEMPT TO BAN
TIKTOK, IT'S AN ATTEMPT TO MAKE
TIKTOK BETTER.
TIC, TAC, TOE, A WINNER.
A WINNER.
>> John: I'M CURIOUS: IS IT A
RULE THAT TO BE IN CONGRESS YOU
HAVE TO BE ONE OF THE WEIRDEST
MOTHERFUCKERS TO EVER LIVE?
I'D ASK HOW THAT HAPPENED BUT I
THINK WE ALL KNOW.
SHE WENT TO HER SPEECHWRITER AND
SAID "I HAVE THE PERFECT LINE
FOR THE TICK TACK VOTE."
AND THEY SAID, "DID YOU JUST SAY
TICK TACK?"
AND SHE SAID, "YOU'RE GOING TO
LOVE IT."
AND THEY SAID, "AGAIN, DID YOU
SAY TICK TACK?"
AND SHE SAID, "IT'S A WINNER.
IT'S A WINNER," THEN MARCHED TO
THE FLOOR AND ALIENATED EVERY
AMERICAN UNDER THE AGE OF 35.
MEANWHILE, ACROSS THE AISLE IN
THE HOUSE, REPUBLICANS HAVE BEEN
IN DISARRAY.
COLORADO'S KEN BUCK BECAME THE
LATEST CONGRESSMAN TO RESIGN,
AND HE DOESN'T SEEM THAT SAD TO
BE GOING, GIVEN HOW HE SUMMED UP
THE MOOD OF THE PLACE.
>> IT IS THE WORST YEAR OF THE
NINE YEARS AND THREE MONTHS THAT
I'VE BEEN IN CONGRESS.
AND HAVING TALKED TO FORMER
MEMBERS, IT'S THE WORST YEAR IN
40, 50 YEARS TO BE IN CONGRESS.
>> John: THAT IS NOT GREAT!
FOR ONE THING, THE LAST 40,50
YEARS INCLUDED 9/11 AND JANUARY
6TH, TWO MOMENTS IN AMERICAN
HISTORY SO BAD, THEY RUINED
THEIR DATES ENTIRELY.
STILL, I GET THE DESIRE TO LEAVE
CONGRESS IS PATHETIC RIGHT NOW,
PASSING JUST 27 BILLS INTO LAW
LAST YEAR, MAKING THIS SESSION
THE LEAST PRODUCTIVE IN DECADES.
AND BUCK HAS BEEN THERE A LONG
TIME.
I KNOW 2015 DOESN'T SEEM LIKE A
LONG TIME AGO, BUT YOU KNOW WHAT
HAPPENED BACK THEN?
LEFT SHARK.
YEAH.
DO YOU REMEMBER A TIME WHEN WE
COULD ALL COLLECTIVELY CELEBRATE
THE JOYFUL STUPIDITY OF
SOMETHING LIKE LEFT SHARK, AS A
COMMUNITY?
COULD YOU EVEN IMAGINE SEEING
LEFT SHARK TODAY AND SAYING "I
LOVE THIS THING," WITHOUT
IMMEDIATELY WORRYING THAT YOU'D
SEE HEADLINES THE NEXT DAY LIKE
"THE INSIDIOUS NATURE OF LEFT
SHARK PRIVILEGE" OR "LEFT
SHARK'S OVERALL DEAL AT AMAZON
IN JEOPARDY AFTER ANTI-VAX
CLAIMS" OR "LEAKED FLIGHT LOGS
REVEAL LEFT SHARK TOOK 75 TRIPS
ON THE LOLITA EXPRESS?"
WE DIDN'T WORRY ABOUT ANY OF
THAT STUFF BACK THEN, WE JUST
LOOKED AT LEFT SHARK AND SAID
"YES."
THAT'S HOW LONG KEN BUCK'S BEEN
HAVING A BAD TIME IN CONGRESS.
AND HIS DEPARTURE'S SYMBOLIC OF
A LARGER DISCONTENT WITHIN HIS
PARTY, THOUGH LUCKILY FOR HOUSE
REPUBLICANS, THEY HAD A RETREAT
THIS WEEK.
A CHANCE TO MEND FENCES AND COME
TOGETHER.
BUT THERE WAS A HITCH.
>> FEWER THAN 100 MEMBERS ARE
EVEN ATTENDING THE EVENT.
THAT'S LESS THAN HALF OF THE
CONFERENCE.
ONE LAWMAKER TELLING AXIOS,
QUOTE, "I'D RATHER SIT DOWN WITH
HANNIBAL LECTER AND EAT MY OWN
LIVER."
>> John: WOW.
NOW, THERE'S NOTHING WRONG WITH
NOT WANTING TO HANG OUT
RECREATIONALLY WITH YOUR
COWORKERS, BUT YOU MUST REALLY
WANT TO AVOID AN EVENT IF YOUR
ANSWER EXPANDS BEYOND "NO."
AT A CERTAIN POINT, MORE DETAILS
BECOME HURTFUL, THAT'S WHY EVERY
WEDDING RSVP DOESN'T READ WILL
ATTEND, WILL NOT ATTEND, AND
WILL NOT ATTEND BECAUSE I'D
RATHER BE THE MIDDLE PART OF A
HUMAN CENTIPEDE.
AND THE HANNIBAL LECTER EXCUSE
WASN'T THE ONLY ELABORATE "NO."
FOR INSTANCE, CARLOS GIMENEZ
TOLD A REPORTER HE WOULDN'T BE
COMING BECAUSE "HE'D ALREADY
BOUGHT THE MATERIAL TO CLEAN HIS
BOAT THIS WEEK."
WHICH MAKES SENSE.
WE ALL KNOW HOW IMPORTANT IT IS
TO USE BOAT CLEANER BEFORE IT
EXPIRES.
BUT LAWMAKERS DIDN'T JUST SKIP
THE EVENT BECAUSE THEIR
COWORKERS ARE, BROADLY SPEAKING,
A BAD HANG.
THERE WAS ALSO GRUMBLING THAT,
INSTEAD OF THE USUAL RETREAT
DESTINATION OF FLORIDA, MIKE
JOHNSON PICKED THE GREENBRIER IN
WEST VIRGINIA, WHOSE RECENT
REVIEWS ONLINE ARE, AT BEST,
MIXED, WITH TRAVELERS
COMPLAINING THAT "GREENBRIER IS
SAD," "THE BED AND PILLOWS WERE
AMONG THE WORST WE'VE
EXPERIENCED," AND ONE SIMPLY
LABELED, "DON'T DO IT."
THERE'S ALSO THIS PHOTO ON THEIR
WEBSITE RIGHT NOW, WHICH LOOKS
LIKE THE LAST THING YOU SEE
BEFORE BEING BRUTALLY MURDERED
AT AN ABANDONED CADBURY FACTORY.
THAT LOOKS LIKE THE WES ANDERSON
REMAKE OF "THE SHINING."
ALTHOUGH I WILL SAY: THERE IS
ONE AMAZING FEATURE UNDER THAT
RESORT THAT MAKES IT A PERFECT
SETTING FOR A PARTY IN CRISIS.
>> DURING THE COLD WAR, IN CASE
OF A NUCLEAR DISASTER, THIS IS
WHERE OUR HOUSE AND SENATE WOULD
HAVE RELOCATED TO, TO CONTINUE
DOING THEIR JOB.
>> WOW, HOW HEAVY IS THIS DOOR?
>> THIS DOOR IS ACTUALLY 18
TONS.
>> THIS WAS A DORMITORY WITH 60
TO 65 BEDS.
AND THERE WOULD ALSO BE RIOT
GEAR.
>> THE RIOT GEAR IS TO PROTECT
THE PEOPLE IN HERE FROM EACH
OTHER?
>> FROM EACH OTHER.
>> John: YEAH.
IT SAYS A LOT ABOUT YOUR OPINION
OF THE PEOPLE IN CHARGE OF THE
GOVERNMENT -- THE ONES THOSE
PLANNERS WERE EXPRESSLY TRYING
TO SAVE -- THAT THEY THOUGHT
THAT IF LEFT IN AN ENCLOSED
SPACE FOR AN INDETERMINATE
AMOUNT OF TIME, THEY'D
INEVITABLY MURDER EACH OTHER.
