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Trump Wants To Ban Federal Student Loans - YouTube
Channel: The Young Turks
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NOW THAT DONALD TRUMP WILL BE
THE NEXT PRESIDENT OF THE UNITED
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STATES, MANY STUDENTS WITH A
CONSIDERABLE AMOUNT OF
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STUDENT LOAN DEBT ARE WONDERING,
WHAT WILL HAPPEN TO THEM?
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WHAT DOES TRUMP PLAN TO DO WITH
STUDENT LOAN DEBTS, AND
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MAKING COLLEGE AFFORDABLE FOR
PEOPLE WHO WANT TO GO TO
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COLLEGE IN THE FUTURE?
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IT'S REALLY DIFFICULT TO
DECIPHER WHAT HE WILL DO,
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BECAUSE HE HASN'T BEEN VERY
SPECIFIC ABOUT WHAT HE'S IN
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FAVOR OF, AND WHAT HE PLANS ON
DISMANTLING.
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BUT WE DO HAVE LITTLE BITS AND
PIECES BASED ON WHAT HE
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SAID IN THE PAST.
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TOP HAS SAID THROUGHOUT HIS
CAMPAIGN THAT HE WANTS TO
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DO AWAY WITH THE FEDERAL STUDENT
LOAN PROGRAM.
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A LOT OF REPUBLICANS, A LOT OF
CONSERVATIVES, ARE NOT IN
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FAVOR OF THE FEDERAL STUDENT
LOAN PROGRAM.
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THEY THINK THAT ARTIFICIALLY
INFLATES THE COST OF GOING TO
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COLLEGE, WHICH, IT DOES HAVE AN
IMPACT, BUT THAT'S NOT THE
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FULL REASON WHY STUDENT LOANS
AND TUITION HAS GONE UP.
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BUT HERE'S WITH THE FEDERAL
STUDENT LOAN PROGRAM DID DO: FOR
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ONE, IT KEEPS THE INTEREST RATES
FOR REPAYMENT LOW, SO THAT
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STUDENTS WILL HAVE TO WORRY
ABOUT GOING TO PRIVATE LENDERS
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THAT USUALLY HAVE EXORBITANT
FEES, OR INTEREST RATES
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TIED TO THESE LOANS.
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HE ALSO SUPPORTS MOVING THE
FEDERAL LOAN SYSTEM TO
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PRIVATE BANKS, MAKING THE
STUDENT LOAN SYSTEM A
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MARKETPLACE AND MARKET-DRIVEN.
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SO THERE'S ALSO A DOWNSIDE TO
THAT.
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UNDER THE OBAMA ADMINISTRATION
THERE'S SOMETHING KNOWN AS THE
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REPAYMENT PLAN, AND WHAT THEY DO
IS THEY LOOK AT YOUR INCOME
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帽 AS SOMEONE WHO HAS GRADUATED
FROM COLLEGE AND IS NOW
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PART OF THE WORKFORCE 帽 AND THEY
DECIDE, WE WANT TO MAKE SURE YOU
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DON'T SPEND ALL OF YOUR MONEY
PAYING BACK YOUR STUDENT LOANS.
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WE WANT TO MAKE SURE THAT YOU
HAVE A PAYMENT PLAN SET IN
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PLACE TO MAKE SURE THAT YOU
STILL HAVE SOME DISPOSABLE
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INCOME, AND SOME MONEY LEFT OVER
TO BE PART OF THE ECONOMY.
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INCOME-BASED REPAYMENTS WILL
STAY COMPARABLE TO THE
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OBAMA ADMINISTRATION.
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BORROWERS WILL PAY 12.5%
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OF THEIR INCOME EVERY MONTH,
BUT UNDERSTAND THAT THIS IS
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ONLY FOR FEDERAL STUDENT LOANS
THAT ALREADY EXIST.
