Dave Ramsey's Solution To The Student Loan Crisis

[@coniccinoc]

By living on less than I make and attacking my loans, I am debt free as of May 28th, 2019. God bless you Mr. Ramsey!

[@DanielIles]

Venture B. Congrats!

[@markg999]

Good job

[@Shteca]

Venture B. Congrats!!!!!

[@TANQ31]

Way to go! Dont let up. Now's the time to step on its neck!

[@coniccinoc]

It really touches my heart reading positive comments and encouragement from complete strangers. I am very proud of getting out of the ditch I was stuck in. Both hands are on the wheel, full attention is on the road ahead as I slowly pull away. Seriously, thank you.

[@WhiteBoardFinance]

Personal finance isn't taught in schools for a reason...

[@brianbeasley7522]

Marko - WhiteBoard Finance nah it is... Dave’s curriculum in personal finance is taught in 40% of schools nationwide

[@silky2204]

I took personal finance.

[@silky2204]

You are correct.

[@princesslulu5795]

Marko - WhiteBoard Finance My high school offered and still offers an elective course in personal finance. Dave Ramsey’s high school curriculum is a large part of the class.

[@MrKijana23]

Good to see you here Marko!!

[@brandonmathewson783]

“This is why I can’t be a politician, I make too much sense!” 😂

[@youngminute7362]

Brandon Mathewson facts 😂

[@BreatheThePressure]

That was great :)

[@canman5060]

Me too.

[@JohnSmith-hs1hn]

If everyone went and got trades, there would be massive unemployment. The only option would then be to go back and get that degree and incur debt. The problem is that college is expensive. Dave talks in platitudes of not needing a degree, but a degree or so kind of accreditation Is required by state and federal law! It's a simple arithmetic problem: There is not enough of a supply of jobs to meet demand In most industries.

[@savanaughwilson8339]

I'm an accountant without a degree. There are plenty of things you can get pretty far in without a degree.

[@Longjohnsilver58]

My daughter’s high school taught a Dave Ramsey Financial Peace class senior year. Imagine PREVENTING debt BEFORE it happens.

[@Kevintendo]

What HS??

[@rustinpierce7269]

I wish all highschools teach this to all students senior year.

[@GARNET-DAGGER-FF9]

Around November of this year I will no longer have any student loan debt. Started with 28k in Jan2017 down to 5500 today

[@CarasGaladhon]

Michael Jordan great job!!!

[@burryeezy8837]

Michael Jordan congratulations!🎉

[@b-demi4416]

Nice!

[@GARNET-DAGGER-FF9]

Thanks guys!

[@moniqued5162]

Nice!!!!

[@zickafoose]

Colleges like those loans so they can keep raising their prices.

[@JohnSmith-hs1hn]

They were raising prices long before.

[@tonyproducer5582]

They were raising prices before. They started raising them even quicker once funding for higher education started to drop.

[@cwgoforth]

Fact

[@gfoot9916]

James Horton citation?

[@michaelcap9550]

@James Horton That's the truth. Colleges have no incentive to hold down costs with the loan situation.

[@awesomeHDtutorials]

just graduated college with 33,000 of student debt started school in july 2017 and i just finished paying it off today july of 2019 I feel so free as if i finally found a way out of the wilderness after being lost for so long. and now im set free, free to enjoy my money and have one less bill to think about

[@hopemariewrites6136]

benny casamento this gives me so much hope!

[@juanitaflorescabrera537]

This gives me hope I had 30k down to 20k just about hope in 1.5 years I'll be done. 😯😦

[@kfen8794]

I just graduated and have about the same amount of debt. how were you able to pay it off so fast?

[@rachelgee7894]

It's like watching a toddler destroy a house but instead of stopping the toddler, you just start cleaning up while he continues to destruct.

[@tresed2219]

Or building more add ons to the the house

[@tom4197]

Rachel Gee best analogy that

[@samc2672]

If student loans had the same consumer protections as any other debt and the government stop guaranteeing these loans, that would help. It would also help if employers would stop being lazy and actually train their workers instead of demanding everyone have bachelor's degrees.

[@motoryzen]

@C B you're correct. Mr old man Beavis also signed a bill called the motor voter act. Guess how illegals were allowed to vote. xD

[@crowz6247]

@@motoryzen "Guess how illegals were allowed to vote." - They're not. The idea that the, "Motor Voter Act," allowed non-citizens to vote makes absolutely zero sense.

[@andrewcummins6464]

It’s not an employers job to train you, you’re working for them and getting paid, it’s not a free training institute.

[@formula112967]

@@andrewcummins6464 ... Maybe you don't know this, but a lot of companies are paying for their employees education. I paid for my own CDL class A license, but when I started driving for Pepsi, I found out that they were paying for employees CDL's.

[@MrsThollo]

@@andrewcummins6464 Try rereading the original comment and go beyond the surface level...

[@benschmidt1353]

Love that! “Winners never quit” No! “They quit doing stupid stuff all the time”

[@gardyslaw4779]

Dave needs to testify before Congress

[@JK20239]

Hes a deficit hawk. He and rand Paul would be best friends...lol

[@dallascowboysfan9923]

He needs to testify before Maxine Waters Committee 😂

[@connerymartin2952]

If Jon fuxking Stewart can do it (twice)...

[@silky2204]

No he does not. We need to eliminate the student loan debt and make college free.

[@steveeab2364]

@@silky2204 lol, NO! Why are you entitled to another's labor free of charge???

[@DanielIles]

What if we just take all this debt *AND PUSH IT SOMEWHERE ELSE*

[@videostartsat4464]

A credit card!

