The Student Loan Scam Goes Before the Supreme Court
Last fall, Joe Biden tried to buy off the American public by promising hundreds of billions of dollars in student loan forgiveness. Now, Biden's plan is before the Supreme Court. Charlie walks through what Biden's plan would really cost, why it would be spectacularly unjust for Americans who avoided or have already paid off their loans, and why Biden's power grab matters for far, far more than just the college scam.Support the show: http://www.charliekirk.com/supportSee omnystudio.com/listener for privacy information.
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Biden's Student Loan Bribery Scam00:15:32
Hey everybody, today in Charlie Kirk Show, Joe Biden's bribery scam gets challenged in the U.S. Supreme Court.
We dive into great detail about the student loan cabal, the cartel, what could be done about it.
It is a deep episode.
I think you'll learn something and I'd love your thoughts.
Freedom at CharlieKirk.com.
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Start a high school chapter or college chapter today at tpusa.com.
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Buckle up, everybody, here.
We go.
Charlie, what you've done is incredible here.
Maybe Charlie Kirk is on the college campus.
I want you to know we are lucky to have Charlie Kirk.
Charlie Kirk's running the White House, folks.
I want to thank Charlie.
He's an incredible guy.
His spirit, his love of this country, he's done an amazing job building one of the most powerful youth organizations ever created, Turning Point USA.
We will not embrace the ideas that have destroyed countries, destroyed lives, and we are going to fight for freedom on campuses across the country.
That's why we are here.
Brought to you by the Loan Experts I Trust, Andrew and Todd at Sierra Pacific Mortgage at andrewandTodd.com.
Right now, there is a challenge to Joe Biden's executive order on student loan bribery.
The Supreme Court today is hearing oral arguments in a case stemming from Biden's attempt to buy off the American public.
You might remember he signed an executive order trying to make law or effectuate some sort of policy change via what was called mass forgiveness on student loans.
Now, Biden announced this six months ago, right before the midterms, in an attempt to forgive $10,000 in student loans for every person earning less than $125,000 or every person in a household earning less than $250,000.
He also is forgiving $20,000 for every person who benefited from a Pell Grant.
Now, what's a lot more radical than the debt bribery or forgiveness is the more important point is how Biden is trying to rewrite the rules for future student loans.
His plan is to slash required payments to just 5% of discretionary income, down from 10%.
And he's expanding what is considered, quote, non-discretionary income.
This means that a huge number of people who have loans and have jobs and aren't in poverty still won't be making any payments on their loans.
The government will just forgive all of them for free.
Now, this is important.
Post the passage of Obamacare, the Affordable Care Act, we've basically nationalized our student loan industry.
There used to be a market for private student loans where you would dress up in a suit and tie just like this.
You would go to your local banker.
If you were a senior in high school, you would present your grades, your career plans.
You would look the local banker in the eye and say, my name is Joe Smith, and I have A's in engineering and I have B's in mathematics.
And I would like to go to the University of Wisconsin-Madison and I would like a $30,000 loan.
And a banker would ask you some questions.
The banker would say, well, why should we take a risk on you, this local community bank?
And sometimes you'd have to bring your parent to co-sign the loan.
And you'd have to all of a sudden understand the significance that signing on the dotted line that this loan has to be paid back.
But over the last couple decades, one of the less covered stories when it comes to student loans, and I write about this extensively in my book, The College Scam, which is thoroughly researched with pages and pages of footnotes, is that we've basically nationalized the entire student loan industry.
98 to 99% of all student loans are underwritten by the federal government.
They're underwritten by the U.S. taxpayer.
Now, this is important for a lot of reasons.
Number one, no longer does a high school student have to dress up or not even dress up, but just act professionally and go into a local community bank, look somebody in the eye, have to present themselves and say, I would like a loan for these reasons.
You are now able to borrow tens of thousands of dollars, sometimes hundreds of thousands of dollars from your pajamas in your basement on a website called FAFSA, F-A-F-S-A dot gov. In fact, almost every college except Hillsdale College requires you to fill out FAFSA for not just student loan grants, not just grants, but any sort of student loans whatsoever.
Now, I've said for quite some time, and I argue in my book rather provocatively, that the student loan interest rate has been too low for too long.
That if you go study engineering and you have good grades in high school, you should get a much lower student loan interest rate than somebody who is studying North African lesbian poetry.
Sorry, it's not as good of a bet for the taxpayer to say that you're going to be able to repay that.
Instead, we have a one-size-fits-all model where, regardless of what you're studying or regardless of your grades, you basically get the same student loan interest rate.