LOOK, IT'S PRETTY CLEAR HOUSE
REPUBLICANS NEED TO BE REMINDED
THERE ARE BIGGER THINGS THAN
THEMSELVES, AND THAT THERE'S A
LOT AT STAKE HERE.
AND MAYBE WHAT MIKE JOHNSON
NEEDS IS TO FIND A WAY TO GET
THE ENTIRE PARTY TO THAT RESORT,
HEAD DOWN TO THE BUNKER, AND
STEP THROUGH THAT 18 TON DOOR SO
THEY CAN MARVEL AT THE WEIGHT OF
THEIR ROLE IN RESTORING ORDER TO
A WORLD GONE MAD.
AND THEN, WHILE THEY DO THAT,
THE REST OF US CAN CLOSE THAT
FUCKING DOOR BEHIND THEM AND
RUN.
I DON'T WANT TO SAY IT'S A
PERFECT PLAN, BUT I WILL SAY,
TIC TAC TOE, IT'S A WINNER.
A WINNER.
AND NOW THIS.
>> Announcer: AND NOW,
COMING UP ON "INSIDE EDITION."
>> NEXT, THE MOM WRONGLY ACCUSED
OF CHILD TRAFFICKING.
>> IS THIS YOUR CHILD?
>> SAYING SHE'S SWINDLED BY THE
PICKLE BULKING.
>> PLUS, AND WHAT HAPPENED TO
NICOLE KIDMAN'S KNEE?
PLUS, GIVE ME BACK MY DOG AND
OPENING-NIGHT MISHAP AT THE
SPONGEBOB MUSIC AWARDS!
AND YOU WON'T BELIEVE WHAT'S
TRAPPED INSIDE THIS SHIPPING
CONTAINER.
>> IT SCRATCHING, DUDE!
>> PLUS, WARTHOGS, HOW DANGEROUS
ARE THEY?
AND CLAW MACHINE RESCUE.
AND DUDE, WHERE'S YOUR PANTS?
PLUS.
THEN, COLLEGE STUDENTS WHO WANT
TO LOOK HOT.
PLUS, PUT A RING ON IT IF YOU
DARE.
AND WATCH OUT BY!
AND!
>> LITTLE GOLDEN GIRLS
SENSATION.
>> WHY EVERYONE IS SAYING SHE
LOOKS LIKE ONE OF
"THE GOLDEN GIRLS"!
♪ ♪
>> John: MOVING ON.
OUR MAIN STORY TONIGHT CONCERNS
STUDENT LOANS.
THE BIGGEST THING YOU LEAVE
COLLEGE WITH BESIDES A DIPLOMA
AND A DRINKING PROBLEM.
STUDENT DEBT IS SUCH A MASSIVE
ISSUE IN THIS COUNTRY THAT A FEW
YEARS AGO, BURGER KING HAD A
PROGRAM DUBBED "WHOPPER LOANS"
WHERE LUCKY PEOPLE COULD GET UP
TO $500 OF THEIR LOANS REPAID,
WHICH THEY PROMOTED WITH VIDEO
OF THEIR MASCOT INCINERATING
LOANS WITH A FLAMETHROWER.
AND JUST THE YEAR BEFORE, KFC
DID THIS.
>> IF YOU NAME YOUR BABY
HARLAND, YOU COULD WIN $11,000
IN COLLEGE TUITION.
ALL PART OF A CONTEST BY KFC TO
HONOR ITS FOUNDER, COLONEL
HARLAND SANDERS.
THE CHAIN WILL GIVE THE PRIZE TO
THE FIRST BABY BORN ON SEPTEMBER
9TH NAMED HARLAND.
SEPTEMBER 9TH WAS THE COLONEL'S
BIRTHDAY AND THE $11,000 IS A
NOD TO HIS CHICKEN'S --
[LAUGHS]
11 HERBS AND SPICES.
>> John: OKAY, FIRST, THAT LAUGH
IS DELIGHTFUL.
BUT ALSO, SOMEONE ACTUALLY DID
IT!
THEY NAMED THEIR BABY HARLAND
FOR $11,000 IN COLLEGE TUITION
MONEY.
WHICH IS DARK, BUT TO BE FAIR,
"HARLAND"'S NOT THE WORST BABY
NAME.
THE WORST NAME WOULD BE "DEREK."
THINK ABOUT IT, YOU SAW A BABY
WITH CHEEKS LIKE CLOUDS AND AN
INNOCENCE UNPARALLELED AND YOU
THOUGHT "THAT'S DEREK."
"THAT'S MY LITTLE SECOND STRING
LACROSSE PLAYER."
"I CAN'T WAIT TO HOLD THAT
JUNIOR SALES ASSOCIATE IN MY
ARMS."
BUT AS WILD AS THOSE OFFERS ARE,
YOU CAN SEE THE APPEAL.
CURRENTLY, OVER 43 MILLION
AMERICANS HAVE STUDENT LOANS.
THAT'S ABOUT 13% OF THE U.S.
POPULATION, FOR A TOTAL
OUTSTANDING DEBT OF 1.7 TRILLION
DOLLARS.
THAT'S HIGHER THAN THE GDP OF
AUSTRALIA!
ONE OF THE COUNTRIES YOU KNOW.
SOMETIMES TO ILLUSTRATE A POINT,
I HAVE TO USE A COUNTRY LIKE
ESTONIA AND YOU HAVE TO INFER
FROM MY TONE WHETHER THAT MEANS
A NUMBER'S BIG OR NOT.
AND NOW, BECAUSE I'VE
SUCCESSFULLY TRAUMATIZED YOU
OVER THE YEARS, YOU'RE PROBABLY
WONDERING -- IS THAT REALLY
ESTONIA?
I DON'T KNOW, YOU TELL ME.
MAYBE YOU SHOULD'VE PAID MORE
ATTENTION AT THAT SCHOOL YOU
PAID SO MUCH FUCKIN' MONEY FOR.
AND FOR MANY STRUGGLING TO PAY
THEIR STUDENT LOANS, THE DEBT
CAN FEEL OVERWHELMING.
>> I STARTED WITH $80,000.
I HAVE BEEN PAYING FOR 10 YEARS.
THE GRAND TOTAL IS I HAVE PAID
$120,000 AND I STILL OWE $76.
HOW THE FUCK IS THIS POSSIBLE?
>> John: THAT'S THE APPROPRIATE
RESPONSE!
NO ONE SHOULD BE WORKING FOR TEN
YEARS ONLY TO END UP WORSE OFF
THAN WHEN THEY STARTED.
I MEAN, PHYSICALLY WORSE, SURE.
THAT IS A GIVEN.
IT'S COMPLETELY UNDERSTANDABLE.
A
BUT NOT FINANCIALLY.
NOW, YOU MIGHT REMEMBER, JOE
BIDEN CAMPAIGNED ON TACKLING
STUDENT DEBT.
BUT HIS MOST AMBITIOUS PLAN, TO
WIPE OUT OVER $400 BILLION OF
IT, WAS STRUCK DOWN BY THE
SUPREME COURT LAST SUMMER.
ANOTHER BANGER DECISION FROM THE
GAVEL GANG, WHO ARE REALLY
PLAYING THE HITS THESE DAYS.
HONESTLY, YOU GUYS SHOULD REALLY
TAKE THIS SHOW ON THE ROAD, AND
IF YOU DO, I'VE GOT THE PERFECT
TOUR BUS.
FOR ANOTHER 48 HOURS, IT CAN BE
YOURS.
WELL, ONE OF YOURS.
IF THE REST OF YOU GET INVITED
IS KIND OF UP TO HIM.
AND FOR MANY ON THE RIGHT, THE
COURT'S DECISION WAS A GOOD
THING, BECAUSE ALL ALONG, THE
VERY IDEA OF COLLEGE LOANS
GETTING FORGIVEN HAD MADE THEM
FURIOUS.
>> HE MAY PULL THE TRIGGER
TOMORROW ON EVEN MORE STUDENT
LOAN FORGIVINGNESS FOR
POINTLESS, USELESS BALONEY
LIBERAL ARTS DEGREES LIKE THE
CULTURAL SIGNIFICANCE OF SOAP
OPERAS.
>> WHY STOP AT STUDENT LOANS?
