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Let's talk about student debt. It's as American as milk. That isn't milk. Millions of Americans are college graduates, which is great. College provides you job skills, It exposes you to new ideas. It gives you a friend named Chad who's like a brother, even though he spilled bong water all inside your car. I love you, Chad, but you're
a dick. But because America doesn't properly subsidize higher education like almost every other developed nation in the world, the number of Americans with student debt is higher now than ever before. And student debt is a lot like an STD. Yes, you can get it by accident in college, but then it follows you around for the rest of your life. And when I say the rest of your life, I mean it.
There is a ticking time looming over the American economy. Nearly two trillion dollars in student loans owed by fifty million borrows. And this is not just a problem for younger Americans. Those over fifty years old have the fastest growing student loan debt burden of any andrew.
Forty percent of Americans sixty five and older are in default, and Washington will collect by garnishing the social security of seniors in default. We met Sarafina Galante on the campus of San Diego State. Galante had to pause making payments four times for various life problems, but the bigger issue she got older. She can only work part time. Her monthly payment one hundred and seventy six dollars is income based and doesn't even cover the interest. This is going to follow you forever.
This will follow me to my grave. Yeah, when you picture someone with student debt, you might think of the cost of girls, but you should be thinking of the cost of golden girls. Because eight million borrowers over fifty hold nearly a quarter of all federal student debts. And the craziest thing is some of them are even having
their Social Security checks garnished to pay it off. And by the way, when they say garnished, it means the money is taken out of the check, right, They're not putting a little parsiley on the side of their checks to make it fancy. There's a terrifying situation to be and it's embarrassing. I mean, you heard that woman. Her loans might follow her to her grave. That is disgusting. When you're on your deathbed, you shouldn't be thinking about
college loans. You know, you should be thinking of like a cool deathbed confession that will mess with your family when you're gone. You know, I'll just be like your real father is keep everybody guessing. The point is America needs solutions to the student debt crisis, and it could be canceling student loans. It could be guaranteeing free education.
You know.
It could even be punishing colleges if their graduates can't get the jobs that pay their loans. Yeah, I think that's actually an interesting idea. College would be like, oh, come on here, you'll get a job. You'll get a job, and then what happens if you don't. If I was a college dean, I'd be a lot more concerned about my students getting jobs and graduating. If otherwise, I'd have to let them move in with me. Then people will be committed, like, damn it, Chad, you're.
Spilled bog water all over my fire. I love you, but you're a deck.
Whatever the solution is, America cannot allow people to be so burdened by debt it follows them to the grave, especially because it would make for a very awkward reading of the will.
Today, we'll be reading from the will of Stanley McCormick, who died at the age of eighty nine last month while having sex on a hot air balloon. That's how he wanted to go. Mister McCormick has left instructions for the distribution of his state. First, his life savings, all of which go to Brent.
I'm sorry who Brent.
As a tellection agent for your dad's student loans.
Sorry for your loss.
So dad was paying student loans for sixty years.
He just had fifty more years to go, quorterbastard.
Let's move on to the material last sets. The car has been left to Brent.
I thought I was getting the tour cell.
The residents located at one ten Pine Lane. Brent, score the family China set smuggled out of Poland at the dawn of.
World War II.
Don't say, Brent, Brent, come on, I don't even like China.
Brent.
Can we please have that one?
It's really special to our family.
Don't worry.
This is going to bring the interest rate on his loan up to seven percent.
I'm sorry it's going up to seven percent.
Student loans are funny.
Antique watch Brent, the pipe collection Brent, the.
Beloved Banjoe, Brent, its keyboard tickets Brent, and finally his grandchildren's drawings, Brent.
How are those going to pay down his loans?
Turn this into an NFT and that covers everything he did not do well in life.
That's for sure.
Even though he went to college, we get nothing, didn't.
You guys need granddad stuff to pay off your student loans.
Shut up will help you, heavy road.
There's one issue that all the major Democrats are talking about, student debts.
It is one of the biggest issues right now on the campaign trail.
Student loan debt affecting millions of Americans struggling to keep up with their payments.
This is a national crisis. Student loan crisis.
Student loan debt is something we have got to deal with as a priority. Elizabeth Warren is officially introducing a bill aimed at eliminating student debt for tens of millions of Americans.
Bottom line is, we should not be punishing people for getting a higher education.
It is time to hit the reset button.
I love Bernie so much, man Hunt. This is a straight time to hit the reset button, which, by the way, is always what it looks like he's doing when he speaks. You know, it's just time to hit the reset.
Hit the reset button on the WiFi, hit the reset buttons.
On student debt, we have to hit every button with the NUM's lengths, all the buttons, all of the buttons, hit them all. But yes. The Democratic candidates, led by Bernie Sanders and Elizabeth Warren are all proposing different ways to combat student debts. And the reason this is such a big issue is because America is drowning in student debts like never before.
This year, student loan debt reached an all time high of one point four trillion dollars.