There's no requirements at all that you would be a good credit risk.
No requirement that their degree might be something viable.
Look, the entire student loan cabal, the cartel right now, is built around this idea that pretending gender studies are the same as engineers.
And they're pretending that academic screw-ups, people that didn't take high school seriously, are the same as academic all-stars.
We have way too many people going to college in our country, way too many people.
It's unpopular to say that, but it's actually growing in popularity.
The college dropout rate is 41%.
There are colleges that are folding by the week.
There's too many of them.
But the actual legal case of this challenge is important.
I do want to focus on the student loan component for just a little bit longer.
Now, mind you, our audience is a little bit split on this.
Some of our turning point USA students are a little bit supportive of getting student loan forgiveness.
I don't think they should be, but some of them say, you know, we're $100,000, $120,000 in debt.
Others are completely and totally opposed on good principled reasons.
Some students approach me on campus and they say, we deserve this.
They're obviously less conservative students.
And we deserve the student loan forgiveness.
And there's a couple of questions.
What about what is the answer or the counter to students that worked their way through college, that got a second job, that saved money?
The entire idea of student loan bribery is an insult to any student that paid their way through college.
What about students that saved money or got money from their parents because their parents decided to save money in a college fund?
All of that gets invalidated.
What is the answer or the counter to the millions of students that knew they were not going to become professional athletes, but only did sports in college?
But a majority of college athletes, if you ask them by the time they become a junior or senior, yeah, I mean, they love the sport, but it's also they get an academic advantage for it.
And by the way, they've earned it.
But what Joe Biden is basically saying is all those 6 a.m. workouts, all that travel, all that pushing yourself to be able to get college to be more affordable for you, you're lost.
So, what Joe Biden has done and is being challenged by the U.S. Supreme Court is by a stroke of the pen, I can come in and I can also say to the people that never went to college, and God bless them, the carpenters, the welders, the police officers, the firefighters, the muscular class, the folks in East Palestine, Ohio, for example, the people that built this country, what do they get out of this?
You see, the regime, Joe Biden, unilaterally seems to act in favor of foreign interests and high society elites with the stroke of a pen.
This is a quote-unquote bribery, a quote-unquote bailout for people that largely did not make prudent decisions when they decided to go to college.
Now, I simultaneously sympathize with some of the complaints.
Charlie, I was told I had to go to college.
I was told I had to borrow this money.
I was told by, I get that.
I write about it extensively in my book, and I have sympathy for you.
But I do not think having the U.S. taxpayer subsidize your poor decisions is moral, is a good precedent, nor do I think it's constitutional.
And we must understand the precedent of which Joe Biden acted.
What was his argument?
What did he say was happening in the quote-unquote environment that allowed him to act to be able to bribe students and eliminate student loans, student loan debt?
Well, the answer is something that history tells us very clearly.
He needed a crisis.
He needed an emergency.
You see, never let a crisis go to waste, as Rahm Emanuel would say.
And they saw an opening and they went for it.
Every tyrant, every despot, every unpopular leader needs an emergency.
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I'm curious about your experience and your perspective on this.
Rick said, exactly right, Charlie.
In 1981, I had to march into home federal savings and loan here in Columbus, Indiana, go through everything you just described, and come back to have my father co-sign my loan so I could go to university to get my degree in business management.
It's a lot of checks and balances.
Almost none of that exists anymore.
Students are told by their high school guidance counselors to go fill out all this money.
If you actually ask students on college campuses a breathtaking amount, and Paul showed this, do not even know the specific amount of money that they owe.
And then they use this as a political talking point to get more votes in the future.
So go send your best prized possession to colleges.
They don't learn almost anything.
Be filled with all these bad ideas.
Men can become pregnant.
Borders don't matter.
America's evil.
Constitution must be shredded.
All of these bad ideas.
And then they're simultaneously building this massive debt burden.
They graduate and a majority of the students that actually end up graduating will get jobs that do not require a college degree.
And even worse than that, 20 to 30 percent end up getting jobs in a completely different field than what they studied.
But they're still filled with those bad ideas and they're also filled with resentment that they have this student loan debt around their neck.
We should not punish good behavior.
And that is exactly what Joe Biden was doing here.
Students that decided to go to community college and then go to Four University.
You know how many students?
They look at their family's financials.
They look at their own personal financial health.
And yeah, it's attractive if you, let's just take a state, let's just say Tennessee, and all your friends in suburban Nashville are going to University of Tennessee, Knoxville, and they get to go rush in the fraternities and sororities.
They get to go to the football games and the basketball games.
