The Daily Show: Ears Edition - The Realities of America's Student Debt Crisis

Episode Date: August 7, 2022

The number of Americans with student debt is higher now than ever before. And student debt is a lot like an STD: You can get it by accident in college, but then it follows you around your whole life. Trevor examines how student debt got so out of control in the U.S. and its potential effects lasting to the grave for many older borrowers.See omnystudio.com/listener for privacy information.

You're listening to Comedy Central. 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 bomb looming over the American economy.

Nearly $2 trillion in student loans owed by 50 million borrowers. And this is not just a problem for younger Americans. Those over 50 years old have the fastest growing student loan debt burden of any age group. 40% of Americans 65 and older are in default and Washington will collect by garnishing the social security of seniors in default. We met Seraphina 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, $176, 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 8 million borrowers over 50 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 out out out out out out out out out out out out out out out out out out out out out out out out out out. their. their. their. their. their. their. their. their. their. their. their. their their their their their their their their their their their their their their the cost. their. their. their. their. their. their. their. their. their. their. their. their. their. their. their. their. their. their. their. their. their. their. their. their. their. their. their. their. th. th. th. th. to. to. th. to. to. th. th. to. to. to. to. to. to. to. to. to. to. to. to. th. th. th. 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.

All right, they're not putting a little parcel on the side of their checks to make it fancy. This is a terrifying situation to be in. It's embarrassing. I mean, 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, 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 cancelling 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? Yeah. I think that's actually an interesting idea. College will be like, oh, come on in. You'll get a job, you'll get a job 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.

We're like, damn it, Chad, you spilled bon 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 of of of of of of of of of of of of of of of of of of of of of of of of of of of of of of of of of of of of of of of of of of of the the the the the the the the the the the the the the the the the the the the to to to to to to the the the the to to to to to the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the the reading of the will. Today, we'll be reading from the will of Stanley McCormick, who died at the age of 89 last month while having sex on a hot air balloon. That's how he wanted to go. Mr. McCormick has left instructions for the distribution of his estate. First, his life savings, all

of which go to Brent. I'm sorry, who? Brent. It's a collection agent for your dad's student loans for 60 years. He just had 50 more years to go. Sorry for your loss. So dad was paying student loans for 60 years? He just had 50 more years to go.

Poor bastard. Let's move on to the material assets. The car has been left to Brent. I thought I was getting the turcel. The residence located at 110 Pine Lane, Brent. Scorpe. 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 7%. Student loans are funny. What the the antique watch? Brent. The pipe collection.

Brent. The beloved banjo, Brent. Skiball tickets, Brent. And finally, his grandchildren's drawings. Brent. How are those going to pay down his loans? I turned the shit into an NFT. And that covers everything.

He did not do well in life. That's for sure. I didn't even know he went to college. Look, he had bragged about this. Soon we get nothing. Didn't you guys need Granddad stuff to pay up your student loans? Shut up. Can you get a little healthier?

I got a heavy load. The Daily Show with Cover Noa, Ears Edition. Watch the Daily Show weeknights at 11, 10 Central on Comedy Central and the Comedy Central app. Watch full episodes and videos at the Daily Show. Follow us on Facebook, Twitter and Instagram, and subscribe to the Daily show on YouTube for exclusive content and more. This has been a comedy central podcast.