[@antiquarian1773]

@@videostartsat4464 it was a spongebob reference.

[@TheGermanlady07]

That's exactly what consolidation is. Love the SpongeBob reference! 🥰

[@videostartsat4464]

@@antiquarian1773 yes i know

[@canman5060]

You mean to write them off ? If you vote for the Democrat in 2020 it can most easily be done providing you pay the additional of 60% tax to compensate them.

[@NaamWynn]

Student loans is one of the worst money traps of my generation. Federal loan forgiveness is a joke. Less than 1% actually get approve.

[@yoleeisbored]

yep.. really destroyed a whole generation...

[@sbentsen2714]

Wow, money trap that is so on point

[@monkeynumbernine]

I would tell young people to learn a real trade. College isn't for everyone. People can make great money learning a trade and getting a good job with real skills that they can take anywhere.

[@christinewood3473]

65% of jobs require some form of higher education. Yes college isn’t for everyone but neither is trade school.

[@christinewood3473]

Zap Brannigan Right now I see college being snubbed. Let’s keep it unaffordable and shame kids trying to go. Keep them out of the middle class. Warren’s plan invests in trade schools, two year technical, and 4 year college. Options. Not just for the wealthy and skilled but for everyone.

[@christinewood3473]

Zap Brannigan the government decided to get involved with student loans so it could collect interest rates off of them as revenue and give a tax break to the wealthiest individuals and corporations instead. Students were/are jipped in the deal. Investing in education and training builds wealth, any business owner will tell you that. Warren’s plan is to make tech, trade, 2 yr, and 4 yr colleges tuition free and eliminate student debt up to 50k for people who make under 100k a year and if you make between 100-250k a year you get relief on a sliding scale up to 50k.

[@christinewood3473]

Zap Brannigan well 1) tradesman get to write off their tools as a deduction on the taxes. 2) unless you’re worth over $50 million dollars (there’s a 99.9% chance that you’re not) than you are not covering the costs. Warren’s plan is paid for by a 2% tax only on wealth over 50 million, so “your” 50 millionth and 1st dollar they chip in 2 cents and 2 cents for every dollar after that. That’s only the top 76,000 families in the US.

[@tonyproducer5582]

Zap Brannigan no it is because the government cut billions in funding the past few decades and shifted the burden to the middle and lower classes.

[@jozuzl1]

You don't need a PhD just a PhC... Perseverance, Hardwork, Common sense

[@JK20239]

👏👏👏👏🍻🍻🍻🍻

[@moniqued5162]

True

[@savanaughwilson8339]

:O genius

[@CPUReD]

I for one am glad we have doctors in our society.

[@MrsThollo]

@Betty Swallsack Exactly...

[@recordrabbit]

Student loans are an EPIC ABJECT FAILURE. Agree with you Dave!

[@DD-pd1vl]

As soon as the video ends I get an ad telling me to go and finance a Mazda😂😂😂

[@verycutetaco]

Dream Chaser welcome to Capitalism

[@KingArthur13th]

To be fair, Mazda has pretty good cars.

[@mikeekim007007]

Mazda makes fantastic vehicles. Buy used though.

[@Hallowsaw]

@@KingArthur13th pretty good to drive. Not good to fix

[@TechGPTet]

😁😁😁😁

[@frankiesmom8478]

These universities are out of control with their tuition costs... why aren’t more ppl talking about that? Why?

[@ludwigvonsowell5347]

Kristen Brown because dumb kids “i like the dorms” and ignore their student loans. Demand rockets.

[@frankiesmom8478]

One of my family members wanted to go to a more expensive university because they liked the school colors better than the more affordable university

[@ludwigvonsowell5347]

Kristen Brown And then they walk in with no direction as to what rigor their major requires. They go from neurosurgeon to (and yes this is real) MS in urban cuisine.

[@sarahshanahan2222]

I agreee!!

[@frankt7521]

If students would boycott universities for one year (work and save money for school/pay off debt), these schools would get the message. Students are all too quick to protest for "Green New Deal", etc. but not issues that will really benefit them. They don't realize the power, as consumers, they really have.

[@redd7188]

Dave I get that you like hanging around smart educated people but college is a rip off for most of us. If I had of known what I know now, I would have never gotten a four year degree.

[@treyrobbins778]

If I am detecting resentment in your statement, then I am here to say be proud of what you accomplished. I don't know what your degree is but it sounds like you had expectations with said degree and you are not getting the "expected" results from it......at this time. I look up to your stick to it ability! I couldn't be in a classroom and I was so prideful that I couldn't listen to what I didn't understand. For that I commend you. You should realize the gain that you accomplished. Rake it and realize what your success and failure options are. Capitalize on the good, focus and improve what is bad and own it. You might be down but your not out.....unless you quit. College degrees achieved dont say, "I am a quitter" to me. Focus on the skills that you have and get the skills that you think you need and get out there. You have so much to learn. Really its incredible what can be learned. I have learned more in life's storms and failure than in my successful opportunity moments. I hope that you understand the encouragement that I am giving as a 49 year old 3 time attempt at college drop out. I am blessed to have a wonderful wife and 4 boys. My oldest is looking to start college after his senior year....or maybe not. Be blessed redd7188!

[@silky2204]

Yes, our desires change and we should not be penalized for it.

[@truth2972]

Same here. I could've saved $50,000.

[@valsly6676]

Exactly college is a rip off...

[@athrowfor5575]

Just add the choice between a two-year trade apprenticeship or an AA degree to the high school curriculum. Any further education is on the students own dime.