And your grades are pretty good, but you say, man, I don't know if I can afford that.
So instead, you decide to go to the local community college, which is not as exciting as going to go rush in a fraternity or sorority at Knoxville.
But you make the prudent financial decision, and then maybe you're able to transfer to UT Knoxville or one of their other campuses.
But you kind of missed that freshman, sophomore, freshman, sophomore moment, that kind of chapter in life.
But it's okay, but you're in a better financial position.
Then you have to hear the president of the United States basically say, you made a dumb choice.
This only encourages further borrowing.
You get more of what you incentivize.
You get more of what you subsidize.
But the real baseline of this here is the legal case.
And it's pretty boring, but it's important.
What the Biden regime is doing is they used a 2003 post-9-11 law that allowed the Secretary of Education to, quote, waive or modify any statutory or regulatory provision in response to a quote national emergency.
The Biden administration said COVID is a national emergency, so they can totally ignore all student loan laws.
This case is bigger than student loans.
And boy, can I go at length about the student loan topic?
I could talk about the college scam and the college cartel and how you have to be so careful, those of you in this audience, sending your kids and grandkids to college.
You may never see them again.
They might become religiously, theologically, philosophically, and politically unrecognizable.
Please be careful sending your kids to college.
But this case in front of the Supreme Court is much bigger than that.
It is, can a president use a declaration of emergency to give one group money, forgiveness, bribery, at the expense of another group without an act of Congress.
And they'll try to do this for every possible emergency you can imagine.
They'll try to do this for a climate emergency.
They'll try to do this for gun violence emergencies.
There is no greater threat to liberty in America today than a leader declaring an emergency.
And that's a shame because there are legitimate emergencies.
There are hurricanes, there are floods, there are tornadoes, there are fires.
You need to have the government be able to act quickly and decisively.
But boy, is that ability to declare an emergency being abused.
Not only is it being abused, it seems as if we have crisis hunters, we have crisis seekers in our government.
PhD Weight Loss Program Review00:04:23
They go out of their way to try to find a crisis, exploit it to give themselves more power, to become dictator for a day, which becomes dictator for a month, and dictator in perpetuity.
U.S. Supreme Court is currently debating this.
It's unclear how they're going to rule.
And I'm going to maybe give you a little bit of a tease here based on just some public comments.
But I am curious just on the student loan issue itself.
What are your thoughts on this?
How do you feel about subsidizing somebody's poor decisions to go study something that is not applicable to the job market?
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I want to read an email here.
This is an anonymous email.
They said, keep this anonymous, please.
But Charlie, I work in enrollment for a particular college.
Harvard Endowment Tax Loophole Exposed00:06:07
We will sign anybody up for student loans.
I considered leaving many times, but I decided to stay to ask the important questions most counselors don't care to ask.
Thanks to your program and your podcast, I always ask the following question, quote, why do you need this degree?
If they don't have a good answer, I then walk them through whether or not the program of interest is going to have any return on their investment or their debt.
God bless you for that.
This has led me to sign up way more computer programmers, nurses, and engineers who originally were looking into a communications degree.
This debt forgiveness is an awful idea because the majority of admission counselors are not asking these questions.
Well, God bless you.
Thank you for listening.
That's a very powerful email.
I want to play a piece of tape here just to kind of show you how focused the Democrats are on this.
Let's just actually go back in time to CBS news report.
This was the news report on what Joe Biden did, which is just flat out bribery.
You should just call it that.
It's, hey, if you're a plumber, if you're an electrician, if you work your way through college, if you were a college athlete, too bad.
And I really think, before I play 40, I think the college athlete wrinkle has been really not focused enough.
It has been de-emphasized, and it should be.
College athletes basically work their way through college.
In fact, you can make an argument, getting a second job in college or a third job is easier than being a college athlete.
I would certainly make that case, especially with some of the high-intensity sports that both men and women go through.
The training is so unbelievably rigorous and hard on you.
Play Cut 40.
To the Supreme Court now, where justices will hear arguments today over President Biden's plan to forgive student loan debt for more than 40 million Americans.
Opponents say that Mr. Biden has taken his presidential powers too far.
And for now, the program is on hold until the justices make a decision.
Now, under the plan, up to 43 million people would be eligible for some student loan debt relief.
People making less than $125,000 a year could see $10,000 in debt forgiven.
And people who got Pell Grants could get up to $20,000 forgiven.
The Congressional Budget Office says the program will cost more than $430 billion.
After President Biden announced the plan last August, 26 million people applied before lower courts put it all on hold.
A very simple fix to this, by the way, would be to push for colleges to actually be on the hook for the loans that go into default.