WHY NOT PAY OFF PEOPLE'S CAR
LOANS, THEIR HOME LOANS, THEIR
LOANS TO GET A TATTOO?
>> WHY SHOULD I HAVE TO PAY FOR
MY NEIGHBOR'S DUMB DAUGHTER WHO
WENT TO, I DON'T KNOW, GRAD
SCHOOL FOR ANTHROPOLOGY, WHO
JUST BACKED HER CAR INTO MY CAR
AND DIDN'T LEAVE A NOTE?
UH-UH, I'M NOT PAYING FOR THAT.
>> John: WOW.
WHAT A BUNCH OF WEIRD MADE-UP
BULLSHIT FOLLOWED BY ONE THING
THAT DEFINITELY DID HAPPEN.
I'LL BE HONEST -- I'D NEVER
CONSIDERED HOW THAT CUFFLINK OF
A MAN HAS NEIGHBORS.
HE LIVES IN A COMMUNITY, AMONG
PEOPLE WHO HAVE TO SEE HIM ON
THE STREET AND AT THE STORE.
AND YET HE THINKS SOMEONE HIT
HIS CAR BY MISTAKE?
AND THAT THERE'S ONLY ONE
SUSPECT?
THAT'S ABSURD!
THE WHOLE TOWN PROBABLY TAKES
TURNS DRIVING INTO HIS CAR!
ALSO, FOR THE RECORD, JESSE
WATERS WENT TO A PRIVATE LIBERAL
ARTS COLLEGE IN CONNECTICUT.
WHICH SHOULDN'T BE SURPRISING.
THAT'S THE MOST CONNECTICUT
BITCH FACE I'VE EVER SEEN.
SEASON FIVE RORY GILMORE WOULD
HAVE WRECKED HER WHOLE LIFE FOR
HIM.
BUT FOR ALL THE SCORN HEAPED ON
PEOPLE WHO TOOK ON STUDENT DEBT,
IT'S WORTH NOTING THIS NUMBER
ONLY GOT SO BIG BECAUSE OF A LOT
OF SHORTSIGHTED POLICY CHOICES
OVER THE YEARS.
IN FACT, ONE OF THE ORIGINAL
ARCHITECTS OF THE FEDERAL LOAN
PROGRAM BACK IN THE '60s WAS
ASKED A FEW YEARS AGO HOW SHE
THOUGHT HER PROPOSAL TURNED OUT.
AND SHE SAID, QUOTE, "WE
UNLEASHED A MONSTER."
SO GIVEN THAT, TONIGHT, LET'S
LOOK AT THAT MONSTER, HOW IT GOT
SO BIG, AND WHAT WE CAN DO ABOUT
IT.
AND LET'S START WITH HOW WE GOT
HERE.
BECAUSE THERE'S TWO KEY ISSUES
THAT GOT US INTO THIS MESS: THE
FIRST IS THE LOAN PROGRAM
ITSELF.
FEDERAL MONEY FOR HIGHER
EDUCATION REALLY STARTED WITH
THE INTRODUCTION OF THE G.I.
BILL.
FOR YEARS AFTER IT, LAWMAKERS
ARGUED UNSUCCESSFULLY FOR MORE
FEDERAL FUNDING FOR EDUCATION.
THEN, SPUTNIK HAPPENED, AND
SUDDENLY, EVERYONE FROM
EISENHOWER ON DOWN DECIDED THAT
SCIENTIFIC EDUCATION WAS KEY TO
KEEPING UP WITH RUSSIA.
EISENHOWER SIGNED THE NATIONAL
DEFENSE EDUCATION ACT, WHICH
CREATED THE FIRST LOAN PROGRAM
FOR STUDENTS WHO WANTED TO STUDY
MATH, SCIENCE, AND ENGINEERING.
AND OVER THE YEARS, ONE
PRESIDENT AFTER ANOTHER EXPANDED
THE PROGRAM.
LBJ OPENED UP LENDING TO MORE
PEOPLE, REGARDLESS OF THEIR AREA
OF STUDY, NIXON LAUNCHED PELL
GRANTS AND CREATED "SALLIE MAE."
AND CLINTON STARTED THE PROCESS
OF SHIFTING AWAY FROM BANKS
ISSUING STUDENT LOANS, TO HAVING
THEM COME DIRECTLY FROM THE
GOVERNMENT, ALL WHILE PUSHING
REPAYMENT IDEAS LIKE THIS.
>> THE DEMOCRATS OUGHT TO BE FOR
A PROGRAM THAT GIVES EVERY
AMERICAN PERSON THE CHANCE TO GO
TO COLLEGE AND HELP FOR
EVERYBODY WHO NEEDS IT, AND THEY
SHOULD PAY THE MONEY BACK IN ONE
OF TWO WAYS.
EITHER AS A SMALL PERCENTAGE OF
THEIR INCOME OVER A LONG PERIOD
OF TIME, OR BY GIVING THREE OR
FOUR YEARS OF THEIR LIVES BACK
TO THEIR COUNTRY THROUGH
NATIONAL SERVICE AS TEACHERS, OR
POLICEMEN, OR FAMILY SERVICE
WORKERS!
>> John: SOUNDS GOOD!
IN EXCHANGE FOR AN EDUCATION,
GRADUATES COULD GIVE BACK BY
DOING TWO OF THE HARDEST JOBS I
CAN IMAGINE, AND ONE THAT'S
MOSTLY STARING AT YOUR PHONE IN
THE NEW YORK SUBWAY.
UNDER CLINTON, AND LATER BUSH,
WE ACTUALLY PASSED VERSIONS OF
THAT PROPOSAL, PEGGING STUDENT
LOAN REPAYMENT TO INCOME OR
NATIONAL SERVICE.
AND SOME OF THESE TWEAKS
GENUINELY HAD THE GOAL OF MAKING
ACCESS TO EDUCATION EASIER.
BUT THE ONLY THING THEY
DEFINITELY MADE EASIER WAS
ENSURING THAT ANYONE GOING TO
COLLEGE COULD NOW ACCESS AN
ABSOLUTELY MASSIVE LINE OF
CREDIT.
AND THEORETICALLY, THAT WOULD
HAVE BEEN MANAGEABLE, SO LONG AS
THE PRICE OF COLLEGE DIDN'T GET
OUT OF HAND.
BUT THAT BRINGS US TO THE SECOND
ISSUE.
BECAUSE UP UNTIL THE PANDEMIC,
WHICH BROUGHT TUITION FREEZES,
THE PRICE OF AN EDUCATION CREPT
STEADILY UP OVER THE YEARS.
IT'S NOW AT THE POINT WHERE THE
AVERAGE NET COST OF ATTENDANCE
FOR IN-STATE STUDENTS AT PUBLIC
SCHOOLS -- THAT'S AFTER
SUBTRACTING FINANCIAL AID AND
GRANTS, AND ADDING IN COSTS FOR
THINGS LIKE HOUSING, FOOD, AND
BOOKS -- IS AROUND $20,000 PER
YEAR.
AND WHILE A LOT OF FACTORS
CONTRIBUTED TO THAT RISE, ONE
KEY ONE WAS A DYNAMIC THAT
ACCELERATED AFTER THE 2008
FINANCIAL CRISIS, WHEN STATES
BEGAN SLASHING FUNDING FOR
PUBLIC COLLEGES AND
UNIVERSITIES, WHERE THE VAST
MAJORITY OF U.S. STUDENTS GO.
UNDERSTANDABLY, THOSE DECLINES
IN FUNDING WERE FOLLOWED BY
LARGE INCREASES IN TUITION AND
FEES TO COVER THE GAP.
HERE'S THE FORMER HEAD OF LSU IN
2016, EXPLAINING HOW, IN JUST A
FEW SHORT YEARS, THE RATIO OF
WHAT THE GOVERNMENT PAYS TO WHAT
STUDENTS PAY HAD SHIFTED THERE.
>> I'D SAY IN '08, WE WERE
70-30, 70% STATE, 30% STUDENT.
WE'RE 80-20 RIGHT NOW.
80% STUDENT, 20% STATE.
WE'RE QUIETLY PRIVATIZING PUBLIC
HIGHER EDUCATION THROUGHOUT THE
COUNTRY.
