Dr. Phil, the show's host, expressed his belief that student borrowers have fallen victim to "predatory lending." He pointed out that while a college degree can potentially yield a million dollars more than a high school degree over a lifetime, the burden of university debt can be crippling without proper financial planning.
The discussion included several guests who shared their personal struggles with student loans. Among them was Xaviaer DuRousseau, a personality from PragerU, who vehemently opposed the concept of "student loan forgiveness." He described it as an insult to those who have made significant efforts to avoid such predicaments.
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DuRousseau, who comes from a low-income background, highlighted his history of hard work and exceptional academic and athletic performance. He stated, "God willing, I ended up getting an academic full ride to the University of Illinois because I handled my business. America is a free country, but this is not the United States of Section 8."
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When questioned about who had cautioned him against the potentially risky student loan system, DuRousseau simply responded, "Myself."
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Dr. Phil also expressed his disapproval of Biden's student loan bailout plan. He pointed out the paradox of cancelling current student loan debt while continuing to issue new loans. He dismissed political rhetoric that labels the bailout as "forgiveness" or claims it has already been paid for.
Carrie Sheffield, author and commentator from the Independent Women’s Forum, concurred with Dr. Phil's sentiments. She argued that the student loan relief program is perpetuating the problem by enabling universities and federal loans. She suggested that one potential solution could be to tax the universities.
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A guest named Bradley, who had accumulated a substantial amount of debt to attend culinary school, expressed his opposition to the $10,000 student loan forgiveness plan proposed by the president. He argued that this is merely a temporary fix and that the root of the problem lies in the indiscriminate issuance of loans with high interest rates. He advocated for holding colleges accountable.
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The guests also discussed the escalating cost of college education and how these funds often contribute to an inflated bureaucracy on campuses rather than improving education or supporting teachers.
DuRousseau agreed with Bradley's assertion that Biden's plan is merely a superficial solution to a deeper problem. He argued that every dollar made available for student loans causes tuition to increase by 60 cents, which is used to indoctrinate students and force them to take irrelevant classes. He concluded by calling for universities, which typically have over a billion dollars in endowment, to be held accountable and scrutinized for their corrupt practices.
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