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We unpack the latest news on a controversial bill that could drastically change higher education by capping federal student loans at $20K per year and a total lifetime limit of $100K.
While it sounds simple on the surface, the implications are massive and may push students toward private student loans, scholarships, family wealth, and potentially limiting access for those from underrepresented or low-income backgrounds.
Tune in to hear why this legislation could reshape who gets to pursue higher education in America and the looming student loan crisis.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
The one big beautiful bill.
A portion of it is to capfederal student loans at $20,000
per person per year.
It's a problem, y'all.
There's a total lifetime limitof $100,000.
That's right.
If this bill goes through, youhave to know that there's going
to be a significant portion ofyour student loan that is not
going to have any federalfunding to it and you're going
(00:20):
to probably have to prepareyourself for using private loans
or waiting for family to helpyou out.
Yo, what's good, everybody.
Welcome back to another episodeof Docs Outside the Box.
Yo.
Speaker 2 (00:38):
I'm your host, dr Nii , on location, joined by my
tired and lovely co-host, DrRenee.
Wake up, yeah, what's up, guys,kids, yo them kids.
Oh, we also had some travel, wehad some travel too.
Speaker 1 (00:54):
So yo, everybody, yo, we haven't recorded.
I went back and looked at therecords.
It's been basically since, uh,the first week in may that we
really look forward and, um, yo,we all, we owe you guys a
couple of episodes, but life belife and an apology.
And, as Renee was alluding to,yo, life is life.
And then we was just travelingall over the place, from me
working to traveling, just doingvarious different things.
(01:19):
Life was life.
But listen, we love talking toyou guys and it didn't take.
Well, actually it took a lot ofpushing from our team,
including Kiara as well asAudrey, to be like yo, what's
going on?
You have a quarter or what,where y'all at, we all over
there, but we are fresh backfrom.
(01:42):
Before we jump into this episode, like let's jump into some
quick shout outs, like we arefresh back from coming from hot
ass, houston, um, texas, um, asyou all know texas, if you don't
know, texas, my favorite, notmy favorite place to be, um, but
is it better than boston?
It's definitely better thanboston.
Houston, for so many reasons,is better than Boston.
(02:04):
One thing I love the weather.
I love the weather, I love thediversity, but that's pretty
much it.
And we were there because ourbrother, our friend from since
(02:25):
2003, 2004,.
Drate uh, got married and wewent there to go and support our
brother and just, you know,have fun and participate in the
open bar.
So shout out to you that washitting, that open bar was
hitting.
But no, no, dr nate got marriedto his lovely wife.
Congratulations, you guys makea beautiful couple and, um, it
was really fun.
Speaker 2 (02:45):
It was really fun we had a great time, good time, saw
some uh some old friends yeah,saw some old friends that we
didn't even expect to see there,uh, from med school.
So that was.
Speaker 1 (02:59):
That was nice because we name them.
We should name them right,because I think we had a point
now where people know we talkabout them on the show, like
today.
I was in a CT scanner.
Oh Lord, here we go.
Who are you talking about onthe show now, patient?
(03:20):
And while I'm scanning apatient, this is him saying it.
While I'm scanning a patient,I'm going through TikTok and I
see this like bald-headed doctortalking with his wife about X,
y and Z, and I'm like yo, I knowthat doctor, and I turn around
and I'm like yo, did you give mea like, though?
You know you talking all thisstuff?
A follow, a subscribe, you knowplease?
(03:41):
So then everybody's like yo,you be TikTok-ing.
I'm like I'm kind of TikTok-ingand you know we kind of just
take clips and put it on TikTokbut we won't be doing what the
real TikTokers do.
But it just let me think aboutgod damn, people actually listen
and it's kind of scary.
Speaker 2 (03:58):
The algorithm is on your side.
Yeah, you do be talking aboutpeople.
Speaker 1 (04:04):
Not personally.
I don't talk about anybodypersonally on this, but we kind
of do be talking about y'all.
Speaker 2 (04:09):
Yeah, I mean.
Well, the only way you couldtalk about somebody is
personally.
Do you mean that you don't saybad things about people?
Speaker 1 (04:18):
No, I don't talk about anybody personally on the
show.