THE CHILDREN IN ELEMENTARY
SCHOOL ARE NOT GOING TO HAVE A
PUBLIC AFFORDABLE OPTION BY THE
TIME THEY GET OUT OF HIGH
SCHOOL.
>> John: IT'S TRUE!
AND YOU CAN ADD THAT TO THE LIST
OF THINGS ELEMENTARY SCHOOL
CHILDREN AREN'T GONNA HAVE BY
THE TIME THEY'RE 18.
THE LIST IS NOW AFFORDABLE
PUBLIC COLLEGE, SUMMERS BELOW
100 DEGREES, AND THEIR
GRANDPARENTS PROBABLY.
SORRY, KIDS!
OLDS DIE!
AND WHEN THAT REPORTER ASKED THE
THEN-GOVERNOR OF LOUISIANA TO
JUSTIFY THOSE CUTS, HIS RESPONSE
WAS LESS THAN INSPIRING.
>> I HAVE A CONSTITUTIONAL
OBLIGATION TO DELIVER A BALANCED
BUDGET AND THE CUTS HAVE TO COME
FROM SOMEWHERE.
SO, THE CUTS ARE COMING AT THE
EXPENSE OF HIGHER EDUCATION AND
ALSO AT THE EXPENSE OF STUDENTS
IN ORDER TO KEEP THOSE
UNIVERSITIES AFLOAT.
>> STUDENTS HAVE ACCESS TO
MONEY, SO DO LAWMAKERS THINK,
WELL, WE WON'T PUT MONEY TOWARD
THIS BECAUSE WE KNOW THAT
STUDENTS CAN TAKE OUT DEBT AND
PAY FOR THEIR EDUCATION THAT
WAY?
>> WELL, OBVIOUSLY THAT IS
HAPPENING TO SOME DEGREE, NOT
JUST IN LOUISIANA BUT AROUND THE
COUNTRY, AND I FIND IT VERY
TROUBLING.
>> John: "YEAH, WE'RE ROBBING
OUR CHILDREN TO PAY FOR OUR
BUDGET."
ON ONE HAND, I GUESS HE'S BEING
HONEST, BUT THAT'S STILL ONE OF
THE WORST THINGS I'VE EVER SEEN
COME OUT OF LOUISIANA.
WITH THE BEST, OF COURSE, BEING
MONSIEUR JACQUES, THE STATUE OF
A FROG IN A TOP HAT FROM THE
CITY OF RAYNE.
NOW, DOES IT LOOK LIKE THE
PLACARD IN FRONT OF HIM IS
BLOCKING HIS ENORMOUS FROG DICK?
YES IT DOES.
IS THERE A PHOTO WHERE IT
DOESN'T LOOK LIKE THAT?
NO, THERE IS NOT.
SO PUBLIC UNIVERSITIES WERE
STRUGGLING FOR FUNDING.
AND MANY RESPONDED BY RAMPING UP
SPENDING.
WHICH MIGHT SEEM
COUNTERINTUITIVE, UNTIL YOU
REALIZE YOU CAN CHARGE TUITION
ALMOST THREE TIMES HIGHER TO
OUT-OF-STATE OR INTERNATIONAL
STUDENTS THAN IN-STATE ONES.
SO COLLEGES NOW COMPETE TO LURE
THOSE STUDENTS IN, WITH
EXPENSIVE AMENITIES FROM
STATE-OF-THE-ART STUDENT CENTERS
TO ROCK CLIMBING WALLS.
IN FACT, ONE OF THE MOST POTENT
SYMBOLS OF THOSE SPENDING WARS
IS AT LSU ITSELF.
>> WOW, THERE IT IS, LIFEGUARDS
AND EVERYTHING.
STUDENTS AT LOUISIANA STATE
UNIVERSITY CAN NOW ENJOY A
500-FOOT LAZY RIVER THAT SPELLS
OUT LSU.
HEY, LIFEGUARD!
ARE YOU A STUDENT HERE, TOO?
>> YES, SIR.
>> SO YOU'RE PAYING FOR THIS?
YOU'RE PAYING FOR THE LAZY
RIVER.
>> YES, I PAY FOR THIS.
IT'S IN MY FEES.
>> John: OKAY, FIRST, STOP
YELLING AT THAT STUDENT THROUGH
A FENCE.
HE'S BUSY.
AT WORK.
BEING PAID TO WATCH THE RIVER HE
PARADOXICALLY FUNDS.
SECOND, NOT TO RIVER SHAME, BUT
THAT HAS TOO MANY CURVES.
THE WHOLE POINT OF A LAZY RIVER
IS TO GET DAY DRUNK ON NATTYS,
PASS OUT TO AN MGMT ALBUM, AND
VIBE.
YOU CAN'T DO THAT IF EVERY FIVE
SECONDS YOU HAVE TO NAVIGATE THE
TWISTS AND TURNS OF THE LETTER
S.
BUT WHETHER OUT OF NECESSITY OR
GREED, UNIVERSITIES BASICALLY
STARTED TURNING THEIR CAMPUSES
INTO RESORTS TO JUSTIFY TAKING
MORE MONEY FROM STUDENTS.
AND THE THING IS, EVEN AS
TUITION CLIMBED, STUDENTS DIDN'T
STOP APPLYING.
THEY JUST KEPT BORROWING AS MUCH
AS THEY COULD.
SO THE MERE EXISTENCE OF THE
STUDENT LOAN INDUSTRY HAS ENDED
UP CONTRIBUTING TO A VICIOUS
CYCLE OF RISING TUITION AND
HIGHER DEBT LOADS.
ALL OF WHICH HAS MADE IT VERY
EASY TO WIND UP TAKING ON
DEBILITATING AMOUNTS OF DEBT,
OFTEN AT AN AGE WHEN YOU BARELY
UNDERSTAND WHAT YOU'RE GETTING
INTO.
>> IT WAS JUST EXPLAINED TO US
AS EVERYBODY HAS STUDENT LOANS
AND THIS IS JUST SOMETHING YOU
DO TO GET AHEAD IN LIFE.
TO HAVE A DRINK OF ALCOHOL, YOU
HAVE TO BE 21.
TO TAKE OUT $100,000 WORTH OF
DEBT, YOU CAN BE 18.
YOU CAN DO THAT.
AND I DEFINITELY DID NOT
UNDERSTAND WHAT I WAS SIGNING UP
FOR.
>> John: RIGHT.
THAT'S A HUGE BURDEN TO TAKE ON
AT 18.
AND THAT'S ALREADY A DIFFICULT
AGE.
YOU CAN'T LEGALLY DRINK, YOU
CAN'T STOP FIGHTING WITH YOUR
MOM, WHO'S BEING A TOTAL BITCH,
AND LEONARDO DICAPRIO KEEPS
SKULKING AROUND YOUR SCHOOL.
WHY ADD THE BIGGEST FINANCIAL
DECISION OF YOUR LIFE TO THAT
LIST?
ONE BORROWER SAID SHE BARELY
RECOGNIZED HER OWN CHILDLIKE
HANDWRITING ON THE FORMS THAT
COMMITTED HER TO DECADES OF
DEBT.
AND YET, FOR MANY, TAKING IT ON
CAN SEEM LIKE THE ONLY RATIONAL
CHOICE.
BECAUSE SO MANY CAREERS ARE
OFF-LIMITS TO ANYONE WHO HASN'T
BEEN TO COLLEGE.
>> EVEN THOUGH TWO-THIRDS OF
ADMINISTRATIVE ASSISTANTS DON'T
HAVE BACHELOR'S DEGREES,
THREE-QUARTERS OF THE NEW JOB
POSTINGS FOR ADMINISTRATIVE
ASSISTANTS SAY YOU HAVE TO HAVE
A BACHELOR'S DEGREE TO BE
CONSIDERED FOR THAT JOB.
SO, TWO-THIRDS OF THE PEOPLE WHO
CURRENTLY DO THAT JOB CAN'T
APPLY FOR THREE-QUARTERS OF THE
NEW JOBS IN THE FIELD.
>> John: EXACTLY, A LACK OF A
COLLEGE DEGREE IS A SIGNIFICANT
BARRIER TO ENTRY FOR A LOT OF
JOBS.