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IF DONALD TRUMP DOES AWAY WITH
ALL FEDERAL STUDENT LOANS IN THE
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FUTURE, MEANING YOU CAN'T GET
FEDERAL STUDENT LOANS IN THE
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FUTURE, WELL THEN THIS LOAN
REPAYMENT PLAN WON'T EVEN EXIST.
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BECAUSE PRIVATE LENDERS DON'T DO
THIS, PRIVATE LENDERS ARE
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LIKE, YOU HAVE TO PAY ME, I
DON'T CARE ABOUT YOUR
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INCOME OR ANY OF THAT STUFF, PAY
ME.
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ANOTHER THING THAT HAPPENS WITH
PRIVATE BANKS IS, IT MIGHT BE A
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LOT MORE DIFFICULT TO GET A
LOAN, BECAUSE THEY MIGHT LOOK AT
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YOUR MAJOR AND THEY MIGHT
DECIDE, WE'RE NOT REALLY INTO
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THAT ART MAJOR, OR WE'RE NOT
REALLY INTO THAT SOCIOLOGY
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MAJOR.
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YOU WANT TO BE A SOCIAL WORKER?
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SOCIAL WORKERS DON'T MAKE A LOT
OF MONEY, SO MAYBE WE ARE
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NOT TO GIVE YOU THE LOAN
NECESSARY TO GET YOUR EDUCATION.
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SO THERE'S A BIG PROBLEM WITH
THAT AS WELL.
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SO FOR HALF A SECOND IN THIS
STORY I THOUGHT, IS THIS ONE OF
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THE POSITIVE THINGS THAT DONALD
TRUMP AT LEAST PROMISED TO DO?
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WRONG.
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RIGHT.
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IS IT SOUNDED LIKE HE WAS
ARGUMENT AGAINST THE
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FEDERAL GOVERNMENT MAKING $40
BILLION FROM STUDENTS.
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FOR EXAMPLE, ELIZABETH WARREN
HAS SAID, WHEN WE GIVE
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STUDENTS THE SAME INTEREST RATE
THAT WE GIVE TO TOP BANKS?
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IS NEARLY 0%.
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IF THEY'RE ALLOWED TO BORROW AT
0% 帽
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VIDEO BUFFERING 帽
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LIVE THE AMERICAN DREAM, NO WAY!
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RIGHT?
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SO I THOUGHT, WILL HE DO
SOMETHING TO TRY TO BE POPULOUS?
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FAKE POPULACE, BUT HE'S GOING TO
CHANGE HIS MIND.
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BUT THEN WHEN YOU READ INTO IT,
AS ANA POINTED OUT, IT'S A
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DISASTER.
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HE SAYS THE GOVERNMENT SHOULDN'T
MAKE THAT MONEY, MY FRIENDS
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IN THE BANKING COMMUNITY SHOULD
MAKE THAT MONEY.
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AND THEY SHOULD MAKE WAY MORE
MONEY IN INTEREST THAN THE
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FEDERAL GOVERNMENT HAS MADE.
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NOW UNDERSTAND, I HATED THE FACT
THAT THE FEDERAL GOVERNMENT
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EVEN HAD INTEREST RATES THAT
WERE HIGHER THAN WHAT THE
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BANKS WERE PAYING.
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I THOUGHT THAT ELIZABETH WARREN
WAS SPOT ON WITH LOWERING
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INTEREST RATES FOR FEDERAL
STUDENT LOANS.
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BUT UNDERSTAND THAT DONALD TRUMP
IS NOT IN THE SAME CAMP AS
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ELIZABETH WARREN.
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HE WANTS TO MAKE SURE THAT YOU
DON'T HAVE ACCESS TO LOW
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INTEREST RATES AT ALL IF YOU'RE
A STUDENT.
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YOU HAVE TO PRIVATE BANKS, AND
THIS IDEA, THIS NOTION OF
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THE FREE MARKETPLACE, WE ALL
KNOW THAT'S NOT THE REALITY.