What do you mean?
What does that mean?
Like I don't, like you know how, like you fictionalize people,
Like sometimes.
Speaker 2 (04:30):
I may fictionalize people, but I don't really
fictionalize people Like whatdoes that mean I'm?
I have no understanding, I'mtired, you?
Speaker 1 (04:35):
you just going to have to say yeah, like, for
example, like I would never namethe CT tech by her name, right,
like I just fictionalized itjust by now, just by what I just
did, right, but I'm talkingabout someone that I have in
mind, right?
But anyway, basically, what I'mtrying to say is that when
people are listening, or when Iknow people are listening,
there's a little bit of like oh,like we got to be careful about
(04:57):
what we say well, you don'thave to be careful about it, but
you are careful about what yousay, notice.
Speaker 2 (05:03):
I say you Because you always be talking about people.
Speaker 1 (05:09):
Shout out to Dr Dajara, shout out to Dr Uche,
shout out to Dr Tyree, shout outto Dr Thais.
Yay, who else did we?
Speaker 2 (05:18):
see there.
Well, we expected to see Thais.
And listen, Ty and Ty.
Y'all gonna have to.
I don't know.
But you know what's reallyfunny?
So we're really good friendswith Thais and Tyree and they're
both.
Their nicknames are both Ty.
But what's really funny is that, no matter when you say tie,
(05:45):
you always know which one we'retalking about.
Have you ever, like, realizedthat?
No, I've realized that itdoesn't matter which of our
friends that we're talking to.
If I say ty, they know whichone I'm talking about.
Speaker 1 (05:59):
I don't have to say a full name in that crazy because
you you've seen them both inthe same room and you were
anyway you're looking at, wehave mutual friends.
Speaker 2 (06:09):
No, I don't I mean like if I'm talking to a mutual
friend about Ty, they know whichone I'm talking about, without
me having to say Tyree or Tyese.
Speaker 1 (06:22):
But what's also weird .
But I think there's way morenuance in that conversation that
you're having with that person.
You think so, so they candeduce who you're talking about.
Like, I think you're wayoversimplifying it just to make
a point on the show, and that'swhat I do, so I can recognize
when you're doing it.
So just don't do it Really.
Speaker 2 (06:36):
I'm pod.
Speaker 1 (06:37):
Now You're podding.
That's what it is.
You're podding, I caught you.
But listen, shout out also tomy nephew, raheem hey, yo, yes,
congratulations on getting yourMPH.
Yes of you, super proud of you,yep, yep.
And also shout out to my niece,britney, on graduating from
(06:57):
nursing school.
Yay, yay, yay.
Shout out to you.
So we've just been all over theplace, right, like we just
hasn't just been walk, uh,working and just record, like we
ain't got time to record.
I'm graduations and flying totexas and avoiding newark
airport, like it's just a lot ofstuff going on.
Yo, because I ain't flyingnowhere near newark.
Yo, if, y, if, y'all don't know.
Speaker 2 (07:15):
Y'all need to go check it out 60 to 90 minutes of
dead airspace.
Speaker 1 (07:20):
Yeah, I don't think so.
In my own backyard who wouldhave thought you can't land in
Newark?
Hell, no.
Speaker 3 (07:25):
Nope, but that's not what this show is about.
Speaker 1 (07:27):
That's not what this show is about, Folks.
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Check out what Jamie Fleissnerof Set for Life Insurance said
back on episode 176 about havingdisability insurance early in
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Speaker 3 (07:48):
The real reason to get it early on is really
twofold.
One is to protect yourinsurability.
So if you are healthy and youcan obtain the coverage, you
also pre-approve yourself to beable to buy more in the future.
So down the road, as yourincome does increase, you don't
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All you have to do is show thatyour income is increased and
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(08:09):
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Speaker 1 (08:12):
Protect your income, secure your future.
Check outsetforlifeinsurancecom.
No medical questions asked.
Protect your income, secureyour future.
Check outsetforlifeinsurancecom.
Let's jump into this becauseyou're tired.
I don't know what yourexpiration date is.
Speaker 2 (08:25):
But let's jump into my earbuds only got 47%.