AND BARRIERS TO ENTRY MAKE SENSE
FOR SOME THINGS, LIKE PRACTICING
MEDICINE, OR GORILLA ENCLOSURES.
BUT REQUIRING A DEGREE FOR A JOB
THAT CAN BE DONE WITHOUT ONE
MAKES NO SENSE AT ALL.
AND ONCE YOU'VE TAKEN THESE
LOANS ON, EVEN THOSE WHO CAN
AFFORD THE MINIMUM PAYMENT CAN
END UP TREADING WATER FOR YEARS.
HERE'S THAT WOMAN YOU JUST SAW,
BREAKING DOWN WHERE HER MONTHLY
PAYMENTS ACTUALLY GO.
>> SO, MY TOTAL DUE FOR THIS
MONTH, $707.74.
WHAT WILL BE APPLIED TO THE
PRINCIPAL?
$64.54.
SO, THE PRINCIPAL IS THE TOTAL
AMOUNT OF LOAN, LIKE, ACTUAL
MONEY THAT I ACTUALLY TOOK OUT.
WHAT WILL BE GOING TO THE
INTEREST?
$643.20.
SO, MY PRINCIPAL ISN'T GOING
DOWN, MY DEBT ISN'T GOING DOWN,
I'M LITERALLY JUST PAYING THE
INTEREST.
>> John: THAT'S RIDICULOUS.
THAT $650 COULD BE MUCH BETTER
SPENT -- ON THE PRINCIPAL ON HER
LOAN, OR EVEN TO BUYING TWO
CAMEOS FROM RUDY GIULIANI EVERY
MONTH.
AND I'D PROVE THAT TO YOU BY
BUYING ONE, BUT I DON'T WANT TO
GIVE THAT MAN ANY MONEY.
SO WE GOT ONE FROM SNOOKI
INSTEAD, WHO CHARGES AROUND THE
SAME AMOUNT.
>> HEY, BRITTNEY!
WHAT'S UP, MAMA!
IT'S YOUR GIRL, SNOOKI!
AND I CAN'T BELIEVE THIS VIDEO
COSTS HALF AS MUCH AS YOUR
STUDENT LOAN INTEREST.
THAT'S FUCKED UP!
[BLOWS KISS]
>> John: YEAH, IT IS!
THANK YOU, SNOOKI.
THANK YOU VERY MUCH.
AND AS THOSE DEBTS PILE UP, IT'S
NO WONDER THAT, FOR MANY WITH
STUDENT LOANS, IT CAN FEEL
ALMOST IMPOSSIBLE TO PLAN FOR A
FUTURE.
>> ONE OF THE THINGS THAT SCARES
ME IS BECOMING A PARENT.
I JUST GOT MARRIED LAST YEAR AND
MY WIFE IS ON ME LIKE, "HEY, YOU
KNOW, I'M READY.
ARE YOU READY?"
AND SO, YOU KNOW, WHILE I WOULD
LOVE TO BE A PARENT BUT THEN I
LOOK AT THE -- THE COST OF
CHILDCARE AND I LOOK AT MY
STUDENT LOAN BALANCE AND IT'S
LIKE, THEN I'M STILL GONNA BE
BALANCING, DO I MAKE MY STUDENT
LOAN PAYMENT OR DO I PAY CHILD
CARE?
YOU KNOW, AND I DON'T WANT TO
DEFAULT ON MY STUDENT LOANS, BUT
AT THE SAME TIME, IF I'M GOING
TO BECOME A PARENT, I WANT TO
MAKE SURE THAT MY CHILD HAS THE
BEST LIFE POSSIBLE AND I JUST
DON'T SEE HOW THAT IS POSSIBLE
WITH HAVING A STUDENT LOAN DEBT
HANGING OVER MY HEAD.
>> John: YEAH, STUDENT LOANS
SHOULDN'T DETERMINE WHETHER YOU
HAVE KIDS.
IT'D BE CRAZY IF SOMETHING THE
GOVERNMENT DID INFLUENCED YOUR
DECISION TO HAVE A CHILD OR NOT.
RIGHT?
THAT WOULD BE CRAZY!
RIGHT?
THAT WOULD BE ABSOLUTELY CRAZY!
AND LET'S ADDRESS WHO GETS HIT
HARDEST HERE.
BECAUSE WHEN MANY IMAGINE THE
TYPICAL BORROWER, THEY'RE
PICTURING THE CARICATURE PAINTED
ON FOX NEWS, OR IN ADS LIKE THIS
ONE, ATTACKING BIDEN'S DEBT
RELIEF PLAN.
>> WANT TO BE A STRUGGLING
ARTIST?
COLLEGE IS ON ME.
>> MY KIDS DON'T NEED FANCY
THINGS LIKE SCHOOL SUPPLIES OR
NEW SHOES.
>> I WORK FOR YOU, THEATER
MAJOR.
>> THIS SHIFT IS FOR YOU,
BUSINESS MAJOR, GO BUY YOURSELF
THAT NEW CAR.
>> ENJOY YOUR FREE RIDE, COLLEGE
IS ON ME.
>> TELL CONGRESS, STOP BIDEN'S
BAILOUT FOR RICH KIDS.
>> John: THEY'RE SO RIGHT.
STOP PAYING FOR RICH KIDS TO
STUDY THEATER!
WHAT ARE THEY GONNA DO WITH THAT
DEGREE ANYWAY?
STAR IN A HACK POLITICAL AD
MAKING FUN OF ANYONE WHO STUDIES
THEATER?
GO GET A REAL JOB WHERE YOU
TOUCH A WRENCH!
BUT ABOUT THAT "BAILOUT FOR RICH
KIDS" IDEA.
IT GETS TOSSED AROUND A LOT WHEN
IT COMES TO DEBT FORGIVENESS.
WHICH IS WEIRD BECAUSE RICH KIDS
TEND NOT TO HAVE STUDENT DEBT,
BECAUSE THEIR PARENTS TEND TO
PAY FOR THEIR COLLEGE, JUST LIKE
THEY TEND TO PAY FOR LAWYERS TO
MAKE THAT THING WITH THE CAR AND
THE CYCLIST GO AWAY.
AND PEOPLE WITH THE HIGHEST LOAN
BALANCES ARE OFTEN CURRENT ON
THEIR PAYMENTS, BECAUSE THEY
MAY'VE GOTTEN ADVANCED DEGREES
THAT ALLOWED THEM TO EARN MORE.
CONVERSELY, THOSE MOST BURDENED
BY DEBT OFTEN HAVE RELATIVELY
SMALL AMOUNTS OF LOANS, FROM
ATTENDING PUBLIC UNIVERSITIES.
THAT GUY WHO WAS TALKING ABOUT
PUTTING OFF KIDS?
HE'S NOT IN DEBT BECAUSE HE
STUDIED THEATER.
HE OWES $30,000 FROM GOING TO A
STATE UNIVERSITY TO STUDY
ACCOUNTING.
HE TOOK THE EXACT PATH PEOPLE
LIKE THIS GUY LOVE TO CREAM
THEIR CHINOS OVER, AND IT STILL
FUCKED HIM OVER.
IN FACT, AS OF 2022, MOST
STUDENT LOAN BORROWERS WITH
OUTSTANDING DEBT OWED LESS THAN
$25,000.
AND HAVING A SMALLER DEBT
DOESN'T NECESSARILY MEAN IT'S
EASIER TO PAY OFF.
IN FACT, BORROWERS WITH THE
LEAST DEBT OFTEN HAD SLIGHTLY
MORE DIFFICULTY WITH REPAYMENTS.
AND THAT CAN BE FOR MULTIPLE
REASONS, INCLUDING THEY MAY'VE
HAD TO LEAVE SCHOOL BEFORE
FINISHING, MEANING THEY HAVE ALL
THE DEBT, BUT NO DEGREE TO SHOW
FOR IT.
AND IT GETS EVEN WORSE BECAUSE
INCREASINGLY, IT'S NOT JUST
YOUNG PEOPLE TAKING ON STUDENT
LOANS.
THAT'S THANKS TO YET ANOTHER
FEDERAL PROGRAM CALLED PARENT
PLUS, WHICH ALLOWS PARENTS TO
TAKE OUT A STUDENT LOAN ON THEIR
CHILD'S BEHALF.