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WE ALL KNOW, AS PAST AND
CURRENT STUDENTS, AS POTENTIAL
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FUTURE STUDENTS WHO HAVE LOOKED
INTO THIS, PRIVATE LOANS
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ALWAYS HAVE A HIGHER INTEREST
RATE.
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A SIGNIFICANTLY HIGHER INTEREST
RATE.
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THE FEDERAL GOVERNMENT DOESN'T
HAVE A PROFIT MOTIVE, BUT
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THE BANKS DO.
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THAT PROFIT MOTIVE, IN MY
OPINION, MAKES SENSE IN A
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LOT OF WAYS.
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IF YOU ARE STARTING A BUSINESS,
THE BANK NEEDS TO MAKE SURE
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THAT YOU ARE GOING TO MAKE
MONEY.
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NOT RUNNING A CHARITY HERE.
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IF YOU'RE BUYING A HOUSE, IT
NEEDS TO MAKE SURE YOU CAN
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AFFORD THE HOUSE.
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I'M A CAPITALIST, I BELIEVE IN
ALL THAT.
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BUT WHEN IT COMES TO EDUCATION
SO THAT AMERICAN CITIZENS
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HAVE EQUAL OPPORTUNITY, NOT
RESULTS BUT OPPORTUNITY,
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AND WE HEADED OVER TO THE
BANKERS, WELL THEY HAVE NO
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ALLEGATION TO AMERICAN CITIZENS.
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THEY SAY NO, NOW YOU'RE PLAYING
BY MY RULES.
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I CAN CHARGE WHAT I WANT, AND I
CAN PUNISH WHICHEVER MAJORS I
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THINK ARE NOT LUCRATIVE ENOUGH.
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OH YOU'RE GOING INTO PUBLIC
SERVICE?
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WITH YOUR TEACHER, OR MAYBE A
SOLDIER, I DON'T GIVE A
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DAMN WHAT YOU THINK YOU'RE GOING
TO DO IN PUBLIC SERVICE,
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PAY ME NOW.
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YOU WON'T GET TO DELAY IT FOR
ANY REASON.
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DURING THE PRIMARIES, BOTH
DEMOCRATIC CANDIDATES, HILLARY
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CLINTON AND BERNIE SANDERS,
TALKED ABOUT DEBT FORGIVENESS.
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UNDER TRUMP, DEBT FORGIVENESS IS
NOT A POSSIBILITY, HE DOES
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NOT BELIEVE IN DEBT
FORGIVENESS WHATSOEVER.
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UNLESS, OF COURSE, IT'S FOR
DONALD TRUMP.
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HIS WHOLE CAREER WAS BASED ON
DEBT FORGIVENESS.
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HE WENT BANKRUPT SIX DIFFERENT
TIMES.
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HE DROVE HIS COMPANIES INTO
BANKRUPTCY, AND THEN
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BRAGGED ABOUT IT.
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HE SAID ONCE YOU GO INTO
BANKRUPTCY, YOU HAVE TO PAY
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YOUR DEBTS.
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NOW IF YOU SAID, WAIT A MINUTE,
I WAS JUST TRYING TO LIVE
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THE AMERICAN DREAM, ETC.
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I DON'T CARE, HERE'S MY AMERICAN
DREAM FOR YOU, I CRUSH YOU
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AND YOUR NEVER ALLOWED TO ESCAPE
THOSE DEBTS, JUST LIKE I
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DID TO BECOME RICH.
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UNBELIEVABLE HYPOCRISY!
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SO, THE GUY WHO ARGUED AGAINST
THE BANKERS ON THE CAMPAIGN
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TRAIL, TALKED ABOUT GLOBAL
FINANCIAL INTERESTS ON THE
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CAMPAIGN TRAIL, NOW SAYS,
YOU GO BANKERS, HERE'S A
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MULTITRILLION DOLLAR MARKET I
JUST HANDED OVER TO YOU.
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DRAIN THE SWAMP, HE IS
THE SWAMP.
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