Or how about this?
Requiring these massive hedge funds that call themselves college endowments to start having some skin in the game.
I'm going to just go off the top of my head and at the publication of this book.
Here it is.
Here is, as of the publication of this book, Harvard University's endowment is $41.8 billion.
It's probably more today.
Yale University, $31 billion endowment.
This is a tax-free endowment.
Now, that's actually technically a little deceiving.
There was a measure where they have to pay an excise tax on profits.
It's so small.
It's so minuscule.
It's so ridiculous.
So I said it was tax-free once and all the fact-checkers came after me.
Stanford University, $28 billion endowment.
Harvard's at $50 billion now.
Thank you, Blake.
Princeton University, $26 billion endowment.
University of Pennsylvania, $14.8 billion endowment.
Oh, now Harvard's, I'm sorry, Harvard is now at $53 billion endowment.
To give you an idea, Harvard's endowment is more than the GDP of some countries, just their endowment.
And Harvard is able to look at kids and say, we want to take your money so that you could go further and further into debt.
So here's the updated total.
And again, as of publication of the book, we talk about this at great length, but it just disappeared.
Okay.
Harvard University, $49 billion.
Yale University, $41 billion.
Stanford University, $37 billion.
Princeton University, $35 billion.
MIT, $24 billion.
University of Pennsylvania, $20 billion.
University of Notre Dame, $16 billion.
Northwestern and Illinois, $14 billion.
Columbia, $13 billion.
Washington University in St. Louis, $12 billion.
Duke University, $12 billion.
University of Chicago, $10 billion.
Vanderbilt University, $10 billion.
Emory University, $9 billion.
Cornell, $9 billion.
Johns Hopkins, $8 billion.
Dartmouth, $8 billion.
The only one that I'm actually supporting the endowment to get bigger, the two, Liberty University and Hillsdale, are finally getting into the billions.
Praise God.
They deserve it.
They need it.
They actually invest in their students and don't teach their kids to hate America.
Mind you, that's a total right near $700 billion in college endowments.
And you have to go pay more taxes to go send money to Ukraine.
You have to go pay more taxes to go bail kids out because they studied something silly.
How about this?
Congratulations, Harvard, on your $53 billion endowment.
We're going to take $10 billion of that because you haven't paid capital gains tax on that.
Because one of the advantages of the scheme that exists is they're able to reinvest that basically effectively tax-free with some excise taxes here or there.
Why don't you have to be on the hook for the damage that you've proliferated with these kids?
And by the way, my passion on this topic to try and have these colleges pay for this would be a little less if they actually were producing fruit that loved America.
Colleges Swindled the American Nation00:09:05
They are the Wuhan Institute of Virology equivalent of idea pathogens in our country.
Every bad idea that we have seen infect our military, infect our corporations, infect the core fabric, fiber of our society originates on campuses.
It's a real question.
Is this an alleged money laundering scheme to pay off colleges for their Marxist indoctrination?
Let's play another piece of tape here.
Cut 43, Corey Bush, she calls it student loan relief.
Play Cut 43.
Student debt relief, student debt relief plan, it takes significant steps to reducing the racial wealth gap.
And I'm going to address that.
We know that black girls, specifically black women, carry the heaviest student debt burden.
We know that black women already struggle with wage discrimination.
We earn on average 58 cents for every dollar a white man earns.
That ain't right.
That is a lie.
If you study the same thing that a white man earns, if you're in the workforce for as long as a white man is, the wage gap disappears.
In fact, actually goes to an advantage for females.
In the major metropolitan areas across America, New York, Seattle, San Francisco, Portland, Los Angeles, women are earning more than men.
Women are graduating college more than men.
Women are getting a master's degree more than men.
And for the first time, women are now getting doctorates more than men.
Women are less likely to die at work.
Women are less likely to commit suicide.
Women are less likely to die because of drug overdose.
So spare me the racial oppression Olympics, Corey Bush.
I want to play another piece of tape here.
Remember, Nancy Pelosi once said the president doesn't have this authority, but who's actually keeping track of this stuff?
Play Cut 42.
People think that the President of the United States has the power for debt forgiveness.
He does not.
He can postpone.
He can delay, but he does not have that power.
That has to be an act of Congress.
It has to be an act of Congress, she says.
Dictators and despots need emergencies.
And I understand I'm reading some of these emails.
They say, well, Charlie, I was told to go to college and now I'm a hunt.
This is a real email.
$135,000 in debt.
This helps me.
Sorry, I'm a conservative, but I deserve the bailout.
