They Borrowed $40K To Pay For Their Children's College. 20 Years Of Payments Later, They Owe $100K

2020-ж., 19-ноя.
6 311 Көрүүлөр

Millions of Americans owe money to the federal government after taking out Parent Plus loans to pay for their children's college. The program was supposed to help middle-class families afford school, but many parents now continue to struggle with the debt.
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#Payments #ChildrensCollege #NBCNews
They Borrowed $40K To Pay For Their Children's College. 20 Years Of Payments Later, They Owe $100K

  • The suffering and pain of I Putu Aris Artha Wiguna life by never talking intimately with friends for 10 years makes it equal with the right to be friends with Karunia Pradnya Sari.

    Aris Artha13Aris Artha132 күн мурун
  • Then do not take the loan!!!! Thats the problem with this generation they want instant gratification go to a Trade school instead biggest loss ever going to college unless you are going to be a lawyer or a doctor!!!! Student loan debt forgiveness is nothing but THEFT!!!!! Stop voting for Democrats they are nothing but liars and thieves !

    To the Republic for which it Stands !!!To the Republic for which it Stands !!!4 күн мурун
  • Tell your grown kids to find a way on their own accord to go to college and you will help them but never take out a loan. There are many ways a person can get through college without gutting out their parent's lives.

    The Bastard GiftThe Bastard Gift4 күн мурун
  • There are kids who paid their own way to go to college and then there are those who gutted out their parents lives to get what they wanted.

    The Bastard GiftThe Bastard Gift4 күн мурун
  • I'm.from indian , I took students loan Do you know what is interest rate around 14%.

    Md Wasim AkhtarMd Wasim Akhtar7 күн мурун
  • And I'm panicking because I can't pay my utilities bill this month. Good luck guys. It's not your fault, you are being punished by a dirty society for doing the right and decent thing. You never know, maybe lady luck will shine a light on you....

    David MarksDavid Marks7 күн мурун
  • So he borrowed money, paid nothing on it, and he's now crying about it? Twenty years. Why don't people just go ahead and admit to being losers.

    Rico BacaRico Baca7 күн мурун
    • Exactly.

      john doejohn doe7 күн мурун
  • I invested in myself at university. Now I am bankrupt.

    Indie FuryIndie Fury7 күн мурун
  • (1) Did your kids graduate ? (2) What are their degrees ? Explain why your kids are stickin you with the debt. They should be working three jobs each and delivering pizza on weekends. Shame on them !

    Shoeless bShoeless b7 күн мурун
  • Dave Ramsey told you so

    Willy Joe RockheadWilly Joe Rockhead7 күн мурун
  • I got a student loan so I could go to book keeping school in 1989. It was a one year business vocational program with a job placement guarantee. One year later I had my diploma and a 4.0 gpa and updated my resume and went job hunting. That is when I found out that my diploma was worthless. One prospective employer informed me that the school I attended was only one step above a diploma mill. The job placement guarantee was worthless as the fine print said that you had to go on every interview they sent you to. But they would schedule you for three interviews a day an hour apart in three different states and none of them had even heard of my school let alone had an appointment for an interview. It turned out the school was a scam. It went out of business six months later and burned all the student records so I couldn't even verify that I went there. But I still owed $3000 and was still making minimum wage and couldn't get a better job. So I got a loan repayment deferment and went to another school and attended class there full time for a year. Then on the third semester, on the day of first classes, after they had my student loan check in their hands, they closed the campus and told me I had to attend school at their next closest campus which was 60 miles away and impossible for me to get to. So I attempted to withdraw but they kept the student loan money and so I owed for those three semesters which came to another $9000 in student loans. I still had no valid degree nor diploma nor certificate that I could put on my resume, I was in debt to the amount of $12,000 and the only work I could get for the next ten years was minimum wage jobs. I attempted to make some payments to the bank but they told me I had to pay the minimum amount or my loans would be in default. That minimum amount was $300 a month. After paying basic survival expenses I was left with about $150 a month. I sent them checks for that amount and those were returned unredeemed and I was informed a few months later that I was in default and had to pay the balance of my student loans + interest. That was around 1991. Since then the interest has piled up. In 1996 I got a better job and had my wages garnished. But when I left that job I discovered that I owed all the more than I did before I started and according to the dept. of Education they got not a single cent from wage garnishment. A collection agency had contracted with the dept. of Education to collect the debt and 100% of the amount the collection agency garnished from my wages went to their fees and not one cent of it was ever applied to my loan or interest. Now I owe over $200,000 in student loans. That exceeds all the money I could possibly earn from two full time jobs for the rest of my life. The interest alone is double my current gross income. I'm 60 years old and I will never be able to collect Social Security because of this. The entire student loan process is contrived by the government to enslave people for life. NEVER EVER GET A STUDENT LOAN FOR ANY REASON!!!