[@ludwigvonsowell5347]

Athrow for 5 dual credit classes 50 bucks per class here in DFW. Fees and books included.

[@BRBallin1]

You can easily get an AA degree in 2 years from community college for a couple thousand bucks.

[@silky2204]

No. A college in Tenn. is making their masters program free. Stop settling!!!!

[@traceycancio1795]

Not everyone wants to go to trade school.

[@truth2972]

@@traceycancio1795 well I wouldn't recommend college unless you really really know what you want to study and it's in a field that will pay off.

[@jayfaisa6016]

As a high school kid, I wasn't taught that getting a political science degree is a waste of my time and money. And, by the third year of school, it's kinda already too late.

[@lwinston5950]

190k student loan, 60k income , single parent ... I’m tired of even being positive

[@ishualcharron]

I know how u feel

[@zarlet1]

Same :(

[@somename6332]

society punishes the hard working lower and middle class.

[@frankt7521]

190K? Wow. Sad news, indeed.

[@JoshIsOnAMission]

I feel you 150k here and single, documenting my journey here. Don’t give up

[@whereismycrewyo]

Lots of useless degrees in college, like social study or literature or language study. Unless you are going for high skilled major that are in high demand, don't bother going to college. Go to trade school instead. If you want to be an engineer, doctor, architect, lawyer, robot/automation developer then college is perfect for you.

[@brettwright1640]

@Mr. J Random does that mean right handed puppetry is a useless degree?

[@whereismycrewyo]

@C B yessir except that some of the trade schools offerings are complex such as electrician or car technician (newer cars are more computerized than ever)

[@whereismycrewyo]

@C B Thank you for sharing that info & experience. I didn't know about it until now

[@len9743]

@C B yeah to be a certified tech you still have to go a school like UTI which cost almost as much as college. Trade school isn't the answer either. It's just a matter of can you afford it if not then don't go. Being a tech you need to buy your own tools, tool box it can cost around 10k to start up working.

[@SuperDobieGirl]

Read my LLLOOONNNNGGGGG post about trade school.

[@prosper7368]

"That'd be dumber than a rock" 😭😭😭 Dave always killing it with common sense

[@aracelymedina9930]

I've been told by several people older than me to NOT pay on my student loans. This never made sense to me since these same people are deep in their own student loan debt. Suffice to say I'm on a plan to graduate debt free by graduation.

[@mariad9126]

This federally insured program is causing great damage to so many lives. Yes - "Stop harming our children."

[@breea07]

Dee Marie stopping the loan program will only work for undergraduates and most graduate degrees. It would be catastrophic for professional degrees

[@rugby-vl8bk]

@@breea07 biggest thing there is to take out the federally insured part. Let the banks do the assessment of the person, their plans, and take the risk. This is the way it was before and should be. Also, if the number of people coming out of the needed professional degrees start to drop then the employers that need them will start making money available to potential employees.

[@breea07]

rugby1725 that is precisely how we ended up with this mass shortage of physicians. Medical schools will always be expensive, and let’s just say they hypothetically become cheap, students cannot work enough hours to sustain themselves. Medical and dental students will always have to live off of loans until the end of time. Giving banks that power again will just return the decreasing trend of those entering professional school.

[@rugby-vl8bk]

@@breea07 I disagree, was there a shortage before the govt was the one backing student loans? Not that I remember. Could it be the massive increase in malpractice insurance cost caused by a lack of malpractice reform or the giant PITA caused by all of the govt paperwork requirements that don't let doctors be doctors and instead they are turning into paper jockeys? Again, I'm not saying do away with student loans, I'm just saying take the govt out in order to turn off the spigot of easy money that has allowed the colleges to keep jacking up tuition and fees. There were student loans before the govt was involved, my sister used them to pay for her school. But the bank evaluated her and her choices of study to determine what type of risk there was to them rather than the govt just saying, "oh yeah she's good for it" and then writing a more or less blank check to the college.

[@botaine]

If the loans weren't insured, the universities would think twice about giving junk degrees that can't pay the loans back. The loan approval process should involve the government looking at the student's ability to pay it back in under 10 years.

[@teetee_555]

The problem is that the jobs are not there to pay for that degree that they just got...it was a lie shoved down our throats that you need to go to college to get the good jobs

[@FAROMEL67]

Single mom, 2 jobs and lots of sacrifices!!! Paid off my student loan in June 2019, and in August 2019 I will be done with my baby step 3. Thank you Dave Ramsey and all your followers on You Tube to help me keep motivated...PEESEVERANCE 💪!!!

[@scaldon2]

The problem is is that there people going to school for degrees that don't pay . Degrees like history , philosophy, English, Art , social work, political studies and many more . People major in those degrees cause they're easy degrees . But easy is not always best . Major in a degree that you can at least get a job in . I went to school for Computer Information Systems . And there was few people in my classes . So one day I walked passed the social work and history classes and it was packed to capacity . People must be smart in what they major in .

[@jamesbyerly766]

You cant trust kids making $100k+ decisions with other peoples money.

[@peten409]

Lol the degrees pay. They pay people's bills while they get the degree.

[@scaldon2]

@@jamesbyerly766 True . There should be some counselor or advisor that informs these kids on job perspectives with the degree they are pursuing . But the counselors aren't doing that . Because they are concerned with filling seats .

[@rebeccashields9626]

Yep.

