CHERYL: PRESIDENT BIDEN’S
STUDENT LOAN BAILOUT RAISING
MORE QUESTIONS THAN GIVING
ANSWERS.
WE HAVE A SPECIAL PANEL OF
CURRENT COLLEGE STUDENTS HERE
RIGHT NOW WITH ME.
ONE WHOSE PARENTS ARE PAYING FOR
SCHOOL, ANOTHER WHO IS PAYING
HIS OWN WAY TO GET HIS PHD.
JOINING ME NOW IS COLUMBIA
UNIVERSITY STUDENT, JEFFREY
WOLBERG AND SENIOR FELLOW AT THE
FOUNDATION FOR RESEARCH ON EQUAL
OPPORTUNITY, PRESTON COOPER.
PRESTON, MR. IMPRESSIVE OVER
HERE, IT’S GREAT TO HAVE YOU
BOTH HERE.
JEFFREY, I’M GOING TO START WITH
YOU.
YOU’RE A SOPHOMORE AT COLUMBIA.
CONGRATULATIONS.
>> THANK YOU.
CHERYL: TOUGH SCHOOL TO GET
INTO.
YOUR PARENTS ARE HELPING YOU YOU
THINK THAT THE STUDENT LOAN
OFFERINGS THAT KIDS, YOUR FELLOW
STUDENTS, SHOULD BE WEARY OF
THIS.
THEY DON’T UNDERSTAND WHAT
THEY’RE GETTING INTO.
WHAT TO TO YOU MINE BY THAT?
>> I THINK WHEN YOU GO TO SCHOOL
YOU DEFINITELY HAVE TO CONSIDER
THE MAJOR THAT YOU’RE PICKING
AND THE EXPECTED EARNINGS AFTER
GRADUATION AND THAT DEFINITELY
SHOULD BE A CONSIDERATION WHEN
YOU’RE GOING TO SCHOOL.
I MEAN, IT’S GREAT TO INDULGE
YOUR PASSIONS WHILE IN SCHOOL.
BUT YOU HAVE TO ACTUALLY
CONSIDER WHAT ARE MY EXPECTED
EARNINGS, HOW MUCH DO I EXPECT
TO MAKE.
I MAY WANT TO STUDY ART HISTORY.
IT’S A GREAT SUBJECT.
MUCH LOVE TO IT.
UNFORTUNATELY, IT DOESN’T PAY SO
WELL AFTER YOU GRADUATE.
SO DEFINITELY IT HAS TO BE MORE
SKILLS ORIENTED AAPPROACH AND
YOU HAVE TO REALLY UNDERSTAND
WHAT YOU’RE --
CHERYL: HAVE YOU PICKED A
MAJOR.
>> I’M STUDYING COMPUTER
SCIENCE.
CHERYL: PRESTON, WHAT ABOUT
YOU?
YOU’RE GETTING YOUR PHD, WORKING
TOWARDS YOUR PHD.
YOU’RE A GRAD STUDENT.
WHEN YOU WERE GETTING YOUR
UNDERGRAD, YOU DIDN’T DO LOANS.
TO DO YOU THINK THAT IT’S UNFAIR
THAT NOW ALL OF A SUDDEN THEY’RE
A SAYING OH, UNDERSTAND LOANS,
WE’RE GOING TO FORGIVE YOU
10,000, 20,000, WHEN YOU’RE
SOMEBODY THAT PAID FOR YOUR
UNDERGRAD.
>> THAT’S RIGHT.
I GOT HELP WITH UNDERGRAD SO I
DIDN’T HAVE TO TAKE OUT LOANS.
FOR GRADUATE SCHOOL, I WAS ON MY
OWN.
I PICKED UP A BUNCH OF EXTRA
CONTRACT WORK WHEN I WAS IN
SCHOOL IN ORDER TO AVOID HAVING
TO TAKE OUT DEBT SO I WENT TO AN
IN-STATE SCHOOL WHERE I COULD
GET A REDUCED DIVISION RATE.
NOW I’M THINKING IF PRESIDENT
BIDEN IS FORGIVING UP TO $20,000
OF EVERYBODY’S LOANS, MAYBE WHAT
WASN’T A SOUND FINANCIAL
DECISION FOR ME.
THROUGHOUT MY LIFE I’VE BEEN
TAUGHT YOU SHOULD AVOID DEBT.
DEBT IS NOT GREAT.
NOW IT SEEMS LIKE WE’RE WEE
REGARD AING TAKING ON DEBT.
I’M NOT ANGRY ABOUT PEOPLE THAT
MADE DIFFERENT CHOICES, GETTING
SOME OF THEIR LOANS FORGIVEN.
I’M WORRIED WHAT THAT MEANS FOR
THE FUTURE, IF PEOPLE TAKE ON
MORE LOANS WITH THE EXPECTATION
THE LIENS LOANS WILL BE FORGIVEN
WE END UP WITH MORE DEBT AND
MORE DEGREES THAT MIGHT NOT BE
WORTH THAT MUCH AND I REALLY
WORRY ABOUT WHAT IT MEANS FOR
THE FUTURE.
CHERYL: YOU ALSO, WE SHOULD
STAY HERE, PRESTON, YOU’RE
PRETTY MUCH A SLACKER, GEORGE
MASON UNIVERSITY.
I MEAN, WOW.
IMPRESSIVE AS WELL.