No, you don't.
No, you don't.
Yes, you were lied to.
Yes, you were deceived.
Yes, you were swindled.
But you have agency and you need to take responsibility for your actions.
If there was any organization or institution that I would sympathize with to make your journey easier, it would not be the U.S. taxpayer.
It would be colleges.
It would be these massive hedge funds that are sitting on this money.
But do not tell me, the family that cannot afford to put food on the table, that is an electrician in Birmingham, Alabama, that he has to go pay more taxes because you decided to go get a lot of degrees to go study some really dumb ideas.
I feel sorry for you that you got swindled and you got deceived.
That is not the responsibility of the American working muscular class to bail you out.
So what should we do about this?
Well, this is one of the major issues facing young people.
And while I don't think the American taxpayer, specifically you, should have to bail out somebody's bad decisions, I do think that there needs to be some compassion and some movement towards holding somebody accountable.
And that somebody, I think, should be these universities sitting on these massive cash piles.
This one right here, what a great email.
This one, and I responded to it.
Charlie, I paid back $24,000 in student loans, plus I paid $50,000 of my two daughters' student loans.
Do I get a bailout?
Now, the left is not moved by this argument.
They say, oh, you have money, you have rich parents.
Wait a second.
You know how many parents sacrificed for decades, took modest vacations or no vacations at all, didn't go out to eat as much to try to build the college fund.
We are one of the most troubling financial trends in America is how we are disincentivizing saving.
A nation that saves is a nation that lasts.
Now, how are we disincentivizing saving?
Well, first of all, artificially low interest rates for 20 years has encouraged reckless spending and malinvestment.
That's why we are going to go through a recession because some of these bad investments need to pop.
You can't keep on subsidizing bad businesses through all this government money and expect that to be a sustainable business model.
There are going to have to be 10 to 15 to 20% of businesses that have to go through either laying off employees, closing down altogether, merging, getting acquired.
America is at its best, or was at its best, when delayed gratification was a core value.
The West was built on delayed gratification.
That seems so simple and so obvious, yet it is so rare to hear a leader say that.
Our national debt, which is now $31 trillion, is a byproduct of not believing in delayed gratification.
The student loan crisis, a nation that storms Normandy Beach that we saw in World War II, by definition, was saying, I might die so that my grandkids can live free.
Morally, we have gone off track.
This is all an outgrowth of having our priorities all messed up.
And Biden's attempt to try and fix it is even worse.
It's saying we're going to punish the people that made the good decisions.
So imagine if we tried to fix the housing crisis by just having the government pay off 50% of outstanding mortgages.
We screw up the people who bought modest homes they could pay off earlier.
We then screw over people who rented or who bought cheaper homes with lower mortgages.
We'd rob half the country to help the other half and would make the price of housing go way up.
That is exactly what is happening right now with college.
And I hope Joe Biden is unsuccessful.
We have Amy Coney Barrett, man, I don't know.
It's impossible to know how they vote, but her questions are a little troubling.
Neil Gorsuch, straight as I would expect, very wonky answer, you know, rigid constitutionalist.
He'll be fine.
Kavanaugh, no idea.
Clarence Thomas, no way he'll go along with this Alito.
There is no mystery on this vote in my personal guess on Thomas or Alito.
I think they're going to be just fine.
Thomas Alito Gorsuch, fine.
Roberts might as well just support it or write the opinion of the minority at this point.
It is tempting to want to use the power of the purse or the treasury to buy votes.
Every failed civilization has leaders that emerge that have no talent, no popularity, but then use the public treasury to try to win favor of the people that they want to control.
And what's so sick about this is it's not a ton of money.
It's just enough to have you come back groveling for more.
I'm not saying that $10,000 is not a lot of money, but in the scheme of things, debts vary from 30 to 40 to 50 to 60 to 70 to $80,000 in student loan debt.
And the crux of all of this is Joe Biden needed the COVID emergency.
That's what he used as his justification.
That COVID, the Chinese coronavirus that came from a lab, was the reason why a stroke of a pen, he should be able to eliminate somebody's debt burden.
An insult, a middle finger to those of you that sacrificed, worked second jobs, played college sports for you parents that had a college fund, that helped your kids through college, that went to community college.
Why Republicans did not make this a bigger issue in the midterms is a mystery to me.
Maybe you would have saw those extra couple hundred thousand Trump voters turn out the muscular class members that seemed to not care about voting.
But I rest my case.
Thanks so much for listening, everybody.
Email me your thoughts as alwaysfreedom at charliekirk.com.
Thank you so much for listening, and God bless.
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