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Actress Jane Lynch on how student loan debt has impacted her family and the resources available at CollegeFinanceCenter.org to help people plan financ...
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First of all thank you so much for my pleasure.
I've looked at the some -- equipment I was looking at your background.
Banker's daughter right.
Probably am I assuming correctly didn't go into debt I did not collect money -- I had student -- -- -- off of so why.
Does this program matter so much to captured you get bombarded with requests what this -- This 1 because I -- nieces and nephews and we're kind of all happiness out of the family together.
Have student loans and there's one -- in college now it's getting these calls to be.
To you know we want your payment now -- still in college she got really bad she did not research it.
I have nieces and nephews who are now in the job market who are -- they they -- making enough money.
Some aren't don't even have jobs -- -- economies brutal right now in their arms and there aren't as many jobs.
And I know when I got college I had -- -- to a 3% -- And I paid it off in about eight years I deferred it a couple of times it was -- And that's just not the case you had a job that graduating seniors today the job market is horrific I was that actress.
It was not working but I was doing temp jobs and stuff like and it went when the work wasn't coming and was able that the for ignorance and student loans that you you you can't different but you're right the job market is terrible right now.
Which you call -- a crisis level when it comes to student loan debt there's a trillion out there -- -- -- -- artist credit cards auto loans yeah and you can't you.
New effort to get rid of student loan debt effort you know bankruptcy it's it never vote it will follow for the rest of your life so what does don't major -- -- do to change that I guess you could call a vicious cycle yet is a vicious cycle we.
They created this wonderful resource on line.
Called college finance center dot org and we are watching it even as we speak.
It's a resource where kids and parents can go and shop for these loans and look at the terms and going to with your eyes wide open so that you can out of college you're not saddled with.
A percentage rate that triples.
After a few years it just make sure that these that there -- on the up -- up these loans that you issues and you -- -- you know -- -- actually can -- For different -- and so you know what you're getting into going to with open eyes you -- both undergraduate and graduate I Illinois State undergraduate Cornell masters in fine arts graduate.
There is this belief out there a lot of people are questioning -- now that.
Going to college will really make a difference in your life that's the sad thing that people would even question right now higher education was something that a lot of people -- strived for here in this country.
Should we think changing the way we think about spending her time on education now well I think any time education shouldn't have to spend on education my father wanted for all of his kids to go to college.
We all went to college now my nieces nephews and my daughter arm them go to college the next generation we could not let that happen.
So that's why you know they got loans -- -- -- tuition is going up they're Smart kids but they're kind of stuck in the in middle class where you're not for enough to get that.
You know that the grants and you know you know opportunity to pay for yourself and are cutting back on scholarships to and -- although -- scholarships have been cut back on hand of student loans for a lot of kids -- the only way to go to school so yeah.
We have to get in there and make it possible for kids.
To get an education an -- -- with this enormous debt twenty per cent of this horrific debt is actually help my people were fifty years old -- that weren't network's morning so what does this resource do for them -- -- -- a diet you can go to college financial center dot org and it gives you wings out.
Gives you strategies and -- gives you refers you to other resources.
I mean it's it's not it's not hopeless there are ways you can pay its debt back -- -- tweeted that I was interviewing view.
Follower tweeted back and -- -- a 169000.
In law school debt.
Loans and on the lawyer today and I'm having so much trouble paying off -- What is the message that's -- there about how we should go forward this could be the next bubble the next crisis yeah its financial crisis it would be yeah I -- it it it but say it's the it's more money than credit card debt right now.
You know we've got -- knocked these we first all going forward we have to go in there with our eyes open with these with these loans and then of course this resource does help people.
It's gone up it's skyrocketed since -- -- shouldn't Washington DC be doing some 11 would hope yeah I think it's a big to big deal it's our future we're gonna.
-- be producing a bunch of uneducated adults for the next generation.
You know and we're gonna have -- will lose prestige and all -- all the talent that will waste and it's very very important if a kid wants to go to college.
It should be.
What do you say about this student lenders out there who are those.
Really really bad lenders Italian now it's the old.
You know the those of us who aren't politically savvy -- are financially savvy don't communities really horrible deals and we -- we -- regulation fails we've seen that right and left maybe it's it's the individual the onus is on the individual is what I and that's what we have this resource individual can go to this resource and educate themselves.
We and education so important at all levels need to educate yourself before you sign that dotted line.
What would sue Sylvester saying it was student out there who's thinking of going to the massive debt to go to college well that first -- she would say go to this resource and college finance -- dot org and don't be stupid.
Going there with both your eyes open and see what will be expected to from you at the end of your.
College career.
Fifth season of glee yes asked for actually -- I don't I'm asking elementary and theft I -- and -- nice.
I'd like to continue I just built a new house and I wanna be financially responsible so I've overextended myself financially -- hoping that will be -- -- -- We have don't Galactica what would you say if I told you I didn't make my true rating or -- and squat -- -- that is okay I I wasn't even I wasn't even considered for those.
Those jobs -- But here you -- -- I am today.
It's good to see an actress you often hear that actors are not financially savvy.
Act act at -- Baker's daughter I really am I paid -- -- my bills and rarely carried interest.
Are rarely carry a balance and then just -- mortgage.
But just to be cleared took you several years but there were jobs out there didn't work how yeah about not absolutely and it went -- my payments -- crazier payment 116 dollars and that it was a low rate and I also didn't have to take a lot of matching mean 30000 dollars.
Get through college butts and where we began on matters that you say that you have family members and you're watching this all unfolds again yeah.
Yeah it's for it's pretty brutal on them and it you know it's it's a family crisis world crop which I am so glad you know when -- asked me do this it couldn't -- and more perfect time.
As we are in need of this resource -- it's also gonna help the kids to RE -- debt.
And help them manage it.
Thank you very much.
