Default in Our Loans

Today, Explained

Vox

Politics, Daily News, News

4.3 • 10.3K Ratings

🗓️ 14 March 2018

⏱️ 21 minutes

🔗️ Recording | iTunes | RSS

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Summary

Education Secretary Betsy DeVos told states to back off regulating the nine private companies that lend money to students last week. That could mean more student debt and more student defaults when both are already at record highs. Vox’s Libby Nelson tells Sean Rameswaram about the national crisis we never solved. And we say goodbye to Stephen Hawking. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Alright Luke Vanderpug today explain producer here we are at the mattress firm in Brentwood
0:07.0	Washington DC what the heck are we doing?
0:09.6	We're going to try on some mattresses.
0:11.5	Okay it looks like we've got soft medium or firm which do you think you are?
0:16.7	No I'm kind of a soft guy.
0:18.9	What a softy what a softy okay let's find out which it is mattress firm.com slash podcast
0:24.5	to find out how you can improve your sleep.
0:30.0	Pop quiz.
0:36.8	Three questions question one how many Americans have student loans?
0:42.0	43 million of us hold some student debt.
0:45.6	Question two what percentage of graduating seniors borrow money to pay for college?
0:51.3	Over 70% and final question.
0:54.4	What is the average amount of loan debt that students are burdened with when they graduate?
0:59.0	10,068,026,034,000 the answer is in fact $34,000 I know a lot of you like it's 68,000
1:07.2	I just know it.
1:08.4	Extra credit what happens when you default on a student loan?
1:14.1	It's not pretty it's super punitive and things keep getting worse.
1:18.4	Madam Secretary I think we are facing a student loan crisis in America and let me tell
1:23.5	you why.
1:24.6	Senator Dick Durbin at a hearing with education secretary Betsy DeVos last year.
1:29.8	Student loan debt now is greater than credit card debt in America.
1:34.4	In the year 2016 the number of defaults on student loan repayments increased by 14% over
	...

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