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MSNBCW Loan July 2, 2024

and a basic promise. - a nation that rewards the effort and determination of every single american. - so the least among us shall have an equal chance to achieve the greatest things. - and the doors of higher education will be open to all. - no matter what your circumstances or where you are, you are part of the life of our great nation. - it s one thing all our presidents agree on, each in their own unique way. [patriotic music winds down] - have a good life. we will see you soon. - and to get that good life, all we had to do was follow the instruction manual on how to do the right thing. study hard, be nice to your brother. - get him! - go to college, graduate, and voila, achieve the american dream. but at some point. [clattering] - the us economy shrinking. - they re not getting married. they re not getting homes. they re not getting jobs. - we ve been looking at 40 years of flat wages. - those doors to opportunity got harder to open. [light laughter] - this is a big ....

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MSNBC Loan Wolves June 4, 2024 20:23:00

The richer college lenders become. - so just having the threat of bankruptcy forces the lenders to behave rationally and with a modicum of good faith. - and without those bankruptcy protections, we re left with a self-perpetuating system of greed. - you know, from the outset, this was a legislatively manufactured crisis. - it was the 1998 reauthorization of the higher education act. - the senate will now vote on the adoption of the conference report accompanying hr-6. - mr. biden, mr. bingaman, mr. durbin, mr. feingold, mrs. feinstein, mr. ford. - was there, like, an uproar when this happened? was this, like, a big headline at the time? - there was no headline. in fact, i don t think most congressmen even knew that it happened until probably weeks, months, or maybe even years afterwards. - the bill i will sign in a few moments will enhance the economic strength of america. ....

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MSNBC Loan Wolves June 4, 2024 20:22:00

But student borrowers deserve that option too. now that doesn t mean everyone s going to run out and file bankruptcy, or that they even should. there s something much bigger at play here. - in the absence of the threat of bankruptcy, you open the door for widespread abuse by the lenders. - without bankruptcy as an option, college lenders now frivolously lend out as much money as they can to anybody who wants to apply because repayment is guaranteed. it s up to the student to pay it back no matter what. there is no bankruptcy option. - the lenders know you can t run, you can t hide. so this essentially gives them a license to steal. - when lenders have no incentives to restrict who they re lending to or how much to loan out, guess what happens to tuition costs? - the colleges raised their price, essentially at will. - and you re paying for it. and college lenders know that. so the more obscene the tuition, and the more ridiculous the gimmicks that colleges play, ....

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MSNBC Loan Wolves June 4, 2024 20:13:00

- i think i would have said that totally makes sense eight years ago when i was 17. - let s not forget. these are kids being told to sign on the dotted line. no parental consent necessary. - my 17-year-old self was very unprepared for all of those details. - but some in the media say that s no excuse. - the students knew exactly what they were getting into. - you knew what you were getting into. when someone says that, they don t get it. - most people don t know what they re actually signing up for. there s a whole series of gimmicks played in the industry that attempt to cloud what the actual picture looks like. - the lenders become very creative in how they can inflate a loan. - what they do is, they give you the teaser rate to start. it s artificially low. - that s right. college lenders are using the classic first one s free move, used on everything from streaming services to cocaine or so i m told. but that s not the only trick up their sleeve. - it s a lot of fine print. it s ....

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MSNBC Loan Wolves June 4, 2024 02:23:00

and you re paying for it, and college lenders know that. so, the more obscene the tuition, then the more ridiculous that gimmicks that colleges play, the richer college lenders become. from just having that threat of bankruptcy forces that lenders to behave irrationally and with a modem of good faith. and without those bankruptcy protections we are left with a self perpetuating system of greed. you know, from the outset, this was a legislatively manufactured crisis. it was the 1998 reauthorization of the higher education act. the senate will not vote on the adoption of the conference report accompanying hr six. mr. biden, mr. bingham, mr. durbin, mr. fine gold, mrs. feinstein was there an uproar when this happened? was this a big headline at the time? there was no headline. in fact, i don t think most congressman even knew that it ....

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