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'Know Before You Owe'

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    White House release form for college students

  • Duration 8:33
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No I'm boring you know the White House unveiling a new form for students to help them understand just how much -- they'll be racking up.

-- a -- Washington's racking up where the form for this.

Hi everyone I'm Tracy -- in for Cheryl Casone welcome to cashing in fat cats in previous week Wayne Rogers down than hunting down -- -- and joining us from the Fox Business Network.

Melissa Francis of course from Economic Policy Institute Kristen Dorsey.

Welcome everybody all right Melissa iron.

Me here on the White House is no before you know form now.

How ridiculous is this an -- of the of the giant Xerox machine a whole bunch of papers sitting next to it.

They need to Xerox -- this bad boy and handed out to everyone in congress they've got to calculate what bail on everything they built for -- that be great prep for students.

This is a fantastic idea I think they should also have to calculate whether or not going to be able to pay it back -- -- proved that they know what the average income is in the field but they're going in and see if they can really afford to pay off this debt right.

But we you know this is certainly not gonna solve our one trillion dollar student debt problem is it -- out of form of -- couple little slots.

Not only did not notice on the did you see the form I mean he got you can carry a moron not did yeah I mean it's got fifteen plates it's like do and yes or no -- -- -- -- -- people who -- going to college but -- -- I mean you'd be you know you have to be blind not to be able to -- this one -- of course the congress is -- though they can't they can't -- And it's full of its -- some of these dumb questions you know can I do this could you do that can you pay this.

Promised crazy if you can't pay back ecology shouldn't be doing it in the first place and by the way there are a lot of scholarships out there that go begging.

It -- people don't qualify for -- so if you qualify for you get -- a good school bully me.

-- we have this national debt I -- up 143%.

From the end of 2010 to the end of march this year.

And they're handing out a form for -- expenses.

Of someone how can you criticize something that is the most important tool there's been given to students and families so that they can understand the true costs of what a higher -- We'll bring them up.

I mean this is the only thing.

That has been done that I call in recent memories actually assist families in making this very important decision -- the way to -- by the way everybody.

Congress knows full well the implications of everything that it does legislatively.

Everything escort from the congress and -- -- This by Christian -- -- off to perform the wrong way.

Chris in a lot of -- Giggling in the background and just got to point out though that -- loan debt about 275%.

From the end of 2010 to the end of march this year so.

Student -- a big deal -- -- that a student loans that government has incentivized.

And created -- -- Tracy this is hilarious thing in Christian the fact that you think that.

This one -- literally no joke it took three arms of government to come up with.

This one reform it's not even print on both sides and -- -- -- one -- form the White House the department of education and the CF peavy would testify and be hundred.

Million dollar budget I mean any -- -- -- lemonade stand to wait I don't.

Really how -- all -- -- again a look I want problem in this country right now if it's brilliant color problems student debt we've got to let our let her let's let's I don't.

Yeah.

Let's get sadly sealed in here right now and it and student loan debt -- 275%.

From the beginning of 2003.

Tune -- -- these kids do need some help but it is quite ironic that the government is issuing a form.

Christian is right -- this is a major problem in our economy right now -- student loan debt but.

-- -- I got -- collision with congress knows full well.

You can stop right there congress does not know full well what monogamy is good to -- but I wouldn't have -- Tiger Woods and Paris Hilton endorsing it OK I think that's an.

Senator that we got right here and -- that.

You're right well is the machine but good luck these guys are about to go on a fight week -- -- -- and I did.

I say an hour battery pack before they leave Washington tell they can't come back analysts they've finished their homework.

In free market -- consumers are very smooth Smart and -- rational they shop round they get value for value the problem is as -- in education as we've talked about for months.

It's anything but a free market -- -- stunts like this for the president his goal is not to free education to make it more competitive is to instigate more government control the yeah.

-- votes.

-- -- -- -- the did you appoint that you know what the government is supposed to help people understand things so you can argue they're doing the right thing.

Well absolutely and Jonathan you just brought it up in a free market people need to be informed and that's exactly what the -- -- if you actually isn't ready bring -- -- shooting in Indochina and -- -- -- -- free mark against it allows students to compare.

The awards across colleges so that they're on form that's all.

-- -- there's no I'm not gonna get past them to say how much they think they're gonna make at the end of the day and that's the biggest problem is that students have unrealistic expectations -- what they think that's -- as we headed.

I went back out and they -- the problem of course though is.

-- never puts out a one page sheet for itself -- -- Christian when you say congress knows exactly what they're doing listen -- and.

In the Dodd-Frank bill was 2200.

Pages long but never -- dog bank.

The obamacare is 2800 pages all they worry that they put out a one page long.

What these -- of -- -- they don't even -- that they have no idea what they're doing you're talking about an IQ of about minus sixteen and that's.

-- -- 35 people combined.

Don't tell me they know what they're doing they don't.

No -- what I said was congress knows the implications of everything that they do every decision that they make is scored on its yeah.

I'd say get money were not from the -- they're not I don't -- -- has been donated to him.

Dress up your -- battle here my -- there is no.

You could have -- this congress you're Smart man yeah man behind me aren't you article -- about the -- was student loans right now kids need to learn what the have a student -- how -- -- and oh this is like a possible problem -- students get out of what all the -- loans you have to create more -- a student loan -- and it is the problem and.

-- -- -- The fundamental issue here is second on this Melissa yeah I think you are kind of siding with Christian and not you know what this it might you know one good thing we've seen -- -- congress in a long time.

Seven director accidentally at least break down what you gonna go at the end of the acting what are the biggest problems is kids don't understand that there is a bill coming after all this what it's gonna be per month they have to decide rationally if they're gonna be able to paint if they want to be saddled with bad debt no one else is gonna pay it for them.

And if they default that's gonna somehow come back to the taxpayer.

I can't afford it they need to realistically understand what they might make when they graduate -- on what they're -- what.

Are gonna I think have a lot of and that's the only supposed to help bump please give me a great idea favourite browser problem -- -- yet.

But the problem I think Dwyane and everybody's -- -- -- this is that when you do -- family budget you do this I do it on the back of the napkin after breakfast but we do it right and why did the government doing it John a pair them so they.

Put out you play.

The because their purpose is to evade the reality -- instigate more government control or health care and certainly over education.

I mean I disagree this whole premise that people are so stupid the but when they buy an education.

They're not that stable when they buy a car or an iPhone if they need government to tell them how to -- for -- the reason we have -- still -- probably guys keep talking about is -- -- government is incentivizing.

Those still -- by evading reality in the president's and the worst of this he wants to -- student loans.

Are unusually short abnormally.

Low in price and of course pushes up the cost and that's the trillion dollars in student loan debt.

You know outweighing quickly -- you -- of them brought this up.

Free market Amazon -- example you go around -- hunt for the right price then you go to the the best place to -- it.

People do this kind of stuff and maybe that's what we should be doing as well with -- need we don't need this.

Reform.

Well look I have half -- of that -- and -- that wouldn't be a need for commercial colleges and commercial gets they have ads on television all the time about you know going to various schools and getting a degree or whatever it might be.

If there was competition out there for the all of that and they are he has you wouldn't maybe half of this stuff I mean this is it this is a joke when you when you're saying that you've got.

I agree that everybody should try to get a college education if you qualify for -- you don't need a federal form that one page along made out by some more on in congress to like what.

Written or me and yeah now we're set up for good -- -- -- -- some MRI and did you.

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