[@Chasmofmisery]

Social work worked out for me and I make decent pay. Its all about finding the right job

[@groundedapproach]

So crazy. My husband and his brothers and sisters were loosely homeschooled and never went to college. They all work for themselves are and very successful

[@kdash3215]

I was 18 years old when I signed up for this federally insured mess. Who gives a loan to an unemployed 18 year old?? I remember them touting the job placement assistance, then when we started school we came to find out most of the jobs were $15-20K a yr jobs. Every single job I found was on my own. Climbed up the ranks with no help from Uncle Sam or these blood leeching for-profit schools. Thankfully, I'm almost out of debt. Never again.

[@Powertoolz]

It's a big scam. Those schools should lower their price substantially. If you didn't get a loan and had to pay cash upfront it would look ridiculous. "Pay me 30k and I'll get you in an awesome job that pays walmart level wages."

[@GATOWN]

Jay Smith I agree with the fact that college is too expensive. Thats mainly because colleges can overcharge seem you can get an unlimited credit line for school at 18 years old. However, if you get a useful degree you can make a lot of money with a 4 year degree. Where I live many engineers make around 90k which makes college a good investment

[@sarahwright6875]

@@GATOWN I make more than that, have 100% company paid excellent healthcare and a pension driving a brown truck.

[@kevindao1103]

@@sarahwright6875 Trucker, huh? I would say automation will take over that profession in the future, however there's still some hope left in the trucking industry. Congrats!

[@Lawlsforlawls]

@@sarahwright6875 Hello fellow UPSer

[@arlenedennis9446]

Those students that just graduated from morehouse received a huge blessing getting their students loans paid off. I wish a guy like this were around when I was in school lol

[@RonnieHouseJr]

I'm on my way‼️‼️

[@CarasGaladhon]

I know, right...

[@guyheavengym]

All he did was enable them to make more bad decisions because they think they’ll always get bailed out.

[@hominem3731]

You can join the military instead of waiting for a handout.

[@karybakk]

Hominem that is exactly who paid for my degree. And I paid back with time in service. It was a very valuable experience that I am grateful to have in my personal toolbox of skills.

[@SampsoniteR]

Your program helped my wife and I pay all our debt including: credit cards, student loans, and car payments (we only have our house left). Your advice changed our lives, and we bought our most recent car in CASH! Thank you Dave!

[@ChrisInvests]

There are some great trade jobs that pay well and are in high demand. 💵 Many can be solid options that are recession proof and have to opportunity to scale a business. I just made a video about high paying jobs that don't require a degree.

[@user-fs3wz8hw9k]

not a fan of the self plug, bit ill check it out!

[@user-td7xf3gz4l]

@chris many of us are lazy and like desk jobs though

[@highlyfavoredMG]

I will never force my kids when I have them to go to college...as long as they have a good plan,a trade will do.Too many useless degrees out there.

[@JohnSmith-hs1hn]

If everyone went and got trades, there would be massive unemployment. The only option would then be to go back and get that degree and incur debt. The problem is that college is expensive. Dave talks in platitudes of not needing a degree, but a degree or so kind of accreditation Is required by state and federal law! It's a simple arithmetic problem: There is not enough of a supply of jobs to meet demand In most industries.

[@mosesyang4222]

Maybe we shoukd get rid of useless degrees like underwater basket weaving or finger painting k-12.

[@ChrisMFlorida]

Add butterfly psychologist to those too..

[@davidt.3860]

And lesbian dance theory.

[@billpage5900]

Those degrees are nothing more than a cheap money-grab by colleges, who are also the only people who benefit from the student loan program

[@davidt.3860]

@@billpage5900 Exactly!

[@geebee6010]

Chris Vandernaald those degrees only work for rich kids who are already put on a path for success or if you plan on getting a masters in something else.

[@yupnachos2060]

Student loans are the new mortgage crises.

[@rebelrrp]

I thought I had made the biggest mistake in the world when I had $30,000 in student loan debt. It was a huge weight on my finances until I paid them off. Using them would require me to cut my pay in half. I don't think they should forgive them totally because the people that have them did get something the for the money that they spent. If we forgive all student loans the next thing is going to be auto loan debt. Since we subsidze everything anyway we should give away scholarships to Financial Peace University as a requirement to getting student loans for regular university. That way you will at least know how stupid getting the student loan is.

[@timothycc711]

@C B wow what a stupid comment.

[@timothycc711]

@C B You know when the Republicans come to town its Christamas-- for the corporations in which they are beholden. Cut tax rate in half and give corps tax welfare. And stupid Repugnaclins eat it up.

[@timothycc711]

@C B what about Bush bailing out all the Banks with TARP. Are those the relationships you are talking about?

[@timothycc711]

@C B Your an idiot for siding with corporations.

[@reymondjames1726]

@@timothycc711 Both are theft of the people's money. No moral equivalency. Both acts transferred vast sums of taxpayer money without accountability. Both problems were created by politicians. They create all of our problems for personal gain and control.

[@chrisbrown6168]

"Some good things come out of a car wreck, doesn't mean we need to have more care wrecks" this got me

[@Cw81Deut6n4]

I evicted Sallie this spring. I couldn't have done it without the loan help. First to graduate from my family. I wish I had known Dave's principles back then.

[@bobsgunk1871]

I didn't go to college. I learned a trade, lived within my means and retired debt free at 59 years old. Don't FORCE me to pay for someone else to go to college.

[@kyledean6523]

Amen, Dave! Paying on Student Loans now and an thankful for what I’ve learned from you in the past year. If only I could take these lessons to myself 10 years ago. But I digress. Thanks for the no-nonsense lessons!