Speaker 1 (08:28):
Let's jump into this conversation.
We got a lot to talk about.
We got a lot to talk about.
Let's talk about how this isgoing to affect something that's
going to affect med studentsactually pre-meds, med students
attendings, anybody who needs totake out loans to go to
professional school.
Let's talk about the one big,beautiful bill Boom.
(08:48):
Is it beautiful?
Alfred, put that up.
Put that up there.
Is it beautiful?
It's beautiful.
For some.
It's beautiful if you're tryingto get a tax cut.
It's beautiful, right, it'sbeautiful, it's beautiful so
y'all, what is the one big,beautiful you make?
Speaker 2 (09:03):
a bill that's literally a parody of the of you
like they don't even make nosense how it might change your
student loan future guys.
Speaker 1 (09:13):
So listen, we're going to break down this one
beautiful bill, or one bigbeautiful bill, just a little
bit.
So, basically, it wasintroduced by Senator Josh
Hawley, republican out ofMissouri.
He's a doof.
If you guys don't remember, hewas part of some of those people
.
He was out there doing this tothe people in 2020 before they
(09:34):
came and stormed the Capitol orstormed the Congress.
Speaker 2 (09:37):
What was he doing?
The people who are listeningcan't see.
Speaker 1 (09:40):
He put his fist up and was kind of giving a shout
out to the folks who weregetting ready to kind of storm
the Congress.
So he's not one of my favoritepeople, but anyway it's designed
to address ballooning collegedebt and limit federal
government exposure.
And basically here is the coreproposal.
I got to keep notes on thisbecause there's a lot to this,
guys, and y'all know I don'treally do politics like that,
(10:02):
but the one big beautiful bill,a portion of it is to cap
federal student loans at $20,000per person per year.
It's a problem, y'all.
The reason why is there's atotal lifetime limit of $100,000
.
That's right.
Speaker 2 (10:15):
Right, how much was our debt before?
How much was our debt beforedeferment, and all that
including y'all med students whoare listening right now.
Speaker 1 (10:36):
So, um, it's a problem, y'all.
So what this means for medstudents right now is, look we
talked about this on many, manyepisodes that the average
student loan debt at this pointright now is probably close to
$300,000.
So with a hundred thousanddollar cap, students would have
to go to cause you're going toexhaust the federal student
(10:56):
loans that you're eligible for,right?
So that means you're going toreach your cap on how much you
can take out in federal studentloans, and the reason why that's
a big deal is federal studentloans are protected, right?
Well, excuse me, there's a lotof protections that you get with
federal student loans, right,in terms of default, in terms of
if you can't pay, in terms ofif there's COVID, all those
(11:16):
different things that come alongwith federal student loan
protections.
If you exhaust that, you got toget private loan right, which
could be a problem.
We had to get private loans toget a portion of our education,
particularly our MBAs.
You got to get scholarships and,as we all know and if you don't
(11:36):
know, if you're an undergradstudent right now, if you're a
pre-med student, ain't reallythat many scholarships in med
school and, like you thoughtlooking for a scholarship,
trying to get into college washard.
Try to find a scholarship that'sgoing to send you to med school
.
It's pretty much non-existent,right?
Or yo daddy, yo daddy warbucks,you're gonna go to your parents
(11:56):
, you're gonna have to find arich uncle, you're gonna have to
have a rich auntie, somebodywho's gonna have to make up that
difference.
But you up shits creek,basically, and um, look, people
are upset about this because italready passed through congress
or, excuse me, it already passedthrough the house and now the
senate has to go through and dothat bullshit and it'll get sent
(12:17):
back to the Congress.
But the way in which the Senateworks and the Congress and the
House is right now.
You know this is coming throughand this is going to
disproportionately affect firstgeneration students.
It's going to affectunderrepresented medicine
students and what areunderrepresented, because that
thing changes all the time.
Speaker 2 (12:36):
It's the same thing.
They just added more.
Speaker 1 (12:39):
What's the same thing mean?
What's the definition of anunderrepresented?
Speaker 2 (12:42):
Black, Latino, Native American, and then they added a
whole bunch more.
So, either way, people gettingaffected and lower income
families, Lower income families.