BUT THESE LOANS ARE EVEN
RISKIER.
THEY HAVE EFFECTIVELY NO INCOME
REQUIREMENTS, AND NO LIMIT ON
BORROWING.
AND THAT MEANS THERE ARE
INCREASING NUMBERS OF RETIREES
SADDLED WITH STUDENT DEBT ON
BEHALF OF THEIR KIDS, LIKE THIS
80-YEAR-OLD MAN.
>> AND THIS IS MY SON, WHO
GRADUATED IN 2008 FROM
BRIDGEWATER COLLEGE WITH A
DEGREE IN BIOLOGY.
I DIDN'T WANT HIM TO BE STUCK
WITH HAVING THE DEBT THAT A LOT
OF KIDS HAVE WHEN THEY GET OUT
OF COLLEGE.
SO, I ASSUMED THAT LOAN.
THE PARENT PLUS LOAN THAT I TOOK
OUT WAS THROUGH THE DEPARTMENT
OF EDUCATION.
I THINK I STARTED IN 2004.
I'M STILL PAYING IT.
AND ACCORDING TO NAVIENT, I'LL
BE DONE IN 2040.
>> John: YOU KNOW WHAT I LIKE
ABOUT THAT?
THE SLIGHT LAUGH IN HIS VOICE AT
THE END THERE.
THAT'S THE CHUCKLE OF A MAN WHO
KNOWS HE'LL BE DEAD BEFORE THAT
LOAN GETS PAID BACK.
THAT'S A MAN LAUGHING IN THE
FACE OF GOD AND GOVERNMENT.
AND DEATH MIGHT BE THE ONLY
OPTION TO GET OUT FROM UNDER
THESE LOANS.
BECAUSE -- AS WE'VE DISCUSSED
BEFORE -- STUDENT LOANS ARE
EXTREMELY DIFFICULT TO DISCHARGE
THROUGH BANKRUPTCY.
THEY'RE ACTUALLY SOMETHING OF AN
OUTLIER IN THAT REGARD, AS THIS
PROFESSOR EXPLAINS.
>> IF I WERE TO GO AND LOSE ALL
MY MONEY AT A GAMBLING CASINO, I
CAN DECLARE BANKRUPTCY.
IF I WERE TO, YOU KNOW, BE A
CRIMINAL AND DO SOME HORRIBLE
THING, I CAN DECLARE BANKRUPTCY.
STUDENTS ARE NOT ALLOWED TO
DECLARE BANKRUPTCY.
>> John: IT'S TRUE.
AND WHILE I APPRECIATE THE
HYPOTHETICAL THERE, IT'S A
LITTLE HARD TO IMAGINE THIS GUY
BLOWING HIS LIFE SAVINGS AT A
CRAPS TABLE.
I'M JUST SAYING, THE VERY FACT
THAT HE CALLED IT A "GAMBLING
CASINO" PROVES HE'S NEVER BEEN
INSIDE ONE.
SO THIS ENTIRE SYSTEM SEEMS
PRACTICALLY SET UP TO DROWN
PEOPLE IN DEBT.
BUT THERE IS ONE MORE PLAYER WE
SHOULD MENTION HERE, AND THAT'S
STUDENT LOAN SERVICERS.
YOU MIGHT KNOW THEM BY NAMES
LIKE THESE.
AND IF YOU KNOW WHO THESE
COMPANIES ARE, YOU PROBABLY
FUCKING HATE THEM!
SERVICERS MANAGE LOANS ON THE
GOVERNMENT'S BEHALF -- AND IN
THEORY, THEY'RE SUPPOSED TO HELP
YOU NAVIGATE THE SYSTEM.
BUT IN PRACTICE, THEY OFTEN
MANAGE TO MAKE THINGS MUCH
WORSE.
A REPORT FOUND SOME COMPANIES
HAVE BILLED PEOPLE FOR THE WRONG
AMOUNT, GIVEN THEM BAD
INFORMATION, AND SUBJECTED THEM
TO INCREDIBLY LONG HOLD TIMES ON
THE PHONE, WITH ONE BORROWER
WAITING 565 MINUTES TO SPEAK TO
A REPRESENTATIVE.
AND THAT INCOMPETENCE IS A
PROBLEM.
BECAUSE THE GOVERNMENT DOES HAVE
PROGRAMS TO EASE THE BURDEN OF
STUDENT DEBT -- REMEMBER, THE
ONES YOU SAW BILL CLINTON
DESCRIBE EARLIER?
WHERE YOUR DEBT CAN BE REDUCED
BASED ON INCOME OR PUBLIC
SERVICE?
THOSE ACTUALLY DO EXIST.
BUT UNFORTUNATELY, THE
GOVERNMENT DESIGNED THEM IN A
VERY COMPLICATED WAY, AND THEIR
IMPLEMENTATION IS IN THE HANDS
OF THESE COMPANIES.
TAKE THIS WOMAN.
SHE WAS ENROLLED IN A PROGRAM
WHERE, AFTER A DECADE OF PUBLIC
SERVICE, HER LOANS WOULD BE
FORGIVEN.
SHE SPENT HER DECADE SERVING IN
THE MILITARY, AND NINE YEARS IN,
HAVING AUTO-PAID ON-TIME EVERY
MONTH, SHE ASSUMED SHE WAS
NEARLY DONE.
BUT WHEN SHE CALLED HER
SERVICER, FEDLOAN, THEY TOLD HER
SHE'D ONLY BEEN CREDITED WITH
ONE YEAR OF PAYMENTS, SO STILL
HAD NINE LEFT.
AND WHEN SHE ASKED WHY, THEIR
RESPONSE WAS MADDENING.
>> THE WOMAN LOOKED THROUGH MY
ACCOUNT AND SHE SAYS, "YOU MAY
HAVE AN ISSUE THAT WE KNOW IS AN
ISSUE WHERE THE AUTO-DEBIT TAKES
THE PAYMENT BUT ONE PENNY SHORT
OF WHAT IS ACTUALLY DUE SO IT
DOESN'T COUNT."
>> I SUBMITTED MY CASE FOR A
REVIEW, AND IT SAT IN REVIEW FOR
THREE YEARS.
AND IN THE INTERIM, I WAS PAYING
BECAUSE YOU'RE LIKE, OKAY, WELL,
THEY'RE REVIEWING IT.
THEY'RE DOING SOMETHING.
BUT IT -- THE REVIEW NEVER --
THREE YEARS LATER, IT WAS STILL
UNDER REVIEW.
>> John: HOLD ON, WE MAY'VE
UNDERCHARGED YOU BY ONE PENNY SO
THE PAYMENT DOESN'T COUNT?
IN NO OTHER TRANSACTION WOULD
THAT BE ACCEPTABLE!
IF YOU BUY A SHIRT THAT'S $9.99
AND THE STORE ONLY CHARGES YOU
$9.98, THE CASHIER CAN EITHER
LET IT GO, OR SAY, "YOU ACTUALLY
STILL OWE US ONE PENNY."
BUT AT NO POINT WOULD THEY BE
ALLOWED TO SAY "SORRY, YOUR
PAYMENT DOESN'T COUNT, GIVE US
$10 AGAIN."
AND SHE'S NOT ALONE, A GAO
REPORT FOUND THAT THAT
LOAN-FORGIVENESS PROGRAM HAD A
DENIAL RATE OF 99%.
A SIMILAR THING HAPPENED WITH
"INCOME-DRIVEN REPAYMENT PLANS,"
WHICH PROVIDED THAT, IF YOUR
INCOME WAS BELOW A CERTAIN
LEVEL, AND YOU MADE 20 TO 25
YEARS' WORTH OF PAYMENTS, YOUR
LOAN WOULD EVENTUALLY BE
FORGIVEN.
WHICH SOUNDS GOOD.
BUT, AGAIN, THE PROGRAMS'
MECHANICS WERE COMPLICATED, AND
SERVICERS FUCKED THINGS UP.
GOVERNMENT REVIEWS FOUND SOME
STEERED BORROWERS INTO SOMETHING
CALLED "FORBEARANCE" INSTEAD --
WHICH BASICALLY HITS PAUSE ON
YOUR LOAN, BUT ALLOWS INTEREST
TO KEEP ACCUMULATING.