Nearly seventy percent of students had to take out loans to make it through college. On average, each student graduated about thirty thousand dollars in debt.
One of the things that makes student loan debt such a drag on the economy is that it's so hard to get rid of.
That's right. In many ways, student debts is the new herpes. Almost everybody has its. It stays with you your whole life, and eventually you're gonna have to tell your fiance about it. You're like, so, there's this thing I picked up in college, And here's the thing. Student debt isn't just a financial burden. It's also making it hard for people to grow up.
Nearly fifty percent of millennials have delayed buying a home or saving for retirement due to student loan debt. Seventeen percent have delayed getting married.
The amount of adults in their late twenties living with their parents or grandparents.
Is the highest it has been in over seventy five years.
Living with his parents in Verona, New Jersey is not what twenty three year old Anthony DeCandia envisioned after graduating from college last year. But then again, he didn't being eighty thousand dollars in student debt either.
Obviously, I love my family, I love the free food, and I love my dog.
But I'm just ready to move on and live on my own.
Yeah. Man, this kid is not special. He's not alone. Across the country, college grads are being forced to move back in with their parents because of crippling student debts. Even that dog, that dog wanted to move out, but he's still paying off loans from obedience school. Yeah, who's a broke boy. Who's a broke boy. It's not real debt. Calm down, he goes like, oh the debt of that dog. So student debt is seriously hampering the lives of young people across the United States.
But before you.
Start rolling your eyes that these whiny millennials, remember, just like herpes, student debt doesn't discriminate by age.
Student loan debt is also crushing senior citizens.
American sixty and over are carrying eighty six billion dollars in student loan debt.
Baby boomers are paying off student loans into their sixty these seventies and beyond.
Because of student loans, we are literally driving tens of thousands of older Americans into poverty.
They will literally seize your Social Security benefit.
Student loans are structured to be paid over a very long period of time. They have no statute of limitations, which means that they follow you. They can follow you till you die.
God damn, student loans can follow you until you die. We hope that's where it stops. Oh, it would suck if you were still paying off your loans in heaven. You know, Jesus and Martin Luther King and junior are like, Hey, we gonna go ride unicorns.
You wanna come?
And you're like, oh, I can't. I got a worker shift at Blockbuster. Yeah go, I mean there's Blockbusters in heaven. That's that's where they are now, miss your Blockbuster. The point is. The point is student debt is affecting everyone, young people, old people, the village people. I mean, why
do you think they were living at the YMCA. So whether you're a parent or a kid, there was a good chance that student debt is negatively affecting your quality of life because old people are losing social security and young adults are being forced to move back in. In fact, if something drastic doesn't change, it's going to reshape the American family forever, and it's going to reshape all of those family TV shows.
He can't afford his student loans.
He's got no job.
He moved back home now his entire family.
Hey, mom and Dad, I'm moving back home because I can't afford to pay my student loans.
Sony will send us about the bone of balls.
My unpaid bills.
Love.
That's a surprising new Bodley fluid you can sell for cash.
Mom, Dad, there's a weird guy in my room.
That's Pete.
You have to subb your room to make ends meet.
No, where I want my own room?
You want to start paying rent?
Hey, Pete, I call top book.
Hey, I'm a school old debt collector.
Open the door.
Hey, get over here. Come on, dad, what are you doing here? You're not the only one with student loan debt. Your own damn spot stupid ass master's degree and but one way to get out of this student loan debt. Honey, don't.
You know we can't afford the funeral.
You make a great point, Hey.
Dad, thanks for selling your kidney to pay off my student moms.
It's nothing. I guess I love my kid more than my kid me.
Oh, my guys are hungry.
Wait man, stay, I'll we paid for that.
Oh we didn't.
It's liver.
Jesus.
No.
Do you remember back in the day. Remember, back in the day, you'd be watching TV, flipping the channels, and then you'd see an ad for one of those for profit colleges. Be some dude in a T shirt in the parking lot telling you to get your shit together. First off, how are you gonna tell me to get my shit together? Your shirt ain't even got a collar brother or worse, They level up after a little while and get Master P's son to rap to us about education.
Say ice DC College, I s DC college.
Say ic DC, I'm still ICDC.
Do you like reading?
And shit?
I think that's the first time a dude lost a rap battle to himself. But the thing is, people who graduated from these four profit schools are often drowning and dead or end up with a degree that nobody respects. The fact is, if you want a degree somebody respects, oh, you gotta get you one of these. Baby. This is my actual college degree, broadcast journalism bitches from a four.
Year institution.
Florida and four yer institution. Not that parking lot bullshit cost me about sixty thousand dollars should have been forty five thousand. But I flucked a year's school because I skipped school during mid terms to open for Tommy David's a true story. And you know what I love? This is this thing I love about college degrees. You ever notice when you get a college degree, your parents always want you to take a picture with them like they be cheesing super Look at my mama, Look at my mama.
