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These days but in places you may not realize student loan debt not just a problem for recent college grads retirees.
Are having trouble.
Paying back loans whether for themselves -- kids or even they grandkids and now.
Uncle Sam is coming off to their benefits joining me now is rich Williams higher education applicant for the public interest research group so.
Rich -- should the government be docking grandma's Social Security check.
-- it's it's a problem that's been growing you know folks go to college.
-- use student loans as -- -- source for opportunity and certainly parents and grandparents -- -- where they can.
Flights that people sometimes forget to realize that the government has extraordinary collection powers on student loans.
They can -- you know -- your tax refunds they can garnish your wages they can even take a piece of your Social Security.
As is becoming growing problem well where combating this down economy and folks are returning to college.
This -- -- results of people carrying that loan all the way through into their time in years oral more.
People signing on for the loans -- children and grandchildren.
Yeah it's I think a mix of.
Everything he has federal government.
Other crimes act have a limited time frame in which the government can collect on.
And there's no time limit for how long the government can come back and clicked on student loans.
So it could be someone who went to school and is -- -- all the way forward and maybe pitched in to help their kids.
We think -- most of it is in the state of the economy where people are going back to work for first time training her advanced training in a pretty competitive market.
I'm students are older students taking on loan debt or grandparents to.
Want every opportunity after their grand kids.
And help co sign onto that student loan right thinking it's a source for opportunity but it really becomes a shackle and some cases so why is the cost of higher education so high originators to seems to me beginning out of control.
You know it's it's it dynamic relationship really between the states -- and colleges at least for community colleges and colleges and public schools.
You have states over the past few years just slashing higher education funding.
And for every dollar the Staples out that's another dollar that -- colleges have to raise tuition.
Now couple that with -- finances that have struggles of the especially in the past few years.
In this uncertain job market for graduates it's really this triple whammy that's hitting students.
So certainly states need to do more set any up and help keep costs down and certainly the federal government has stepped up and helped tickle.
But they can't let this source of student aid which should be a source of opportunity.
Become a chuckle that really there's -- hope it's hard to escape for.
But you know you read these -- stories of how much money is owed by some of these graduates I mean.
Is it justified -- -- students getting their money's worth to be honest.
You know I think -- -- can agree colleges certainly net worth the investment.
But that is there's a certain point there's -- a balance between that the federal government providing student loans say it's -- taxpayer backed money.
So there's an urgency to make sure that it's paid back.
But at what point does that opportunity just become a hindrance especially for older Americans who have contributed so much over their lifetime -- the workforce.
When the federal government just needs to take a step back and so -- might be worth the federal government to rethink.
-- that's my question what's the best way to get this resolved rich in your opinion.
Yes that's certainly the Department of Education should think carefully through beauty you know using it every.
Tool that they haven't and maybe not be as aggressive.
But certainly congress can change the way that they do business.
Federal student loans also are.
Almost impossible to discharge in bankruptcy which is another big problem if you've been.
Having student loan debt through the course of your life then.
It even being irresponsible borrower but come up against unforeseen circumstances radical -- unemployment.
There's almost no passion pressure valve for renewal and that's -- problem to have -- -- is a huge problem all right rich Williams thank you so much for joining us.
Appreciate I think it raping our.
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