So you know this is a problemfolks.
(13:02):
Yeah, the issue is that thebill, while it does cap your
income the limit right it limitshow much you can borrow from
the federal government.
What it doesn't do is captuition, so that tuition will
(13:23):
continue to increase.
Speaker 1 (13:26):
Well.
So, yes, you got a good pointthere.
So one of the things thatthey're proposing in this that
doesn't make I don't know howthey're they're gonna make this
work is if they are saying thatthe authors who wrote this said
that if there is unpaid studentloan debt, that certain schools
(13:49):
will have to take responsibilityfor having to pay a portion of
that for the students.
Oh yeah, I did read that too.
I read that too.
It's not clear who's going tokeep track of this right?
The Department of Education isalready gutted.
Right Before it was gutted,they barely could follow how
many people were really eligiblefor PSLF, right.
(14:11):
So now you're talking about adepartment of education that
barely exists at this point,right now.
So yeah, if there are asignificant amount of students
who are graduating from yourschool and they are not reaching
certain milestones that arekind of like, you know, can't
find a job, or they have unpaidstudent loan debt and they are
struggling in some form orfashion, and you're increasing
your tuition and you're notshowing that you can reach these
(14:33):
milestones, you as aninstitution may have to pay some
amount, an arbitrary amount.
Speaker 2 (14:39):
Yeah, like a cost share.
Speaker 1 (14:41):
Yeah, and then that money that goes towards?
I don't understand how thisworks, but apparently some of
that money that the institutionis going to have to pay will go
into this pool that'll gotowards schools that are
reaching certain metrics thatthe authors of this bill deem to
(15:02):
be basically worthy to get thismoney.
It's crazy.
I get what they're trying tosay.
Basically, they're saying lookthe schools, y'all need to stop
raising your prices and notoffering any increased value.
And if you're graduating, ifyou have a whole bunch of
students who are graduating withall this debt, they probably
can't find a job or whatever wepropose to be.
(15:23):
They're not getting value.
You're going to have some typeof responsibility.
The problem is you don't haveaccountability.
Right, there is no account oflike.
Who's going to be accountablefor this, this, this is some
type of amorphous thing that'sin the sky.
Speaker 2 (15:37):
You remember, years ago we listened to a podcast
about I get scared when you makecalls like that.
Remember, remember, like a fewyears ago, we listened to this
podcast and it was about thisgentleman who was creating an
online university.
(15:57):
Yes, I forget the name of the.
I feel like it was like MissionUniversity, but there's
something else called MissionUniversity that's not at all
affiliated with what I'm talkingabout, but that university was
supposed to be like 100% free.
And then what they would do isthey would guarantee that you
would get a job.
And once you got a job, whatthey would do is they would say,
(16:22):
okay, a portion of your salary.
Speaker 1 (16:26):
This ain't med school , this was college, yeah.
Speaker 2 (16:29):
Yeah, college.
Speaker 1 (16:30):
Yeah, yeah, it was college.
Speaker 2 (16:31):
Not medical school, I'm talking about college.
I know exactly what you'retalking about.
Yep, yeah, but then a portionof your salary would then go
back to the university toessentially pay the tuition that
you had not paid over the lastfour years.
Okay, but the reason that theydid that was because they
guaranteed that you had a job,that you had a job, so there was
(16:52):
an incentive for the universityto ensure that you would get a
job.
Otherwise, the university wouldnot get paid.
That university doesn'tactually exist, so, or at least
exist anymore.
I don't know if it actuallyever did exist, but it certainly
was something that was talkedabout, but I find it very
(17:13):
interesting that that isessentially what this what is it
?
Speaker 1 (17:18):
Big, beautiful Bill is suggesting yeah, One Big
Beautiful.
Speaker 2 (17:21):
Bill, One Big Beautiful Bill, is suggesting
considering that at least.
At least in that case, yeah, itdidn't work.
Speaker 1 (17:34):
What's good everyone.
This is Dr Nii yo.
This is the end of this segment.
I appreciate you for listening,but this ain't the end.
If you want more, go ahead andclick the next button on your
favorite podcast app.
Listen.