    nunya bizneznunya biznez7 күн мурун
  • Make the kids pay it back🤷‍♂️

    Ray BravoRay Bravo7 күн мурун
  • Move to Canada where tuition is cheaper!

    nooks12nooks127 күн мурун
  • The loans themselves are a problem since the cannot be discharged. The parents should not have taken out the loans. But children should not be paying off their parents loans unless they are transferred to their own name. If a 40k loan balloons into a 100k loan, it is not the child’s fault and it is not under their control.

    Thomas ReedyThomas Reedy7 күн мурун
  • 1st-federal gov student loans should not exceed 2% fixed. 2nd--if parents can't afford college the student should go to a community college for 3 years and be working. 3rd--if the student gets B grades and better AND knows what they want to major in THEN they can go to college...................2 years. 4th--if they then need to Master a 3% fixed loan can be secured. ..........................................IMHO.

    SKPjoe CoursegoldSKPjoe Coursegold7 күн мурун
  • Waste of money

    Michael Sisson IIMichael Sisson II7 күн мурун
  • That’s why preparing our kids for scholarships can be really important. I never pay any tuitions for my education because of scholarships.

    Books Bags BloomsBooks Bags Blooms7 күн мурун
  • This is insane, why is America like this

    MatsiMatsi7 күн мурун
  • I hope you don't think any of this will change under a Biden administration. Democrats are notorious for not keeping campaign promises. Don't get your hopes up on Medicare for all, either. If you want an education, educate yourself. The internet is a trough of material.

    String MonkeyString Monkey7 күн мурун
  • Ask Bill Gates if a college education is worth the money.

    Wen ChaiWen Chai7 күн мурун
  • The longer you MORONS wait to BREAK the REAL Story, (Dominion Computers) the WORSE YOU ARE GONNA LOOK TO THE PUBLIC, People will NEVER Believe you again, look at CNN being sold, IT WILL HAPPEN TO YOU ALL ! !

    Steve FarmerSteve Farmer7 күн мурун
  • Where is NBC coverage of the press conference today about election integrity

    Derek TracyDerek Tracy7 күн мурун
  • I'm sorry they got in this situation but I don't understand how or why they did. I was married with two pre-school age children when I started college. My wife worked full time for barely more than minimum wage and I worked nights and sometimes two jobs and attended college part time. It took seven years but when I got my degree we did not owe a penny. We did not have help from any relatives and most of the time we didn't even need day care for our kids as I took care of them while my wife worked. Study was hard but I had a goal. For someone to borrow money they know they can't pay back is inexcusable. How about the kids that got the education? Do they pay anything on the loans? How can four working people (the parents and the two college graduates) not be able to pay that loan? Unless they live in poverty, there is no excuse. What sacrifice have they made to pay the loan? 20 years ago the interest on a home loan was more than the 7% they pay on the loan. Did they buy a house or do they still rent? How about the kids with the degrees? Do they work for more than minimum wage? I'm sure if you look at their total income, they make enough to pay the loans. Otherwise, what good was the college degrees? $40,000 for four people is only $10,000 each. Of course when the kids got the degrees, they would have owed around $52K, or $13,000 each. That is less than a car payment that could have been paid off in less than five years. The only way to accrue $120K would be to pay less than $2800 the first year, or if they waited to graduate, less than $3600. That is less than $100 per month for each of them. Just that little amount would keep the total less than $50,000 today. Over 20 years would have been $2500 in principle so add another 150 and the loan would be paid off. In other words, if each of the four paid less than $250 per month, they wouldn't owe a dime and would have had the loan paid for in five years. Should the taxpayers take up the slack because these people won't prioritize their debt?

