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“That could be the beginning of a massive student loan forgiveness program by president obama obama and it could cost taxpayers hundreds of billions of dollars situations. Even higher and just maybe by the white house for the next democratic nominee. The process has begun this morning education secretary arne duncan announced that the administration is developing a process that will allow students to take who took out loans to attend to now bankrupt corinthian colleges. Full forgiveness.
It s estimated this is going to cost taxpayers three and a half billion dollars. But i got to tell you something that is a tiny. Some want you to take a look at what s actually looming of the 13. Trillion dollars is still loan debt outstanding.
We are on the hook for eight hundred billion dollars when president obama came into office it was less than 100 billion dollars by the way everyone s got going to be involved remember. The president launched the direct launch the student loan program. It s it s working for him not working for us and this whole thing in my mind is just a bald faced attempt to buy votes even at the expense of a lot of people who didn t go to college. You didn t go to college.
So what if you re paying taxes during the hook. Too i guess. It s the definition of fair now here s a key and i think this is what we re going to look back on now that we ve opened pandora s box. Remember they re developing a process now there s no doubt this is going to be the mechanism that s used to forgive lon non for profit loans schools even ivy league schools that s going to be the key and it will be used in a win win elections all right guys.
This is huge huge news and president obama s been hinting at this talking about it he s tried a few things here and there hello. Everyone i m charles payne. You want you re watching making. Money.
Let s meet. The investment pros. You may watch with this. Plimsoll.
Mark capital. Managing director..
Chris versace. Chris christie he s the growth and didn t report editor. Susan sullivan s back with us our small business expert. Matt mccall.
Founder and president of penn. Financial group. And johnny courtney monster worldwide. Senior vice president guys let s dig into the first real real deal.
All right joanie. Again you know initially when you look at this it seems like just another thing along the lines of some of the things we ve seen from the administration and some of the reticle you heard that but when i see that they re developing a system a mechanism to make it possible to forgive loans. Now this is from corinthian. It s bad.
It s evil. It s mean it s a publicly traded company they duped these kids. But once that mechanism is in place they can use it for anything in my mind right you know that there s some a few points around this that are very concerning you know you talked about first of all overall student debt is at you know an all time high it s twice what it was from a decade ago being at one point three trillion. So this process that they re putting in place really concerns me because it s not like if you were to buy a bad car or by a bad house the government isn t going to bail you out now i realize that the corinthian colleges.
They weren t managed well they spent all their money on marketing and recruitment and not really on the institution and the education. But why is the government bailing them out i feel bad for the students. But this just doesn t that s the modus operandi. You think you did the right culprit.
In this case. It s a publicly traded wall street corporate villain. And you you use that as a trojan horse in my mind matt and now you ve got the mechanisms in place. And if you want to buy an election imagine a year from now saying hey we re going to go ahead and take all the student loan forgiveness for kids who live in this state or went to this particular school or whatever from here.
There s no limit in my mind. Yeah..
I mean you could say okay dedicated to a basket weaving. We re gonna we re gonna give his money back because he he or she can t get it jeff i m more concerned about getting a seat aboard del frisco s after a show that i m about student loan debt again. What we throw your nose is scary it doesn t scare me because the average or the percentage that comes out of your monthly income that goes towards student debt is for which you re still alone is four percent mortgages is thirty six percent 2007 the average loan 25000 versus 93000. Mortgage 2007 and you can t walk away from student debt you can walk away from our house and foreclose on it i think you just so kind of rebutted yourself in a little bit because not being able to walk away.
You can t krispies kids. These millennials are saying. I can t ever get to the more if you can t get four percent of your income at a point. Where the big issue.
There though is where is the income because these kids are is because we have ways of getting jobs. We really talked about this time and time again about millennials living at home with their parents. They can t find jobs. Okay.
So. I think. This is a bigger issue charles imagine this obama is saying you know what i didn t create any jobs. I need to help these kids out that s really what we re saying when you think about it isn t it well to me what it s saying is that you know listen you you were duped by the system you got a degree that doesn t work in this particular workplace.