That's next for more banterbetween me and Dr Rene.
That's next for more topics.
That's next for more segments.
Listen.
Did you hit next yet?
Go ahead and click next.
Hit it next.
Peace.
The one big beautiful bill.
A portion of it is to capfederal student loans at $20,000
per person per year.
It's a problem, y'all.
There's a total lifetime limitof $100,000.
That's right.
If this bill goes through, youhave to know that there's going
to be a significant portion ofyour student loan that is not
going to have any federalfunding to it and you're going
(00:20):
to probably have to prepareyourself for using private loans
or waiting for family to helpyou out.
Yo, what's good, everybody.
Welcome back to another episodeof Docs Outside the Box.
Yo.
Speaker 2 (00:38):
I'm your host, dr Nii , on location, joined by my
tired and lovely co-host, DrRenee.
Wake up, yeah, what's up, guys,kids, yo them kids.
Oh, we also had some travel, wehad some travel too.
Speaker 1 (00:54):
So yo, everybody, yo, we haven't recorded.
I went back and looked at therecords.
It's been basically since, uh,the first week in may that we
really look forward and, um, yo,we all, we owe you guys a
couple of episodes, but life belife and an apology.
And, as Renee was alluding to,yo, life is life.
And then we was just travelingall over the place, from me
working to traveling, just doingvarious different things.
(01:19):
Life was life.
But listen, we love talking toyou guys and it didn't take.
Well, actually it took a lot ofpushing from our team,
including Kiara as well asAudrey, to be like yo, what's
going on?
You have a quarter or what,where y'all at, we all over
there, but we are fresh backfrom.
(01:42):
Before we jump into this episode, like let's jump into some
quick shout outs, like we arefresh back from coming from hot
ass, houston, um, texas, um, asyou all know texas, if you don't
know, texas, my favorite, notmy favorite place to be, um, but
is it better than boston?
It's definitely better thanboston.
Houston, for so many reasons,is better than Boston.
(02:04):
One thing I love the weather.
I love the weather, I love thediversity, but that's pretty
much it.
And we were there because ourbrother, our friend from since
(02:25):
2003, 2004,.
Drate uh, got married and wewent there to go and support our
brother and just, you know,have fun and participate in the
open bar.
So shout out to you that washitting, that open bar was
hitting.
But no, no, dr nate got marriedto his lovely wife.
Congratulations, you guys makea beautiful couple and, um, it
was really fun.
Speaker 2 (02:45):
It was really fun we had a great time, good time, saw
some uh some old friends yeah,saw some old friends that we
didn't even expect to see there,uh, from med school.
So that was.
Speaker 1 (02:59):
That was nice because we name them.
We should name them right,because I think we had a point
now where people know we talkabout them on the show, like
today.
I was in a CT scanner.
Oh Lord, here we go.
Who are you talking about onthe show now, patient?
(03:20):
And while I'm scanning apatient, this is him saying it.
While I'm scanning a patient,I'm going through TikTok and I
see this like bald-headed doctortalking with his wife about X,
y and Z, and I'm like yo, I knowthat doctor, and I turn around
and I'm like yo, did you give mea like, though?
You know you talking all thisstuff?
A follow, a subscribe, you knowplease?
(03:41):
So then everybody's like yo,you be TikTok-ing.
I'm like I'm kind of TikTok-ingand you know we kind of just
take clips and put it on TikTokbut we won't be doing what the
real TikTokers do.
But it just let me think aboutgod damn, people actually listen
and it's kind of scary.
Speaker 2 (03:58):
The algorithm is on your side.
Yeah, you do be talking aboutpeople.
Speaker 1 (04:04):
Not personally.
I don't talk about anybodypersonally on this, but we kind
of do be talking about y'all.
Speaker 2 (04:09):
Yeah, I mean.
Well, the only way you couldtalk about somebody is
personally.
Do you mean that you don't saybad things about people?
Speaker 1 (04:18):
No, I don't talk about anybody personally on the
show.
What do you mean?
What does that mean?
Like I don't, like you know how, like you fictionalize people,
Like sometimes.
Speaker 2 (04:30):
I may fictionalize people, but I don't really
fictionalize people Like whatdoes that mean I'm?