    Jim BJim B7 күн мурун
    • Excellent comment.

      Drama QueenDrama Queen7 күн мурун
  • Waste 200k to get a job for 35k lol

    JosRey 74JosRey 747 күн мурун
  • So help them pay the loan! What greedy kids! Lol

    JosRey 74JosRey 747 күн мурун
  • I know exactly what they're talking about. I owe $200k in student loans. It's overwhelming to say the least.

    Maria DavisMaria Davis7 күн мурун
    • @jennie henriksson Thank you! You too! ☺

      Maria DavisMaria Davis7 күн мурун
    • @Maria Davis, you are so beautiful, good luck to you and your daughter!

      jennie henrikssonjennie henriksson7 күн мурун
    • @jennie henriksson Actually, that's my daughter's and I combined. She went to school in NYC (very expensive) and I actually have two degrees. I know crazy but here we are. My daughter is self employed and makes pretty good money even during the pandemic so she continues to make her payments. I also continue to make my payments for my part as the pandemic did not affect my income either. Nonetheless, it is still overwhelming.

      Maria DavisMaria Davis7 күн мурун
    • 200K? Did you go to Harvard and then Yale?

      jennie henrikssonjennie henriksson7 күн мурун
  • I believe that corporate America has been very laxed in collectively helping to support education. To busy avoiding their tax obligation. Instead they should have been contributing more to funding an educated workforce and Equitable Society. Pehaps when they do, we'll stop hearing the whining from them, that they can't find qualified employees. Americans of all Stripes for generations have given their's and their children's Blood Sweat and Tears so that the American capitalistic system has been able to thrive in a non-threatening and free economic environment. I believe that gratitude is the very least they can show in three areas Education, Health, and a wage that allows growth to any individual who applies themselves honestly no matter where on the path of life they are.

    Disclosure FilesDisclosure Files7 күн мурун
  • Here's some overwhelming evidence that the MSM won't show the American People: There is a ton of data that shows election fraud. REPORT IT!!!

    Sam IamSam Iam7 күн мурун
  • Just praying for your sins to be forgiven, and saying the name of Jesus at the end of your prayer will not make your sins that are red as scarlet be white as snow. In this time of disaster and pandemic like COVID-19 Fathe God is calling you now to come before His Word, and be guided into all Truth through the Spirit of Truth, and truly wash away your sins.

    CH HCH H7 күн мурун
  • You have to pay more than minimum payment. Idiots are too stupid for a college "education".

    w sw s7 күн мурун
  • Bravo to Capitalism... Many love this system, and probably the same ones who have been interviewed!

    d Louisd Louis7 күн мурун
    • Capitalism? Colleges receive so much government money and inflate the tuition to get as much as they can to get government money. You don't even know what capitalism is its not the government subsiding loans and colleges

      Jeff AJeff A7 күн мурун
  • The loan scheme which sees these parents owe more than they borrowed is by design. Those loans are purposely given to families who cannot afford to pay back the loans leaving them in perpetual debt, which satisfies no one... except the lenders

    Duma ShangeDuma Shange7 күн мурун
  • Some of these students are very lucky though getting everything handed to them. I had to work part-time jobs to fund part of my university studies and the other part was student loans I had to pay off myself too. Lucky for me I did so well 70 of my fees were converted into a bursary.

    Ruth AmuiRuth Amui7 күн мурун
  • WTAF!! 😲

    Ruth AmuiRuth Amui7 күн мурун
  • This is very scary, we r struggling now. how we r going to pay for my kids college.

    Ray IboRay Ibo7 күн мурун
    • 😂🤣🤣 your kids probably won't even go to college !!

      Sugar Xyler the foot modelSugar Xyler the foot model7 күн мурун
  • This is horrible. Let's look at Sweden where kids get help for higher education. And yes, I am a Progressive/Social Democrat working for real answers for our country.

    PrimordialMeowPrimordialMeow7 күн мурун
  • Why would any government do that to its citizens? Don't you want the best and the brightest? Also, that woman should not be letting her parents solely pay for her education!

    PHATTrocadopelusPHATTrocadopelus7 күн мурун
    • @jennie henriksson exactly !! Rich Trash !