THAT'S EXACTLY WHAT THIS WOMAN
SAYS HAPPENED TO HER.
>> FOR MONTHS NOW, JULIE ALICEA
HAS BEEN DESPERATELY TRYING TO
TAKE CONTROL OF HER MOUNTING
STUDENT LOAN DEBT.
IT'S NOW IN THE TENS OF
THOUSANDS.
>> AND IT'S CRAZY CAUSE I'M
TRYING TO PAY.
>> BUT SHE SAYS HER LOAN
SERVICER NAVIENT IS NOT HELPING.
SHE'S BEEN TRYING TO APPLY FOR
AN INCOME-BASED PAYMENT PLAN BUT
INSTEAD THE COMPANY STEERS HER
TOWARDS A COSTLY FORBEARANCE AND
WON'T SEND THE PAPERWORK SHE
NEEDS.
>> SINCE I REQUESTED INCOME
REPAYMENT PROGRAM ASSISTANCE AND
I'M STILL WAITING SINCE LIKE
EARLY SUMMER LAST YEAR.
>> John: THAT'S ABSURD!
SHE'S TRYING TO MAKE THIS
SITUATION BETTER, AND THEY'RE
NOT HELPING!
SHE'S TAKING IT SO SERIOUSLY,
SHE'S WEARING A HEADSET ON THE
NEWS!
WHICH I PRESUME IS BECAUSE SHE'S
HAVING TO BE ON HOLD WITH
NAVIENT EVERY WAKING MOMENT OF
HER LIFE!
BUT EVEN IF YOU MANAGE TO GET
ENROLLED IN A PROGRAM, AND JUMP
THROUGH ALL THE HOOPS FOR TWO
DECADES, YOUR SERVICER MIGHT
STILL SCREW IT UP.
AN INVESTIGATION A FEW YEARS AGO
FOUND SOME SERVICERS WEREN'T
CLEARLY TRACKING BORROWERS'
PAYMENTS TOWARD THE PROGRAM AND
HAD NO IDEA WHEN BORROWERS
QUALIFIED FOR FORGIVENESS.
WHICH MAY HELP EXPLAIN WHY, AS
OF 2021, DESPITE THE FACT THAT 2
MILLION BORROWERS HAVE BEEN
ENROLLED IN INCOME-BASED
REPAYMENT PLANS FOR OVER 20
YEARS, ONLY 32 HAD SUCCESSFULY
CANCELED THEIR LOANS.
NOT 32% -- 32 PEOPLE!
THIS PROGRAM HAS ONLY WORKED FOR
A SINGLE SEASON OF "BACHELOR"
CONTESTANTS.
AND HONESTLY, CHALKING IT UP TO
COMPANIES' INCOMPETENCE MIGHT BE
TOO GENEROUS.
A WHISTLEBLOWER WHO WORKED IN
CUSTOMER SERVICE AT NAVIENT HAS
SAID THAT ONE MAJOR METRIC
EMPLOYEES WERE GRADED ON WASN'T
HOW HELPFUL THEY COULD BE TO
CUSTOMERS, BUT HOW FAST THEY
COULD GET THEM OFF THE PHONE.
>> PART OF OUR TRAINING WAS
KEEPING YOUR CALLS TO SEVEN
MINUTES.
IF I DON'T KEEP MY CALL TO 7
MINUTES, I HAVE A LOWER STATUS
AT THE END OF THE DAY.
I'M CONSIDERED NOT HAVING
PERFORMED AS WELL.
A FEW OF MY COWORKERS SAID THAT
THERE WAS JUST NO WAY TO ANSWER
ALL OF THOSE QUESTIONS IN A WAY
THAT WAS SATISFACTORY AND
MAINTAIN THE NUMBERS THAT WE
WERE MAINTAINING.
AND SO, THEY WOULD BE ON THEIR
CALL AND THEN THEY WOULD JUST
PRESS A BUTTON AND GO, "OOPS."
>> John: WOW.
"OOPS."
THAT'S NOT GOOD.
AND I SHOULD SAY, NAVIENT DENIES
PUTTING TIME LIMITS ON CALLS,
AND ALSO DENIES STEERING
CUSTOMERS INTO FORBEARANCE.
IN FACT, THEY HAVE A WHOLE
STATEMENT HERE THAT APPARENTLY I
HAVE TO READ TO Y -- EXCEPT,
OOPS!
I DROPPED IT.
IT TURNS OUT YOU'RE RIGHT,
NAVIENT.
IT'S SO EASY TO DO.
THE GOOD NEWS IS NAVIENT'S
CONTRACT WITH THE GOVERNMENT HAS
SINCE EXPIRED.
UNFORTUNATELY, MANY OF THEIR
ACCOUNTS WERE TRANSFERRED TO
MOHELA, WHICH DOESN'T SEEM TO BE
MUCH BETTER.
IT WAS RECENTLY FOUND TO HAVE
FAILED TO SEND BILLING
STATEMENTS ON TIME TO 2.5
MILLION BORROWERS, AND OVER
800,000 WERE DELINQUENT ON THEIR
LOANS AS A RESULT.
AND WHEN YOU TAKE EVERYTHING
YOU'VE SEEN TONIGHT TOGETHER, IT
IS HARD TO FEEL LIKE THE SYSTEM
ISN'T RIGGED.
>> WE'VE BEEN TOLD, YOU KNOW,
WORKING-CLASS PEOPLE THAT AS
LONG AS YOU GET AN EDUCATION,
THEN YOU WILL HAVE JOB
PROSPECTS.
YOU'LL BE ABLE TO TAKE CARE OF
YOUR FAMILY.
YOU'LL BE ABLE TO HAVE A FUTURE.
I REALLY USED TO BLAME MYSELF A
LOT, AND I USED TO FEEL A LOT OF
SHAME.
AND THEN I STARTED TO LOOK AT
THE POLICIES AND I'M LIKE, WAIT
A SECOND, IS IT PERSONAL
RESPONSIBILITY OR IS IT REALLY
BAD POLICY?
AND I REALIZED IT'S BAD POLICY,
STRAIGHT UP.
>> John: SHE'S RIGHT.
WE'VE SET UP A SYSTEM WHERE
WE'VE CREATED A BARRIER TO ENTRY
FOR MANY JOBS, THAT CAN ONLY BE
PASSED BY TAKING ON SOME OF THE
MOST DEBILITATING LOANS, WITH
THE LEAST PROTECTIONS,
ADMINISTERED BY SOME OF THE
SHITTIEST COMPANIES ON EARTH.
AND COVERAGE THE AVERAGE LOAN
DEBT OF ALL DEMOGRAPHICS.
SO WHAT DO WE DO?
WELL, PERSONALLY, I'D ARGUE THAT
CONGRESS NEEDS TO PASS MASSIVE
DEBT FORGIVENESS.
BUT I KNOW THAT'S A HARD SELL IN
THAT BUILDING, GIVEN THAT SOME
OF ITS MEMBERS HAVE SAT IN
HEARINGS ON THE STUDENT DEBT
CRISIS AND SAID SHIT LIKE THIS.
>> I'M A SMALL BUSINESS OWNER
BACK IN TEXAS, AND IN MY WORLD,
IF YOU BORROW THE MONEY, YOU PAY
THE MONEY BACK.
PURE AND SIMPLE.
>> John: THAT'S AN INTERESTING
POINT FROM A MAN WHOSE EYEBROWS
SEEM SURPRISED TO BE ON HIS
ACTUAL FACE.
BUT ON ONE LEVEL, I GET THAT
ARGUMENT.
IT'S JUST, IT'S A LITTLE HARD TO
TAKE COMING FROM HIM AS, AT THE
START OF THE PANDEMIC, HIS
"SMALL BUSINESS" RECEIVED A $1.4
MILLION PPP LOAN.
AND GUESS WHAT HE DIDN'T THEN
DO?
PAY IT BACK.
HE ALSO HAPPENS TO BE ONE OF THE
WEALTHIEST MEMBERS OF CONGRESS.
SO I THINK WE MAY'VE JUST FOUND
AN ACTUAL BAILOUT FOR THE RICH.
SOMEONE SHOULD TELL THAT MAN WHO
DEFINITELY KNOWS HOW A CAR
WORKS.