I have no understanding, I'mtired, you?
Speaker 1 (04:35):
you just going to have to say yeah, like, for
example, like I would never namethe CT tech by her name, right,
like I just fictionalized itjust by now, just by what I just
did, right, but I'm talkingabout someone that I have in
mind, right?
But anyway, basically, what I'mtrying to say is that when
people are listening, or when Iknow people are listening,
there's a little bit of like oh,like we got to be careful about
(04:57):
what we say well, you don'thave to be careful about it, but
you are careful about what yousay, notice.
Speaker 2 (05:03):
I say you Because you always be talking about people.
Speaker 1 (05:09):
Shout out to Dr Dajara, shout out to Dr Uche,
shout out to Dr Tyree, shout outto Dr Thais.
Yay, who else did we?
Speaker 2 (05:18):
see there.
Well, we expected to see Thais.
And listen, Ty and Ty.
Y'all gonna have to.
I don't know.
But you know what's reallyfunny?
So we're really good friendswith Thais and Tyree and they're
both.
Their nicknames are both Ty.
But what's really funny is that, no matter when you say tie,
(05:45):
you always know which one we'retalking about.
Have you ever, like, realizedthat?
No, I've realized that itdoesn't matter which of our
friends that we're talking to.
If I say ty, they know whichone I'm talking about.
Speaker 1 (05:59):
I don't have to say a full name in that crazy because
you you've seen them both inthe same room and you were
anyway you're looking at, wehave mutual friends.
Speaker 2 (06:09):
No, I don't I mean like if I'm talking to a mutual
friend about Ty, they know whichone I'm talking about, without
me having to say Tyree or Tyese.
Speaker 1 (06:22):
But what's also weird .
But I think there's way morenuance in that conversation that
you're having with that person.
You think so, so they candeduce who you're talking about.
Like, I think you're wayoversimplifying it just to make
a point on the show, and that'swhat I do, so I can recognize
when you're doing it.
So just don't do it Really.
Speaker 2 (06:36):
I'm pod.
Speaker 1 (06:37):
Now You're podding.
That's what it is.
You're podding, I caught you.
But listen, shout out also tomy nephew, raheem hey, yo, yes,
congratulations on getting yourMPH.
Yes of you, super proud of you,yep, yep.
And also shout out to my niece,britney, on graduating from
(06:57):
nursing school.
Yay, yay, yay.
Shout out to you.
So we've just been all over theplace, right, like we just
hasn't just been walk, uh,working and just record, like we
ain't got time to record.
I'm graduations and flying totexas and avoiding newark
airport, like it's just a lot ofstuff going on.
Yo, because I ain't flyingnowhere near newark.
Yo, if, y, if, y'all don't know.
Speaker 2 (07:15):
Y'all need to go check it out 60 to 90 minutes of
dead airspace.
Speaker 1 (07:20):
Yeah, I don't think so.
In my own backyard who wouldhave thought you can't land in
Newark?
Hell, no.
Speaker 3 (07:25):
Nope, but that's not what this show is about.
Speaker 1 (07:27):
That's not what this show is about, Folks.
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serious illness or injury thatstops you from earning a
paycheck just when you need itmost.
Check out what Jamie Fleissnerof Set for Life Insurance said
back on episode 176 about havingdisability insurance early in
your career.
Speaker 3 (07:48):
The real reason to get it early on is really
twofold.
One is to protect yourinsurability.
So if you are healthy and youcan obtain the coverage, you
also pre-approve yourself to beable to buy more in the future.
So down the road, as yourincome does increase, you don't
have to answer additionalmedical questions.
All you have to do is show thatyour income is increased and
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(08:09):
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Protect your income, secure your future.
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Protect your income, secureyour future.
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Let's jump into this becauseyou're tired.
I don't know what yourexpiration date is.
Speaker 2 (08:25):
But let's jump into my earbuds only got 47%.
Speaker 1 (08:28):
Let's jump into this conversation.
We got a lot to talk about.
We got a lot to talk about.
Let's talk about how this isgoing to affect something that's
going to affect med studentsactually pre-meds, med students
attendings, anybody who needs totake out loans to go to
professional school.