      Sugar Xyler the foot modelSugar Xyler the foot model7 күн мурун
    • if you voted Republican, you got what you voted for, it's called profits!

      jennie henrikssonjennie henriksson7 күн мурун
  • I don't feel sorry for them. Pretty sure that the woman with no baby daddy and barely affording rent or utilities is definitely someone who deserves to be sympathized and helped. Not a upper middle class family who took out a loan they didn't read the fine print on.

    Timestamp guyTimestamp guy7 күн мурун
    • you hit the nail right on the head!

      jennie henrikssonjennie henriksson7 күн мурун
  • They need to cap interests on these predatory loan practices.

    Virtual 360Virtual 3607 күн мурун
  • This would be my story too

    Alyssa WilliamsAlyssa Williams7 күн мурун
    • @Alyssa Williams , any time sweetie!

      jennie henrikssonjennie henriksson7 күн мурун
    • @jennie henriksson thanks Karen

      Alyssa WilliamsAlyssa Williams7 күн мурун
    • @Alyssa Williams, have fun with Trump and Devos and your loans :)

      jennie henrikssonjennie henriksson7 күн мурун
    • @jennie henriksson 🤦‍♀️ Seriously and what would be your purpose to write your words in the manner that you did don’t bring your nasty words to me I rebuke them go away... you must be what everyone calls a “Karen” throwing temper tantrum‘s In unnecessary areas…

      Alyssa WilliamsAlyssa Williams7 күн мурун
    • this is what happens when you support Trump and thus Betsy Devos! You got scammed hun!

      jennie henrikssonjennie henriksson7 күн мурун
  • Lmaoooo, that’s sick. Biggest scam. Could have gone to a community college, then transfer to a good one .

    Carlos J Acosta thorrensCarlos J Acosta thorrens7 күн мурун
    • these people are from Indiana, they voted Trump/Pence for sure and they got Devos, who screwed them royaly!

      jennie henrikssonjennie henriksson7 күн мурун
  • Mybe the Students loans could be pay with big taxes to "Big Tech". It would be quick watching them stop their censorship agenda.

    RogerMRogerM7 күн мурун
  • Loan amount should be a function of degree and associated payback potential......liberal art degree should get very little loans....

    Peter HongPeter Hong7 күн мурун
    • Actually none. Working at 7-11 doesn't help.

      String MonkeyString Monkey7 күн мурун
  • Wow, this is crazy.

    Fila KriFila Kri7 күн мурун
  • Bless those kind, caring parents.. It shouldn’t be so tough to send their kids to college

    Sophien Ben-AchourSophien Ben-Achour7 күн мурун
    • @Sugar Xyler the foot model College is now the minimal education. Used to be high-school. But, kids should pay or at least co-pay their education. I don't know if colleges in US are given money by the Government to offset tuition, but if not maybe that should be the case. Or at least find a way to make college education more affordable.

      nooks12nooks127 күн мурун
    • People don't need college and *kids should pay for their own education* !!

      Sugar Xyler the foot modelSugar Xyler the foot model7 күн мурун
  • Your children are adults and should pay off the loan for you!!!! Students are ungrateful and selfish as never before!!!!! My parents would not pay for college!!!! I was on my own!!!!!! I wanted to be a doctor more than anything!!!! No one would help me!!!!! My father told me I would make a good doctor but I would be a poor one!!!!!! Money had nothing to do with it!!!!!

    Surfergirl MauiSurfergirl Maui7 күн мурун
    • @Sugar Xyler the foot model ...and that's wonderful and your mother's choice! My daughter is a very resposible adult that pays for a very good portion of the Parent Plus loans and manages her money very well. The point of the video is that it should not be so difficult or expensive to obtain an education.😒😒

      Maria DavisMaria Davis7 күн мурун
    • @Maria Davis 🤦‍♀️ My mom stopped spending money on me once I turned 18 which made me a responsible adult that knows how to manage money ! She said if you want something then *get it yourself*

      Sugar Xyler the foot modelSugar Xyler the foot model7 күн мурун
    • Frankly, you cannot say whether or not their adult child is not helping with the student loan payments. I'm in the same situation and my daughter does help me with the payments. However, the point of this video was to say that it should not be so difficult or expensive for someone to obtain an education.

