Also in this playlist...
This transcript is automatically generated
Got to hear this new statistic.
Which sheds new light on college debt hundreds of this across the country.
Now have more students defaulting on their loans then they have.
Graduates that's right this is as the price of college continues to -- joining me now Republican strategist Ron -- hi Ron thanks for coming back on the show.
So this the only way they could even be possible they could happen how -- itself.
Well I think -- it's funny that the colleges are saying that's because these young people associate economics -- let me tell you.
I think they're right away because young people have never been more -- software and a great -- depression.
We're only four in ten young Americans under thirty can find full time jobs and half of college graduates.
Are underemployed but that's really beside the point the point is that higher education is also.
Offering a diminished product at a higher costs average tuition in the last four years is gone up 25%.
At the same time young people cannot find work you still -- -- make a million dollars more in your lifetime if you got a degree.
Now that number is down at 300000 and I think this is just another result of a poor product and a terrible economy.
Well I want to show some real life examples here because it's hard to get your brain around these numbers because is just defies logic.
So as we settle for 514 red -- colleges have more defaults and graduates right.
Oklahoma state university in Oklahoma City as an example it's graduation rate is just five per cent.
It's default rate 20%.
And let me give me another when the University of Phoenix at San Diego.
Graduation rate 10%.
Now no doubt a lot of this task to do.
With the dead rising costs.
-- education we've seen a lot of -- play out.
But isn't also the although the federal government I mean if you could -- -- -- and you can get a federal loan for college.
Well that's right I mean it really is because right now there's unlimited access to -- -- -- think that's doing is helping young people but the problem is we're setting young people up to fail and actually building a permanent underclass of young Americans why our country.
And the problem is is that we're doing is handing people thousands tens of thousands sometimes hundreds of thousands of debt to start up their careers.
And a degree that has become almost worthless.
And so well we have to do is -- -- the -- thing is.
It any other industry was doing this if Wall Street was doing this had -- raise their -- 25% the last four years and their -- -- did just diminished in value they're making crash that congressional.
Into what the heck is going on and we just had not seen that kind of outrage in congress we have not seen that kind of outrage.
I think -- -- days we -- you know what is front right.
Because we all believed so seriously that the only way to get ahead in this country.
Is to have a college degree and it doesn't matter how good it -- It doesn't matter whether it's on cheap scanner paper whether that's what -- -- -- was used in the pen to sign it.
Just having it.
Is all that matters and I think that we've sort of devalued.
What it is to have a degree -- I mean I think what you say about that and creating a permanent underclass is right on.
What do you see as a way out of this conundrum now.
Well I think we -- two things one at Washington has to realize that there are basically.
Reporting along this great you depression they have to change their policies and put his back in position where.
Young people are being hired you can take a lot of student debt if you have a great job after college but if he had anything less than a great job we're talking like forty K or more.
You can't afford used utilized so watching NASA worked actually get this economy stabilizing going in hiring young people again and higher education.
Actually has -- competition inserted back into it and right now with this nationalized student loan industry they have no competition they can get who admitted.
Federal student loans and -- and clients and there's no.
He is always a bad thing -- quickly before you get out do you want to ask you about the doubling of interest rates on student loan debt.
What do you make of that (%expletive) happened I mean at the end of the day only cost about seven bucks a month for students but -- in that age category I mean would you -- -- be paying that extra seven dollars.
Well I think the united status in this segment is that the real problem is tuition right I want to buy a Mercedes the problem isn't that.
I that the interest rates -- problem -- is Mercedes is too expensive the tuition is too expensive here.
But as far as what the federal government should do you know they should not.
They should not raise the raise -- -- actually lower the rates.
Right now the federal government get this is making 36 cents on every dollar they Land -- -- I think that's outrageous I think that if Wall Street were doing that I think that congress should call for an investigation and maybe that in this case they should investigate themselves -- Brian thanks for coming on great to talk to you appreciate your time exact.
Filter by section