This week Becky and Dan discuss the Student Loan Crisis. Becky shares her experience with student loans and her reaction once she realized that she’d be paying back over $100,000 for a $10,000 student loan over the course of 20 years. She also talks about still owing 70% of her loan after 12 years and why she hasn’t paid the remaining balance, even though she’s able to. Dan explains how some people take advantage of student loans by using them as income. He also shares why he is unsympathetic to people drowning in student loans.
Currently about 45 Million people owe $1.5 Trillion in student loan debt. The average student loan debt amount is $37,172 and average payment is $393 per month.
(1:58) Afro Becky’s Hip-Hop Knowledge.
(3:20) Student Loan Stats.
(8:27) Do we feel sorry for people buried in student loans?
(10:37) “Gaming The System.”
(16:34) Becky’s Student Loan Experience.
(32:34) A Fair Solution?
(40:25) Predatory Lending and Check Cashing Joints.
(47:24) In Closing.
(50:13) Financially Lucrative Degrees.
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