[@lucasjohnson5871]

Good show! I was not expecting this at all! See, society, our teachers, our parents, guidance councelors and university system have preached from grammar school that the only way we can be sucessful in life is if we go to college. I did the "right thing" and went to college. It has not paid off whatsoever. I got my bs in operations and project management, and my ms in operations management. I could be where i am now without having any university education. I am not the only person in this boat... We were LIED to by guidance councellors, by teachers and by the university system. The decision I made to go to college was detrimentally reliant on the sucess that everyone guaranteed would come with the education. They can keep the degees, just forgive my student loans.

[@teeduck]

How do you pay for Medical school without loans. Can't work while going to Med school.

[@jillianmcallister1012]

teeduck Dave Ramsey says just have rich parents

[@jillianmcallister1012]

Dr KnowitAll and I don’t know about you but I would prefer that people in the military don’t do it out of necessity but I’d prefer our service men and women to be passionate patriots instead of people half assing it for money. This is why saying no student loans in not based in reality unless there is something out in place to help people afford school. I’m an advocate for government funded higher education and my experience with the excelsior program in New York has been fantastic.

[@karenhardie1132]

Law school too. You can't work that much.

[@adambeller]

I made mistakes with my student loans. I've been paying them for years and will continue for years to come. It would be a huge relief if somebody found a way to forgive my loans, but odds are that will happen the day after I pay them off. I also worked for a university where I observed countless people making similar mistakes and in many cases outright abusing their loans. Some of them never planned on paying them back. Dave is absolutely right on every point here.

[@randomfrog7974]

i'd say that most of college is self study and that i called it out for being a scam when i was 12. really wishing i was wrong.

[@jimziemer474]

Well, you have to put effort into it. If you just sit in class and do nothing, you will get nothing out of it. Being in college gives you the opportunity. That’s it.

[@antiquarian1773]

If you remove federal loans, students will turn to private loans. This is not a solution its creating another problem. The REAL problem is the cost for college. It's simply too expensive.

[@whereismycrewyo]

Also, without guaranteed loans people will think more carefully whether going to colleges is right for them. Because now they have to be wise with their (education) investment and not be reckless with their choice of majors and career paths. Some people will choose apprenticeship or trade school thus lowering demand for colleges and eventually their tuition costs

[@landgin3781]

College is the only loan that pays millions. A college graduate on average makes millions more than a non graduate. College isn’t to expensive, idiot degrees are.

[@whereismycrewyo]

@@landgin3781 that depends on the major and the colleges they go to

[@LinkingYellow]

I think instead of dropping it completely, the government should require schools to prove that they are using the money wisely, and not charging too much in order to be approved for student loans.

[@mastermind0981]

Love you Mr. Ramsey, i tell everyone about you.

[@Lady.Luck.]

In any other area of life, to get a substantial loan you are highly scrutinized and go through a big approval process. not for student loans though!

[@logancoryshares4040]

GodlessGoddess they’d never give an 18 year old a $50,000 car loan. But they’ll give them $50,000 for college. NONSENSE. Period. I don’t know how something this idiotic has continued for so long.

[@codorin]

@@logancoryshares4040 bc it was always" you need a good education no matter howmuch. just sign here".

[@Aventerra01]

Exactly! I don’t understand why no one is talking about the cause! I think industries need to also own up to the hypocrisy that they want degrees and yet most of their employees do not have them. The HR system needs to be revamped as well.

[@MaiteDNova]

Very true. I was "forced" to get a 4 year degree to keep my job as a receptionist 🤦‍♀️.

[@tomsandoval2607]

Yes. I litterally worked with a person earning over $100K per year and was there when they went into retirement who had no degree. Most of the senior staff had no degrees or only a 2-year. The retiree's replacement was expected to have a Master's degree and the company was only offering $45K to start with no pension benefits. I was astonished at the f*cken hypocracy and greed of the company. I eventually left when I figured out they were underpaying as hard as they could yet would still give themselves 5-figure cost of living raises while the rest of us were lucky to get a 25cent/hr raise per year.

[@yayyareaa2997]

“This is why I couldn’t be a politician I make way too much sense” 😂🔥

[@aaronmccoy517]

I was keeping up on my loans. Then I got cancer. I was successfully treated but now have an additional $35,000 in medical debt in addition to my student loans that I can only afford interest only repayment on now. I'm praying for student loan forgiveness.

[@brodiapunch]

Unfortunately, Ramsey's far-right audience will not agree with SL forgiveness at all. But I sympathize with you and also pray for SL forgiveness. It's wonderful that you were treated successfully!

[@joycewright5386]

I’m happy you were treated successfully. I still don’t want your student loans added to my taxes.

[@thomaslynch477]

You want to pay for college debt free? Join the military! I joined the Army National Guard after my junior year of high school, gained an awesome experience, enrolled in university doing ROTC, got contracted, and the Army pays all my tuition AND gives me 1300-1500 bucks a month in my pocket through drill pay, GI bill, and rotc stipend. Just to show up 2 days every month! Plus, certain jobs even have bonuses! I didn’t blow my money on a Mustang with a 20% apr like a lot of people did. Certain states even offer additional state assistance every semester. You don’t even have to commission into active duty when you’re an officer. I can hands down say that this was the best and easiest experience of my life! Do your research people!

[@Lady.Luck.]

yep. it's a great benefit.. thats why it makes me rage when i hear people complain about military benefits.. you guys have some of the best benefits around

[@thomaslynch477]

GodlessGoddess The benefits are outstanding. The VA however ... is a whole different ball park.

[@vincem2759]

Oh stop. Go out and get a job. I know too many people that just join the military simply to avoid the private sector. Joining the military doesn't solve the problem the banks caused.

