Mandeville, LA – Exclusive Transcript – Don’t forget, folks, the student loan debt is the largest debt owed on Earth. The only thing that trumps the outstanding student loan debt in the United States is the federal budget deficit or the national deficit. That is the only debt that exceeds student loans. There are over $1 trillion — you can hear Dr. Evil saying it now in an Austin Powers movie. It’s almost as though some maniacal plot has been executed against the young people of these United States. Check out today’s transcript for the rest…
Begin Mike Church Show Transcript
Mike: The Congress of these United States yesterday let pass the, what are they calling this thing, the patch that could have been passed for all of you tykes and tykettes out there that have student loans that are about to double in interest rates. I thought for sure that they would cave on this like they do every year on the alternative minimum tax, because they have to patch that every year so it doesn’t clobber about 100 million people. They patch the AMT every year and they patch the Medicare payments so that doctors are paid a little something, not much, just a little something something on Medicare payments they have provided. This year is a little different. This is surprising here.
The interest rate on student loans was allowed to double from 3.4 to 6.8 percent yesterday without action by the almighty federal overlords or the student federal overlords or the federal overlords of the students in Mordor on the Potomac River. This is going to have consequences. I believe I read that the average cost will be about $2,600 per year, that that’s what the average student will pay. Folks, it doesn’t seem like a lot, $2,600 per year. Do the math, that’s $50 a week. That is $50 less that can be plowed into productive measures. It’s $50 less, for example, that you can spend or invest in your lawn cutting business had you foregone entrez vous into that university that you didn’t need to go to.
There’s an editorial today in the USA Today squared, one of the few places on earth where we can still get editorials online without having to pay for them. When I say USA Today squared, it just saves me from having to say the USA Today today. That’s what I mean by that.
For many 20- and 30-somethings, paying off the cost of college takes priority.
Shayna Pilnick, 28, would like to buy an apartment but can’t afford a mortgage.
Mike: How do you buy an apartment? Andrew, have you bought your apartment or are you just renting your apartment?
Andrew: You buy a condo; you rent an apartment.
Mike: That’s what I thought. Even in the penthouse that you occupy there in Maryland?
Andrew: Yeah, sure, penthouse.
Jacqueline Mannino, 23, and her boyfriend, Benjamin Prowse, 26, want to get married. [Mike: Word of advice to Mannino and Prowse. If you’re going to wait until you’re financially able to get married, then you will never get married. Either pull the trigger or don’t.]
Jacob Childerson, 24, and his wife, Jennifer, 25, wish they could start a family, but they live with Jennifer’s parents.
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