HE'S GOING TO BE SO MAD!
AND THAT'S THE THING -- FOR ALL
THE POPULIST SPEECHIFYING THAT
ESSENTIALLY BOILS DOWN TO, "HOW
DARE YOU SPEND MONEY ON
SOMETHING THAT BENEFITS SOMEONE
WHO'S NOT ME?"
THE GOVERNMENT SPENDS MONEY ALL
THE TIME, ON ALL SORTS OF
THINGS, TO BENEFIT SELECT
INDIVIDUALS, BECAUSE WE THINK
THERE'S A NET SOCIETAL BENEFIT.
FROM FORGIVING LOANS TO SMALL
BUSINESSES, TO SUBSIDIZING CORN
FARMERS, TO GIVING HOMEOWNERS
MASSIVE TAX BREAKS, TO BUILDING
STADIUMS -- I DON'T LOVE
SPENDING MONEY ON ALL OF THOSE
THINGS!
BUT IF YOU DO, IT FEELS PRETTY
WEIRD TO SUDDENLY DRAW A HARD
LINE AT STUDENT DEBT.
AND WHILE WE WAIT FOR CONGRESS
TO PASS COMPREHENSIVE DEBT
RELIEF, I DO HAVE SOME GOOD
NEWS.
BECAUSE WHILE THE SUPREME COURT
STRUCK DOWN BIDEN'S BIG, $400
BILLION PLAN, TO HIS CREDIT,
HE'S MANAGED TO GET OTHER,
MEANINGFUL SOLUTIONS THROUGH, BY
TWEAKING EXISTING PROGRAMS.
UNDER HIS ADMINISTRATION, WE'VE
FORGIVEN NEARLY 12 BILLION OF
DEBT FOR BORROWERS WITH
DISABILITIES, AND -- THROUGH
ADJUSTMENTS TO THE PUBLIC
SERVICE LOAN FORGIVENESS PROGRAM
-- ANOTHER $56 BILLION FOR
NEARLY 800,000 BORROWERS.
THAT IS SIGNIFICANT FOR THOSE
BENEFITING FROM IT.
>> EVERYTHING SAYS: "PAID IN
FULL."
>> THE RELIEF AND CELEBRATION
CAME IN A FLURRY.
>> I'VE BEEN PAYING ON STUDENT
LOANS FOR 38 YEARS.
>> ZERO BALANCE.
>> TO SEE ZERO -- I'M USED TO
SEEING ZERO IN MY CHECKING
ACCOUNT, NOT MY STUDENT LOANS OR
A CREDIT CARD OR ANYTHING LIKE
THAT.
SO, IT'S SHOCKING.
>> John: THAT IS GREAT, AND IT'S
HONESTLY THE SORT OF THING THAT
CALLS FOR A MESSAGE OF
CONGRATULATIONS.
AND LUCKILY, I HAPPEN TO KNOW
JUST THE PERSON TO DELIVER IT.
>> HEY, SARAH!
I'M SO GLAD YOUR STUDENT DEBT IS
ALL GONE!
CONGRATULATIONS, MAMA!
[BLOWS KISS]
>> John: THANK YOU AGAIN,
SNOOKI.
[BLOWS KISS]
AND LOOK, IF YOU PERSONALLY HAVE
STUDENT DEBT, IT'S WORTH KNOWING
THIS ADMINISTRATION IS CURRENTLY
ROLLING OUT THE SAVE PLAN, A
RETOOLED VERSION OF
INCOME-DRIVEN REPAYMENT WHICH
DOES LOOK PROMISING.
IT LOWERS ELIGIBILITY
REQUIREMENTS, AND ENSURES THAT
FOR ANYONE WHO BORROWED LESS
THAN $12,000, THEIR DEBTS WOULD
BE WIPED CLEAN AFTER 10 YEARS OF
PAYMENTS.
YOU CAN GO TO THIS WEBSITE TO
SEE WHETHER YOU'RE ELIGIBLE AND
HOW MUCH IT MIGHT SAVE YOU.
AND I'M NOT SAYING IT'S PERFECT.
FOR A START, IT'LL HAVE TO BE
ADMINISTERED PROPERLY, AND
REMEMBER, THESE ASSHOLES ARE
STILL INVOLVED.
BUT IN JUST ITS FIRST FEW
MONTHS, THE SAVE PLAN'S RELIEVED
A TOTAL OF $1.2 BILLION FOR
150,000 BORROWERS.
IN FACT, IF YOU TAKE EVERYTHING
BIDEN'S ADMINISTRATION'S DONE
TOGETHER, HE'S MANAGED TO
RELIEVE $138 BILLION IN STUDENT
LOANS FOR 3.9 MILLION PEOPLE IN
JUST THREE YEARS.
THAT'S MORE THAN ANY PRESIDENT
IN HISTORY.
AND LOOK, I KNOW WE'RE TALKING
ABOUT BAND-AID SOLUTIONS HERE.
EVEN IF WE GOT RID OF ALL THE
PROBLEMS WITH THE SERVICERS,
THAT WON'T FIX THE GIANT PILE OF
DEBT PEOPLE OWE.
AND EVEN IF WE GOT RID OF THAT,
THAT WON'T FIX THE CENTRAL
PROBLEM THAT THE COST OF COLLEGE
IN THIS COUNTRY IS ABSURD.
AND THERE ARE PROPOSALS TO FIX
AND DEAL WITH THAT, EACH WITH
PROS AND CONS -- FROM PUTTING
COLLEGES THEMSELVES ON THE HOOK
FOR A PORTION OF THE DEBT WHEN
STUDENTS DEFAULT ON LOANS, TO
MAKING COLLEGE TUITION FREE.
AND I'M SURE WE'LL DISCUSS THEM
ANOTHER TIME.
BECAUSE WE DO NEED TO TACKLE THE
COST OF COLLEGE, FOR EVERYONE'S
GOOD.
AND I'M NOT SAYING COLLEGE IS
THE RIGHT CHOICE FOR EVERYONE --
BUT IT SHOULD BE A CHOICE.
IT CAN UNLOCK A LOT OF
OPPORTUNITIES, AND BE A NET
BENEFIT TO ALL OF US.
SO IT SHOULD BE AFFORDABLE FOR
EVERYONE, REGARDLESS OF WHAT YOU
STUDY.
WHETHER YOU'RE A MEDICAL
STUDENT, A BUSINESS STUDENT, OR
A CERTAIN ANTHROPOLGY STUDENT,
HEROICALLY RAMMING INTO YOUR
DIPSHIT NEIGHBOR'S CAR.
A GRATEFUL NATION THANKS YOU.
AND NOW, THIS.
>> Announcer: AND NOW,
COMING UP ON "INSIDE EDITION"."
JUST TAYLOR SWIFT STORIES.
♪ ♪
>> HOLY WAR.
>> TRUMPS DISCIPLE DECLARE A
HOLY WAR ON TAYLOR SWIFT.
>> PLUS, TRANSFER TAYLOR SWIFT'S
BODYGUARD.
AND TAYLOR SWIFT 10 MINUTES LATE
AND HERE SHE IS.
THE LITTLE GIRL SWEPT OFF HER
FEET TO MEET TAYLOR SWIFT BY HER
BOYFRIEND'S SHIRTLESS BROTHER.
THEN NEW VIDEO PARTYING AT THE
CLUB WITH MOM AND DAD?
PLUS, THEY TAYLOR SWIFT
CHALLENGE.
AND WHILE LEE TAYLOR
SHE JUST LOST HER HEELS AND
MYSTERY OVER WHO REALLY WROTE
THE BEST SELLER BOOK THAT TURNED
INTO A MAJOR MOVIE.
WHO IS ELLIE CONWAY?
IF SHE REALLY TAYLOR SWIFT?
IS THIS CANNIBAL HOLD THE KEY TO
THE MYSTERY?
AND TAYLOR SWIFT AMNESIA!
>> THE BIZARRE PHENOMENON
PLAGUING SWIFTLY NATION.
>> John: THAT'S OUR SHOW.
THANK YOU SO MUCH FOR WATCHING.
WE ARE OFF NEXT WEEK BACK
MARCH 31ST!
SEE
GOOD NIGHT!
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