The Democratic candidates, led by Bernie Sanders
and Elizabeth Warren, are all proposing different ways
to combat student debt. And the reason
this is such a big issue is because America is drowning
in student debt like never before. This year, student loan debt
reached an all-time high of $1.4 trillion. NEWSWOMAN:
Nearly 70% of students had to take out loans
to make it through college. On average,
each student graduated about $30,000 in debt. One of the things
that makes student loan debt such a drag on the economy is that it’s so hard
to get rid of. That’s right. In many ways, student debt is the new herpes. Almost everybody has it, it stays with you
your whole life, and eventually you’re gonna have
to tell your fiancé about it. Be like, “So, there’s this thing
I picked up in college…” (laughter and applause) And-and here’s the thing. Student debt
isn’t just a financial burden. It’s also making it hard
for people to grow up. NEWSWOMAN:
Nearly 50% of millennials have delayed buying a home
or saving for retirement due to student loan debt. 17% have delayed
getting married. NEWSWOMAN 2: The amount
of adults in their late 20s living with their parents
or grandparents is the highest it has been
in over 75 years. NEWSWOMAN 3: Living with his
parents in Verona, New Jersey, is not what 23-year-old
Anthony DeCandia envisioned after graduating
from college last year. But then again,
he didn’t envision being $80,000
in student debt, either. Obviously, I love my family,
I love the free food, and I love my dog, but I’m just ready to move on and live on my own. Yeah, man.
This kid is not special. He’s not alone.
Across the country, college grads are being forced
to move back in with their parents because
of crippling student debt. Even that dog. Yeah. That dog wanted to move out, but he’s still paying off loans
from obedience school. Yeah. Aw. Who’s a broke boy? Who’s a broke boy? It’s not real debt.
Calm down. You guys are like,
“Aw! The debt of the dog!” So, student debt
is seriously hampering the lives of young people
across the United States. But before you start rolling
your eyes at these “whiny millennials,” remember, just like herpes, student debt
doesn’t discriminate by age. Student loan debt is
also crushing senior citizens. Americans 60 and over
are carrying $86 billion in student loan debt. Baby boomers
are paying off student loans into their 60s, 70s,
and beyond. Because of student loans, we are literally driving
tens of thousands of older Americans into poverty. They will literally seize
your Social Security benefit. Student loans are structured to be paid over
a very long period of time. They have no statute
of limitations, which means
that they follow you– they can follow you
till you die. Goddamn. Student loans can follow you
until you die? We hope that’s where it stops. Well, it would suck if you were still paying off
your loans in heaven. You know? Jesus and
Martin Luther King Jr. are like, “Hey, we’re gonna go ride
unicorns. You want to come?” And you’re like, “Oh, I can’t. “I got to work a shift
at Blockbuster. Yeah.” (cheering and applause) Yeah, I mean,
there’s Blockbusters in heaven. That’s-that’s
where they are now. (kiss)
Miss you, Blockbuster. The point is, the point is, student debt
is affecting everyone– young people, old people,
the Village People. I mean, why do you think
they were living at the YMCA? So whether you’re a parent
or a kid, there is a good chance
that student debt is negatively affecting
your quality of life. ‘Cause old people
are losing Social Security and young adults are being
forced to move back in. In fact, if something drastic
doesn’t change, it’s going to reshape
the American family forever and it’s gonna reshape all
of those family TV shows. (theme song playing) ♪ He can’t afford
his student loans ♪ ♪ He’s got no job,
he moved back home ♪ ♪ Now his entire family ♪ -♪ Is screwed ♪
-(crying) ♪ Meet the Debts. ♪ (song ends) (doorbell rings) -(grunting)
-(cheering and applause) Whew. Hey, Mom and Dad. I’m moving back home,
’cause I can’t afford to pay my student loans. Sonny, what’s in this,
a box of bowling balls? My unpaid bills. (canned laughter) I got it. I got it. -(thud)
-(laughter) MAN (on TV): Up next,
a surprising new bodily fluid -you can sell for cash!
-(chuckles) Mom, Dad,
there’s a weird guy in my room. -That’s Pete.
-We had to sublet your room -to make ends meet.
-Mm-hmm. No way. I want my own room. You want to start paying rent? Hey, Pete! I call top bunk! -(laughter)
-♪ ♪ -(knocking)
-Hey! I’m the school loan
debt collector! Open the door! Hey! I– Get over here! Come on! Get over here! Dad, what are you doing here? You’re not the only one
with student loan debt. Find your own damn spot. Stupid-ass master’s degree. (laughter) ♪ ♪ Ain’t but one way to get out
of this student loan debt. Honey, don’t! You know
we can’t afford the funeral. (laughter) You make a great point. ♪ ♪ Hey, Dad. Thanks for selling your kidney
to pay off my student loans. -(clicks tongue) Aw.
-(awwing) It’s nothing.
I guess I love my kid… more than my kid-ney. (laughing) (groaning) Hope my guys are hungry. (chuckles) Wait a minute, steak? How’d we pay for that? Oh, we didn’t. It’s liver. (laughing) Ow. This is (bleep)ed up. ♪ Meet the Debts. ♪ (cheering and applause)