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Dave Ramsey: Student loan forgiveness is a scam - YouTube
Channel: Fox Business
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college is expensive super expensive and
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many families have felt the pinch of
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rising tuition cost one new study from
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u.s news and world reports shows
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in-state tuition and fees at public
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universities skyrocketed 211 percent
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over the last 20 years this as the
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department of education announces it's
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cancelling more than 11.5 billion
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dollars in student loans joining me now
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is personal finance expert best-selling
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author dave ramsey dave i get it oh the
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federal government's going to cancel my
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debt so i can just me and my family we
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could just take on oodles of debt so i
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go to college and it'll get washed away
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right
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yeah right so the 11.5 billion was
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normal course of business if you become
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disabled
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you have always gotten your student
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loans canceled and that's a cancellation
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program that's always been there and has
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always worked
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the other thing is if you got defrauded
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by a school that went out of business
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you get that student loan canceled
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that's always been there and it's always
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worked the cancellation that they're all
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bragging about that doesn't work is the
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public service student loan forgiveness
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and uh 98 of the people that apply for
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that so far have not gotten
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forgiveness only 2
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that's known as a scam
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it is victoria jump in
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yeah you know look i am right in the
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middle of this conversation because i
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have a child that just graduated from
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university of texas i have a freshman at
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nyu so if there's a place i can go sign
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up for loan forgiveness tell me and i
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will be the first in line i just don't
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see this happening but i think what's
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important too is that we need to look at
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what the
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future of a four-year traditional
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college looks like after the last year
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and a half and the changes that we've
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seen in the way people work i'm not so
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sure that that traditional college
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experience is what people are actually
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going to do going forward i've never
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seen so many online college commercials
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um as i have in the last six months or
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so so i don't know if that's going to
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shift the way people approach college
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but the cost is tremendous and people
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need to start saving early and i'm sure
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dave has some
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suggestions on how they can do that well
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and dave i always and i'm not when i say
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this i've said this on air before and
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i'm not joking
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if i had to do it all over again i
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wouldn't go to a four-year school i
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would probably be a plumber today
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it's a you're your own you know what
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it's a great trade you're your own boss
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there is always work
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and you can kind of work when you want
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to but that's part of your advice
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well my friend mike rowe agrees we both
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know that the trades have been
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overlooked because america put its nose
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in the air and snubbed anyone who didn't
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get a four-year degree for the last five
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generations uh and it became a thing
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that if you didn't go to college you
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weren't going to be successful and then
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under the heading of that we kind of
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went crazy and said anything you study
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at any price at any college
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and you will become successful so you
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can get a degree for 225 000 left-handed
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puppetry and you will automatically be a
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broke barista
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and i've i've met people like that who
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are angry
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at the government that they have debt
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i'm like well did you you paid a quarter
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million dollars for a degree that
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doesn't give you any marketable skill
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and you're mad at
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not yourself
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the problem is we got we got 18 year
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olds making adult decisions you don't
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sign an 18 year old up for a 300 000
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mortgage you don't sign a 17 year old up
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for that without some guidance and mom
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and dad are standing back and going oh
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they're adults let them do whatever the
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high school counselor is going well pay
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for college whatever however you got to
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do it go do it and then we say well go
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to a famous school instead of an
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affordable school and so let's double
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down on how stupid we're going to be
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here people mock me online because i got
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a degree in art history but my college
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wake forest at the time was 7 500 a year
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and i was lucky my family my
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grandparents and my parents paid for it
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but my father also put his boot on my
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butt when i graduated and said you're
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not getting it coming in the house
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here's 20 don't call me if you get
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married you're on your own i am a nobody
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i can't get you a job anywhere so that's
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where i was i got a degree
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a cheap one but i had to go out there
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and hustle dave you have a new
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documentary out it's called borrowed
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future can you tell us about it
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it is um it's going to stir up a holy
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ruckus dagan there's going to be some
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people really upset with this when they
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watch it because we're going to expose
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what the government has done here
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we're going to expose what higher
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education has done here and it has been
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a culture-wide con
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and it's out of control and the victims
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are 18 year olds in this and it's it's
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sad i talk to them every day they're
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delaying having kids they're delaying
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getting married they're delaying buying
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houses because they're swamped and
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covered up and overwhelmed with his debt
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that they signed up and did what
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everybody told them to do get an
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education at any cost and it doesn't
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even matter what you study or where you
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go to school and so
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borrowed future will scare you straight
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you got a 17 year old you've got a 13
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year old
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you anywhere in your life you need to
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watch this documentary it will rock your
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world
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that you should go to a four-year school
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cost doesn't matter is the biggest lie
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sold to kids across this country for
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generations it is it is and i i would
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say go get a four-year degree if you're
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going to study business or marketing or
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communications or something right
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education is important but overpaying
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for education it's an irony of ironies
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that in america were stupid
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about education thank you i mean that's
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just that's ridiculous so you can watch
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this on google play you can watch amazon
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prime apple tv anywhere you want to see
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it we want you to come see it thank you
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dave great to see you dave ramsey we'll
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be right back
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