[@hunterklein6468]

What you choose to study makes all the difference. A relative of mine graduated a couple years ago in applied math from a respected but smaller, cheaper college and emphasized research. After years of hard work in undergrad, he was accepted to a top tier statistics PhD program on the east coast. What most people don't know is that STEM PhD's are largely fully funded and actually pay a livable stipend to graduate students. If education is treated like an investment, weighing cost of investment vs. average return, getting out of student debt quickly is not impossible. Not everyone has to, or should do stem, but everyone should evaluate how much they are paying vs. the median income of graduates in their chosen major.

[@cherrytung]

*I found so much more value through online education (KZbin University), than traditional education!* Sickens me to see how much people are paying for education, that may or may not guarantee a job upon graduation!!

[@bingeonsuccess8755]

preach

[@mikenelson8377]

And it not only doesn’t guarantee them a job but it doesn’t even guarantee them a good enough paying job to pay for their debt 🤦🏼‍♂️

[@valeriejones3808]

I have two degrees but earned during the time you could actually work and pay tuition without being in sheer poverty. I now go straight to KZbin University and they don't have you listening to unnecessary info either.

[@cherrytung]

@@mikenelson8377 right?! And one of the biggest reasons why people go to school is so they could graduate and make money... which is almost always, not the case. Majority of college graduates end up in a career that is irrelevant to their degree or major

[@cherrytung]

@@valeriejones3808 Yes.. college degree is one thing, but knowledge, especially free knowledge on KZbin, is another.

[@PInk77W1]

I’m a high school drop out and I cash flowed my daughters degree and masters degree. Now she has zero student loans

[@sigor2011]

If they killed student loans, education would become cheaper as ppl would not be able to borrow crazy amounts of cash. It would reduce profitability of places that provide education.

[@breea07]

sigor2011 stopping the loan program will only work for undergraduates and most graduate degrees. It would be catastrophic for professional degrees

[@bobmarker6812]

Take the Taxpayer money out of the loan equation. Problem solved.

[@brodiapunch]

Then people will only be able to get private loans, which are unbelievably worse to the borrower.

[@bobmarker6812]

They're already getting private loans. The government is just guaranteeing them. That's one reason tuition keeps going up.

[@brodiapunch]

@@bobmarker6812 True. But what I'm saying is that consumer protections are basically non-existant in non-federal loans.

[@chrisstaub5880]

@@brodiapunch Then that means people will probably be taking out fewer loans. Sounds good to me.

[@brodiapunch]

​@@chrisstaub5880 If it doesn't stop the less fortunate from obtaining higher education, sure.

[@Bec520]

I’m proud to have graduated from the University of North Carolina at Chapel Hill where they meet 100% of financial need and I was able to graduate with no student loans. Work-study, grants, and university funding allowed me to get a debt free education

[@salemthorup9536]

Unfortunately, the government is doing the same thing with mortgages and business loans. Just recently watched a friend get an SBA loan only to find out that the math on buying the business didn't work. He doesn't have enough money to keep the business running effectively and to pay his employees enough to keep them to stay. I will be shocked if he's still in business in a year, but he'll be paying that SBA loan for a long while.

[@MsMaxinejoy]

Yes. It's a trap.

[@karenholmes5666]

Like Dave says, if SBA stopped guaranteeing loans, maybe the lender (bank) would have looked closer at your friend’s cash flow projections and caught the error knowing they as the lender were fully at risk in a total default. That would have been life changing for your friend.

[@Eaglejake]

“Common Sense” varies. It varies for an 18 year old, different for a 28 year old, and different for a 50 year old. Of course a 50 year old his more common sense, because it is based on life experiences. It is “drive” and “determination”. It’s not about the Major in college, or the learned trade after High School, it’s what you do with said Degree or learned trade. There are a lot of 20-somethings, and 30-somethings, just going through the motions. That’s the real recipe for failure.

[@jant4385]

I disagree. Common sense is based off of the experience of others and that is why it is common. All you have to do is listen to your elders to gain common sense. How many preschoolers can tell you to look both ways before you cross the street and don't talk to strangers? That's not something they experienced that's common sense they were taught based on the experience of many generations before. The average preschooler has never seen a house burned down, a child get a ducted, or someone hit by a car but they know to avoid those things because it's common sense that has been talked. If your parents teach you to never get a department store card and stay away from debt it becomes common sense. Common sense it's just another way of saying common knowledge, you cannot experience everything for yourself you need the experience of others because no one lives long enough to have that much life experience. If you listen to grandma and mom and dad you'll have plenty of common sense at a very young age. The biggest problem is people don't want to share common sense they want children to be children and have fun and worry about that later.

[@luanebastianelli3472]

So much stupidity. I know an adult who had her first bachelor degree paid for by grandkids claimed she couldn’t find a job with a BBA. So went back to school for another bachelor degree, and masters in OT . To the tune of 70/80k and still Says she can’t find a job and is “crippled” by student loans! She now thinks she should have her loans forgiven. That’s just stupid and wrong .

[@katrinaumana2127]

I had an offer to goto Hood College but would've had to take put like $80K in Student Loans. I choose to goto UMCP & then GWU for my Master's degree for $19K in Student Loans. 🤷‍♀️

[@ChristopherYeeMon]

Why does college cost so much to begin with. The private universities are hordeing the money

[@jvoutdoors8385]

Because the funds are so easily achieved! If you have a beating heart you can get a loan of 100k. Its ridiculous!