I m going to come to your rescue again. It was no fault of your own net line will be used again. They ll break it out in case of emergency break out this line. No fault of your own season.
But i do think that it s. A i do first of all think 13. Trillion is a lot of money particularly the 800 billion. That s on the taxpayer dime and i do think.
It is an issue that s holding back this economy well i think it s bad for the economy. I think it s bad for our culture..
Because what are we doing this is just more of our entitlement economy. What are we teaching young people oh whoops this didn t work out darn somebody s going to come take care of me and fix it for me. And that s what they re going to be expecting our their entire lives somebody s going to take so what took care of it for you with you vote for him again. If you are you were 20 years old look at 22.
Let s say you re 22 living at home with mom and for whatever reason. You don t have you know four percent maina. It doesn t sound like a lot. But if it s a hundred percent of nothing because you re not making any money right.
I m going to say this person was a heater. I mean you would take it of course you would write. But i don t think that person is a hero all they re doing is making a bad situation very much worse and i d like to also say about that college. The federal government was investigating the college.
So in essence our federal money our taxpayer money was fueling the fraud and lining the pockets of the executives. There what we were footing well there were some things that happened when obama came into office that hurt the for profit businesses. So they had they were they had a little bit of a week. Weakness that actually probably was a state to new heart now jimmy i know things probably different you went to college.
They probably made you wrestle a bear ago. If you bring back to pelts you can get into you probably never had to deal with this when i put four kids through college. Oh. I m sorry about you let me tell you how this is going to undermine the educational system.
Why would i write a check for my child s college as a full paid parent. If i could get that child to take a loan that i knew they wouldn t have to repay so they re going to undermine the whole private education system. If they go down this path. Very far.
I think that s a great point jim because i think parents will look at it differently. We have you know a lot of parents are just writing a check for college and they re not going to do that and also this is this is a society..
Where you make a decision and you benefit from the rewards or suffer from the problems. If your decision is wrong. And that s why people start companies and and and and have done great things or if you now insulate people go to college over if you re the college degree and you have a student loan debt you have eleven percent higher chance of owning a home at 30 years old and it. Took me you can say yes you re going to take 25000.
A debt. But if you re going to make so much more back in the future and we re all assuming that the government s gonna jump in and bail. These people out there not going to bail them out so we re gonna bail ourselves out we re americans we re gonna get jobs why i have to say that i think the bigger problem here is something you touched on charles and so did you which is it fosters this notion of lack of responsibility. And i think it s something that we ve seen that s been growing and growing and what scares me is it s almost as if don t worry we know you can t take care of yourself let the government do right and and whatever happened to working your way through college.
I work three jobs my entire college career. I got scholarships. I you know i applied for everything i could do i wanted to be able to be independent and pay for my industry loans i did both i took student loans n work you can t work and pay thirty thousand dollars a year in college. He works as much as you can you take the student loan and you pay it back that s just a great many ways better knowledge than i do we do hear that the number one one of the number one things that millennials are saying that s holding them back are these student loans and we know that president obama has any time he talks in front of high schoolers or college kids.
He always hints or intimate. Say he s going to do something about it now they ve been several programs remember during a bailout the government bought 195 billion dollars worth of student loans from the private sector kicked them out of the way and all of a sudden. We go from 100 billion to 800 billion dollars. I don t know that that to me sounds like a ticking time bomb because this kind of stuff to which it s not going to curb itself.
If they re just give money to which is going to go up risk. It on to go up and at some point that hits the fan. If if you re right and it it goes a trajectory and then the government does bail out. I m gonna agree with everybody here in the panel.
You re exactly right it s terrible for the country table for everything i just don t believe we re going to get to the point. Where we re going to have to build out unless they re pulling the rug out from under us and trying to do an election move like you talked about tell you what i sat on the board of trustees of a college for several years. And there s a lot of fraud when it comes to those government loans like that kids get those loans. They go out they spend it on other things they don t go to class and they don t graduate.
So a lot of money is going out just for nothing ” ..
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