      Maria DavisMaria Davis7 күн мурун
    • @Sipje Dekat "surfergirlmaui" ain't a doctor.... I can assure you.

      Joey HoughtonJoey Houghton7 күн мурун
    • I really hope you're not a doctor with that many exclamation marks...

      Sipje DekatSipje Dekat7 күн мурун
  • The magic of compounding interest! Keeping middle class where they belong.

    James LatiefJames Latief7 күн мурун
    • True however the middle class ought not to be fleeced too heavily all at once lest there be no one to pay tax and do the heavy lifting.

      John ZeszutJohn ZeszutКүн мурун
    • Middle class have middle class cars and homes but behind the curtain of that image, on paper, they are poor.

      The Bastard GiftThe Bastard Gift4 күн мурун
    • @Think Before You React that's why I pay cash for everything

      Sugar Xyler the foot modelSugar Xyler the foot model7 күн мурун
    • Same with mortgage loans you buy a house for say 280,000 at the end you end up pay a little more than double. It's ridiculous.

      Think Before You ReactThink Before You React7 күн мурун
  • 😂😂😂😂make America great again lol yea right

    Cool BeansCool Beans7 күн мурун
  • Tell your kids to get a job/career and help pay back the loan! The parents did it for their kids. Wtf?!

    luckylou07luckylou077 күн мурун
    • @Mike Airborne I applaud your decision but not everyone wants their child to go in the military. I'm a retired veteran myself and I definitely did not want my kid in the military due to my own experiences in the service. I think the point of this video was that it should not be so difficult or expensive to go to college. Nonetheless, your decisions are admirable. Thank you for your service!

      Maria DavisMaria Davis7 күн мурун
  • Wow!! Fleecing of america people.

    ruletheworld 01ruletheworld 017 күн мурун
  • Biden DemocRats and Media are selling our country to China for money !!!

    Ian HIan H7 күн мурун
  • Tell your kid to help you pay that am I right?

    Ignacio PalaciosIgnacio Palacios7 күн мурун
    • @Sugar Xyler the foot model That's a selfish way of looking at things. Most people always want their kids to be better off in life then themselves. They didn't go into it thinking they would still be paying years later and owning over 100k. Most people feel "What the trunk didn't do, may the branches do." Years ago people use to go in to debt to long sharks. They didn't disappear over time they just found a legal way to do it.

      kazdragonkazdragon7 күн мурун
    • The parents are *idiots* !! They should be looking out for their future not their kids !!!

      Sugar Xyler the foot modelSugar Xyler the foot model7 күн мурун
    • I'm guessing their kids aren't helping them pay back anything

      kazdragonkazdragon7 күн мурун
  • DO NOT FEED TROLLS. Often they can be relatively easy to spot: no avatar, simplistic names like Not Thinking or Tuesday Tim, few if any subscribers, inflammatory statements that contain no facts and recent KGworld join dates (check their channel’s about section). Sometimes they simply out themselves but if all else fails - listen to your gut. This is critically important to remember * To cause strife Trolls will take any combative position. They will sound like a Democrat, Republican, Libertarian or Progressive or even the neighborhood bully. DON’T GET SUCKED IN. * They exists to cause chaos and mayhem. * Ignore them. * No matter how tempting it may feel to react with a quip or kick - doing so only helps them. Ignoring them reduced their power - their ability to distract, disrupt, divide and upset our democracy is diminished. Oh, don't forget you can mute and/or report Trolls to KGworld. (See KGworld reporting guidelines.) T.H.I.N.K is the acronym children are taught to safely navigate cyber space but it applies to everyone. Ask yourself: T = Is it true? H = Is it helpful? I = Is it informative? N = Is it necessary? And the big one, K = Is it kind? These cyber security skills take practice but are well worth it when you stop yourself from falling into a troll’s trap. It is best to say simply good bye. Please share this post widely so we better manage our online activity. It will help prevent the spread of more COVID-19 misinformation. Limiting our time on social media is one of the best self-care steps we can take - even five minutes a day. Music and going for walks, breaks, help with stress, anxiety and depression management too. In fact, it may be the best first step in deprogramming Trump cultists, Qanon conspiracy theorists and doomsday religious zealots - remembering reality. Take care out there, stay safe and thank you.

    Nine Fools WiseNine Fools Wise7 күн мурун