[@llN3M3515ll]

You bring up a very good point, the reason tuition is as high as it is, is largely due to student loan availability. Although I generally don't agree with ending all federal loan programs, I would suggest that many of the issues our youth now face could be significantly reduced with proper oversight, and education. There is generally a lack of education around what degrees are worth, and there isn't one tool that prospective students can leverage to garner apples to apples information when it comes to what a degree is actually worth. Imagine for a second any school that took federal student loans(as well as students) were required to submit job placement and financial statistics for x years, and that information was utilized to create metrics which would feed into an overall degree rating. Make all the ratings based on statistical analysis, wrap a nice user interface and user experience around it and give each program an A-F rating(and additional statistical details if a user wants them), and you now have a tool for prospective students to compare programs apples to apples, thus educating our youth prior getting into any debt. This information could(and should) be used to dictate caps on student loan amounts, and each program would get a different amount based criteria such as placement, and average pay. I would also suggest making a limited safety net for those that fall through the cracks, after x years of minimum payments, dismiss the rest of the loan. I personally believe if you both have sufficient oversight and educate perspective students you could greatly reduce; loan delinquency, total student loan debt, and overall tuition costs.

[@joshhoward1289]

Why dismiss the loan? Why not have the school be held accountable? They have no incentive to ensure what they are teaching leads to gainful employment. Why should I as a taxpayer have to cover for this and be, as you say, their safety net?

[@tankthepitbull520]

I’m 100% debt free as of today, now I can spent money on happiness.

[@certifiedlover2748]

Too many people going to college. If people stopped going to college, they would have to reduce their tuition about 70% to how it was 50-70 years ago

[@ha8388]

dave will make a great voice actor

[@Cleaningfairy1970]

You can't work in the medical field without a degree. I believed I was going into debt to help people. What a joke.....

[@tboyterminator]

There are people who are intentionally getting school loans and going to school just long enough to get the check. Then they get three more chances to do it again if they can come up with good excuses just like missing days at work. How can nobody see this scam?

[@williammercer8303]

That's great in hindsight. But most people don't grow up with this knowledge and are currently in a debt crisis.

[@NoDebtButLove]

I agree with Dave. We must factor the Post 9/11 G.I Bill, foster care tuition exemptions, Higher Education Act, and Middle Income Student Assistant Act etc... as contributors to administrators growing comfort levels to increasing tuition. If I ran a business and realized I could charge anything for my product, and the price was subsidized by the U.S. government to the consumer... then why not increase the cost? It's immoral that our education system is ran under a business model.

[@eurekahope5310]

I agree. Add to that all the loan repayment programs particularly in education, medicine, and law. We have family members with such a low income that their EFC is less than $1K. Their daughter, who has mediocre grades, qualifies for all kind of scholarships and grants based on income and immigrant status. The rich can afford college, the poor get plenty of benefits, and the middle class has to get creative.

[@gabydarian]

As a substitute teacher I needed a four year degree. I make less than 30k a year but owe 82k on my student loan and every year this debt grows. Yes is it messing my life. My loan is 30k more than what I initially owed because of interest🤦🏽‍♀️😭

[@frankt7521]

Curious as to what you majored in.

[@Gladiator4her]

@Susan Louis Susan, where did you go to school? Your grammar and spelling are horrific.

[@ReginaFortune]

Subbing needs a 4 year degree? Oh no, in my county it’s only an A.A. Sorry to hear :(

[@zuzuspetals6040]

This is exactly what Public Service Loan Forgiveness is designed for. Good luck with your career and student loans.

[@muchgoodisgiven1517]

It’s crazy!

[@chuckwalla2967]

Don't go to college if you don't know why you're going there in the first place. The majority of kids in college these days have no business being there. They're there just to slack off and socialize.

[@garyjandereski9253]

Maybe quit charging insane amounts for tuition, and putting ridiculous interest rates on the loans

[@pawsnotclaws2772]

“Some good things come out of a car wreck” yea I got a settlement 😅

[@MegaBpop]

Here is my advise and I speaking from experience. 1. If you wanna go to college. If your TRUE PASSION is to go college and you & your parents do NOT have the money and no scholarships (academic & sports scholarships), then live at home and go to your nearest community college while the college students goes to work part time. Then transfer to a four year college. Also, one can NOW go to college online as our daughter is for his Master's Program with Clemson University. 2. College is NOT for everyone. 3. Overall in college or not, just an everyday rule. Live below your means forever, you will sleep better. 4. Donate a little of money even if it is $ 5.00 to an organization, for there is always someone or some family that has less than you do. 5. Pray for discernment.

[@l.w.paradis2108]

Thomas Edison also ripped off Nikola Tesla. He left that part out. "Behind every great fortune lies a great crime." Honore de Balzac

[@stevenmintz1]

I agree Edison was an a hole. Bet what he said applied to non a holes works.

[@TheBizBoutique]

24 right now I will be completely debt free at 26.

[@tinaclever5886]

While I agree that we have a student loan problem, I don't think this is the answer. How about instead of handing loans to anyone for anything - how about we give loans with no interest to those who pass a review for what they need the loans for? Seriously, get rid of loans and I guarantee you won't see many kids going to medical school and we will have a medical shortage and that will be just the beginning .

[@lukszetrenne5153]

By Dave's logic he should be 100% against lobbying and should rail against that....

[@luiseldewashington1768]

My younger brother made it with no student loans, he paid everything out of his pocket but he had to work long hours during his vacation or whenever he had no classes! He graduated this month and got a good job instantly.

[@guitarrulezz]

luis espana Where did he go/what for? And for a bachelors or masters? Good for him!