[LAUGHTER]
CHERYL: BUT THE SCHOOLS, BOTH
OF YOU IN FACT, YOU’RE BOTH
GOING TO VERY EXPENSIVE SCHOOLS
AND DID YOU THINK ABOUT -- EVEN
THOUGH YOU GOT INTO GEORGE
MASON, FOR EXAMPLE, DID YOU EVER
THINK TO YOURSELF MAYBE I
SHOULDN’T GO TO GEORGE MASON,
MAYBE I SHOULD DO COMMUNITY
COLLEGE FIRST AND TRANSITION
OVER.
THAT’S A TOUGH DECISION.
A LOT OF KIDS HAVE TO DO THAT
BECAUSE OF THE FINANCES.
DID YOU EVER FACE THAT DECISION?
WELL, GEORGE MASON IS A PUBLIC
SCHOOL AND I’M A VIRGINIA
CITIZEN SO I GOT IN-STATE SWIGS.
CHERYL: YOU GOT A BREAK.
>> I GOT A LITTLE BIT OF A
BREAK.
I’M THINKING IF THE GOVERNMENT
IS GOING TO PAY FOR MY EDUCATION
ON THE BACK END, THAT MIGHT
CHANGE MY DECISION ON WHERE TO
GO.
MAYBE I’LL GO TO AN EXPENSIVE
PRIVATE SCHOOL.
MAYBE THE EXPENSIVE PRIVATE
SCHOOL WILL SAY WOW, WE’RE
GETTING THIS NEW INTEREST
BECAUSE STUDENTS THINK THEY CAN
GET THEIR LOANS FORGIVEN, WHY
DON’T WE RAISE TUITION.
WHAT KIND OF INCENTIVES DOES
THIS CREATE, WHAT KIND OF SNOW
BALL EFFECTS DOES THIS HAVE?
CHERYL: I WANT TO ASK YOU,
JEFFREY, THE KIDS YOU’RE WITH
NOW, THE FRESHMAN, SOFT MORE,
JUNIOR -- SOPHOMORES, JUNIORS,
DO YOU SEE THEM STRUGGLING
FINANCIALLY?
>> COLUMBIA OFFERS SIGNIFICANT
FINANCIAL AID TO THOSE THAT NEED
IT.
FOR SOME STUDENTS I SEE
STRUGGLING, FOR SOME THEY’RE
MOSTLY GOING FOR CLOSE TO FREE.
BUT, YEAH, I MEAN, IT DEPENDS
REALLY ON THE STUDENT.
CHERYL: IT’S EXPENSIVE TO LIVE
HERE.
>> YEAH.
CHERYL: I MEAN, IT’S NEW YORK.
I MEAN, I WENT TO SCHOOL IN
FLAGSTAFF, ARIZONA, A LITTLE BIT
CHEAPER.
BUT WHEN YOU WERE IN HIGH SCHOOL
AND A LOT OF YOU AND YOUR FELLOW
-- THE STUDENTS WERE MAKING
DECISIONS ABOUT COLLEGE, DID A
LOST THE KIDS IN HIGH SCHOOL SAY
MAYBE I’M NOT GOING TO START
COLLEGE, MAYBE I CAN’T AFFORD
IT, MY FAMILY CAN’T AFFORD IT.
DID THAT HAPPEN A LOT?
>> MOST STUDENTS WENT IN THE
COLLEGE PROCESS UNDERSTANDING
THAT A DEGREE IS A TICKET TO
MIDDLE OR UPPER CLASS LIFE.
IT WASN’T ABOUT CONSIDERING THE
COSTS OF COLLEGE AND MAYBE THAT
IS PERHAPS NOT FOR ME.
SO IT WAS REALLY THEY WERE SOLD
A VISION WHERE YOU GO TO
COLLEGE, THAT’S WHAT YOU DO, AND
WHAT YOU STUDY LEADS YOU TO A
BETTER LIFE BUT THE REALITY THAT
WE HAVE TO REALLY START PUSHING
IS THAT IT DEPENDS ON YOUR
SITUATION, WHAT YOU’RE STUDS
YING, AND -- STUDYING AND IF YOU
CAN AFFORD IT.
WE HAVE BLANKET STATEMENTS GIVEN
THAT COLLEGE SHOULD BE FOR ALL
BUT CLEARLY THAT’S NOT THE CASE.
IT DEPENDS WHAT YOU’RE DOING
THERE.
CHERYL: RAPID FIRE QUESTION.
WHEN YOU GET OUT OF COLLEGE,
DREAM JOB.
GO.
>> SOFTWARE ENGINEER AT GOOGLE,
PROBABLY.
CHERYL: AT GOOGLE.
OKAY.
WELL, WE’RE NATIONAL TELEVISION.
THEY MIGHT BE WATCHING.
DREAM JOB?
>> I THINK THE JOB I’M DOING
RIGHT NOW, I WORK ON HIGHER
EDUCATION RESEARCH FOR THE
FOUNDATION FOR RESEARCH ON EQUAL
OPPORTUNITY AND I LOVE IT.
I WANT TO HELP SOLVE THESE
PROBLEMS THAT RUN FORTUNATELY
ONLY GETTING WORSE.
CHERYL: I THINK BOTH OF YOU
HAVE BRIGHT FUTURES AHEAD.
PRESTON, JEFF JEFFREY, IT’S GREA
SEE YOU BOTH.