My mama smiling harder than me. You know, she's been in higher education for almost four decades, so you know she's happy about the degree. And I'm smiling too. To be fair, I'm smiling, but the only reason I'm smileingss because I ain't seen the invoice yet. But now the onth exalted four year college degree is starting to feel a lot like the parking lot of education. It's no wonder that people are starting to doubt the whole thing.
More and more Americans are asking themselves is a.
College degree still worth it?
For high school senior Rains Lucas, his biggest challenge isn't getting into his dream schools, it's paying for them.
It's just not sensible to go somewhere and take on hundreds and hundreds of thousands of dollars in debt.
Many topics executives are questioning the purpose of a college degree, including Elon Musk.
There's no need even to have a college degree at all.
Listen, you know it's bad when the dude who bought Twitter says college is a bad investment. That's one of my take a second forty four billion?
Oh yeah, I was down ahead. Hold good joke.
Now we've talked about abolishing the police and abolish in prisons. But I think it's time to ask an honest question, is it time to abolish college. We'll try to answer it in another installment of Long Story Short. There are a lot of problems with college. We can just stay that off the top. There's a lot of problems with college.
You got annoying roommates, you got unfair professors. Sometimes, after a night of underaged a bunch of Jamaican nightclub bonus decide to pull a gun on you have a small disagreement over a cover charge to get in their establishment. Also a true story. But one of the main problems in recent years is that college has gotten way too expensive. From the time Prince had his ass cheeks out until when Megan the Stallion had her ass cheeks out, it is about forty years. The average cost of a college
education has risen nearly five hundred percent. It's gotten so expensive that American kids need to flee the country just to get an education. With tuition prices soaring at home, American students are flocking to Europe for cheaper college options.
There are at least forty four schools across Europe where Americans can earn their bachelor's degree for free. All public colleges in Germany, Iceland, Norway, and Finland are free for residents and international students.
How crazy is it that studying abroad? Studying abroad that that used to be for rich kids. That was for pretentious rich people. Now if you're a baller, you need to go to school in America. Oh you studied in Berlin. You broke bitch. I went to the Ohio State University, puts Meet kevy Off. Well, it's bad enough that these degrees are so expensive, but what makes it worse is that they're not necessarily preparing you to earn the money back.
Just one out of ten business leaders even believes that college graduates have the skills needed to work in their workplaces. And employers aren't the only ones questioning what colleges are teaching, so are the graduates themselves.
Ever, wish you'd picked a different major back in college? Turns out, nearly two of every five American college grads regret the choice they made. Liberal arts majors are the most likely to harbor that deep regret. Nearly half of them say they wish they'd picked another field of study.
What was your regretted major journalism?
Oh?
Mother, no, oh, don't zoom in on my pain. Come back up to my face. I have no regrets about going to the school and paying money to learn journalism just to get on the TV to play effect journalists.
I have no regrets.
I did real work.
I did real journalism.
Show I'm show them the work I put the supposed person.
Brooke Wilson declined to speaker at Family forty six on camera about the events that led up to the hospitals impromptu inspection from Hopper. You telling me that wasn't real journalism, that was hard hitting journalism in my daddy's suit.
The point is.
I had to dig in the closet for the VHS to find them. The point is many college degrees aren't even setting you up for a career now. Now. Back in the day, it didn't really matter that much because just having a degree made you special. In nineteen sixty around eight percent of the population had a bachelor's degree, but today that numbers around forty percent. Having a college degree now is like having a keyless entry in your car.
Everybody got it, anybody care. But in nineteen eighty seven, you was the man, you had keyless entry in eighty or something.
Hey what you just did?
I locked my car?
Do it again?
Oh shit, you the devil. That's magic. So here's where we are. People. We got people spending more money than ever to get a degree that means less than ever, which has left people looking for alternatives. Some people are taking apprenticeships, some people are taking classes online, and some
employers are saying, hell, we'll just train ourselves. In fact, Google has a fifty dollars month education service that they've used to place over seventy five thousand people into jobs at over one hundred and fifty different companies, jobs that Google will soon replace with AI. But that's not the point. It's a long story short. College is too expensive. It doesn't help you get a job. You can learn the same stuff on a computer, or in Iceland or Berlin.
Half the employers will train you for free. This shit is a bigger scam than bitcoin. We should abolished college, held me. We got to abolish college. Man heys messing around with Hey mama, yes, ma'am, I know you've been in higher education for forty years. Mama, I know you March. You told me the stories. I know your money. Yes, I'll put the diploma back on the wall. Yes I
won't talk bad about college. Yes'm okay. Side note, College is necessary, it broadens your horizons, and in spite of its cost, I'm an absolutely better man because of the degree and the invaluable lifelong friendships I made along the way.
By.
So maybe maybe we don't have to abolish college, but we need to find a way for its benefits to outweigh its costs. Because if a four year degree is going to leave you at crippling debt and people not respecting the degree, then maybe we all ohe parking lot t shirt man an apology because it seems like we're all victims of for profit education.
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