[@ssdd6952]

In my youth I has stupid and went into debt and it was killing me, I have sense changed my life. I have no college degree yet I make a 6 figure salary, it is possible. I unknowing have been following Dave's rules for success without knowing it. I have been debt free for 20 years except for my house which will be paid off in less then 3 yrs. I drive a 2003 car with 200K miles on it and I have a budget which I strictly follow I ignore my wants and focus on staying out of debt. I see all my friends with new cars and bigger house then I have, yet they are living pay check to pay check. Being broke is not for me.

[@salemthorup9536]

They also need to stop doing federal student grants. That has been the number one single factor that has massively increased the cost of education.

[@Cristianandtupac]

Salem Thorup how

[@salemthorup9536]

@@Cristianandtupac, the natural laws of economics- supply and demand. The more money available to pay for school, the more school is going to cost. Also, people stopped shopping for affordable tuition because they were/are being heavily subsidized. My parents went to specific schools because they were affordable. Tuition only increased dramatically when grants became available. It's not a coincidence that EVERY single school raised their tuition and other fees as soon as grant money became normal. We'd be doing better to use tax money for scholarships for those that prove, in one way or another, that they will work to achieve things and will finish school.

[@iceviking8280]

I’m a left handed puppeteer. Dave why do you always put me down?

[@WhiteBoardFinance]

Lol!

[@chriswright5204]

What’s your take home?

[@jaysphilosophy1951]

Thanks Dave for shedding light on this issue. We need folks like you questioning the system in order to fix it. I spent 20k at community college before I realized it wasn't for me, and left to go to a trade school that worked.

[@JeffMorrisonAdventures]

.............mic drop.... Dave's finest video to date. As a victim of the student loan madness and stupid parents this brought a tear to my eye.

[@lucapuzzoli8363]

If you could stop students loan the cost of colleges would immediately drop because they soon gonna run out of customer if students can't get into debt.

[@jimmylau6883]

Stop funding useless degrees and for-profit colleges.

[@mr.nobody4900]

Student loans debt shouldn't be forgiven. You choose to go to college, You choose to borrow money you don't have, is your responsibility to paid it back. It isn't the government's fault if you drop out, or cannot find a job in a choose career or degree you picked, or don't like what career are you taking. Use common sense, choose wisely, find an alternative to pay for college. Quit blaming the government for your dumb decisions in life.

[@tatripp]

Dave has the best analogies. Hahaha... I lost it when he was talking about how things can grow from manure

[@ClemTigers281]

I went to college for one year. Wanted to be like everyone else and say I got the college experience. Well it wasn't for me. I say 90% of college students are there for the wrong reasons. Don't go for something useless. Even business. I see a lot go for things like entrepreneurship. You can learn theory all you want but actually getting your hands dirty and doing it is how you will learn. You got the Internet. Places like Udemy. I went to trade school for automotive and now work at the local dealership. I will be able to get my federal loans paid off by 21 or even sooner than that. Private loans will be a little longer. But I should be student debt free by my late 20s. I do some side hustles as well as my main job. I love having extra sources of income. I rather see people go into the military or go to a trade school.

[@nataratafata-jh6kz]

I started at a technical school then go to a university it was so cheap I didnt need student loans. I was fortunate to do it that way. I have friends that have them. I would start with community and university it will help if you need too.

[@dereck377]

I'm doing the 10 year public service forgiveness program. I really hope they forgive my student loan amount in about 4 years from now. I'm sure they will pull some B.S. and say they aren't going to forgive it. It's been happening to teachers all over. Oh, well. Lifelong debt :( I made my choices.

[@mikehurt3290]

I use to regret not going to college thinking that I'm never gonna find a good job but now that I'm older I'm so glad I didn't, I'm making just as much than some people with student loans of 100k or more with none of the debt

[@wompwomp5586]

How about we reel back the cost of education that’s risen like 1000% since Dave went to school, get rid of the for profits, cut back on administration in schools that rack up costs and have an evaluation of degree type to income before issuing loans...

[@mikeekim007007]

Schools have jacked up the cost of tuition because they know they are getting paid by the government no matter the price. If the government stops giving out student loans, many young people wont be able to secure a loan on their own, so enrollment will plummet. Schools will be forced to bring the costs down to increase enrollment.

[@kristine7304]

I was thinking the same. The amount of money you have the potential of earning after graduation should determine not only the cost of the education but also the cost of the loan.

[@kevinrichardson3961]

What does it mean that the Federal Government has federally insured Student Loan? If Student Loans aren't federally insuring it, what will happen? I'm not debating or challenging Dave, I truly don't understand what that means?

[@raiden031]

It means if the student defaults on the loan, the government will pay the bank what the student owes.

[@cleo-patra]

Someone told me that the only time they can default is upon death. Is that true?

[@raiden031]

@@cleo-patra I think you mean the only way to discharge the debt is death. That part is true. That is the only way they can keep interest rates low enough is by not allowing them to be discharged

[@cleo-patra]

@@raiden031 Thanks!

[@freeagent9753]

My aunt is $200,000 In student loans. But wants her daughter to go to a D1 college right after she graduates next week ... they never learn. My cousin could easily go to the local Tech college first for free and they’ll give her money to attend. I’ve tried to talk them into that but they’ll learn the hard way smh .. let them drown

[@aymanabdellatief1572]

When you can keep telling people their only option for their future is to go to college it artificially increases demand to go to university, then the federal government guarantees and insures student loans it enables and causes the price of tuition to rise out of sync with what most people can afford and has people go to college who shouldn’t be there in the first place.

[@joshhoward1289]

Yep and the colleges got wise to basing scholarships based on merits. Instead they base it on 'economic need', ie. how much money do I need to give you to entice you to take out loans for the difference and come to our school.