Let's talk about the one big,beautiful bill Boom.
(08:48):
Is it beautiful?
Alfred, put that up.
Put that up there.
Is it beautiful?
It's beautiful.
For some.
It's beautiful if you're tryingto get a tax cut.
It's beautiful, right, it'sbeautiful, it's beautiful so
y'all, what is the one big,beautiful you make?
Speaker 2 (09:03):
a bill that's literally a parody of the of you
like they don't even make nosense how it might change your
student loan future guys.
Speaker 1 (09:13):
So listen, we're going to break down this one
beautiful bill, or one bigbeautiful bill, just a little
bit.
So, basically, it wasintroduced by Senator Josh
Hawley, republican out ofMissouri.
He's a doof.
If you guys don't remember, hewas part of some of those people
.
He was out there doing this tothe people in 2020 before they
(09:34):
came and stormed the Capitol orstormed the Congress.
Speaker 2 (09:37):
What was he doing?
The people who are listeningcan't see.
Speaker 1 (09:40):
He put his fist up and was kind of giving a shout
out to the folks who weregetting ready to kind of storm
the Congress.
So he's not one of my favoritepeople, but anyway it's designed
to address ballooning collegedebt and limit federal
government exposure.
And basically here is the coreproposal.
I got to keep notes on thisbecause there's a lot to this,
guys, and y'all know I don'treally do politics like that,
(10:02):
but the one big beautiful bill,a portion of it is to cap
federal student loans at $20,000per person per year.
It's a problem, y'all.
The reason why is there's atotal lifetime limit of $100,000
.
That's right.
Speaker 2 (10:15):
Right, how much was our debt before?
How much was our debt beforedeferment, and all that
including y'all med students whoare listening right now.
Speaker 1 (10:36):
So, um, it's a problem, y'all.
So what this means for medstudents right now is, look we
talked about this on many, manyepisodes that the average
student loan debt at this pointright now is probably close to
$300,000.
So with a hundred thousanddollar cap, students would have
to go to cause you're going toexhaust the federal student
(10:56):
loans that you're eligible for,right?
So that means you're going toreach your cap on how much you
can take out in federal studentloans, and the reason why that's
a big deal is federal studentloans are protected, right?
Well, excuse me, there's a lotof protections that you get with
federal student loans, right,in terms of default, in terms of
if you can't pay, in terms ofif there's COVID, all those
(11:16):
different things that come alongwith federal student loan
protections.
If you exhaust that, you got toget private loan right, which
could be a problem.
We had to get private loans toget a portion of our education,
particularly our MBAs.
You got to get scholarships and,as we all know and if you don't
(11:36):
know, if you're an undergradstudent right now, if you're a
pre-med student, ain't reallythat many scholarships in med
school and, like you thoughtlooking for a scholarship,
trying to get into college washard.
Try to find a scholarship that'sgoing to send you to med school
.
It's pretty much non-existent,right?
Or yo daddy, yo daddy warbucks,you're gonna go to your parents
(11:56):
, you're gonna have to find arich uncle, you're gonna have to
have a rich auntie, somebodywho's gonna have to make up that
difference.
But you up shits creek,basically, and um, look, people
are upset about this because italready passed through congress
or, excuse me, it already passedthrough the house and now the
senate has to go through and dothat bullshit and it'll get sent
(12:17):
back to the Congress.
But the way in which the Senateworks and the Congress and the
House is right now.
You know this is coming throughand this is going to
disproportionately affect firstgeneration students.
It's going to affectunderrepresented medicine
students and what areunderrepresented, because that
thing changes all the time.
Speaker 2 (12:36):
It's the same thing.
They just added more.
Speaker 1 (12:39):
What's the same thing mean?
What's the definition of anunderrepresented?
Speaker 2 (12:42):
Black, Latino, Native American, and then they added a
whole bunch more.
So, either way, people gettingaffected and lower income
families, Lower income families.
So you know this is a problemfolks.
(13:02):
Yeah, the issue is that thebill, while it does cap your
income the limit right it limitshow much you can borrow from
the federal government.
What it doesn't do is captuition, so that tuition will
(13:23):
continue to increase.
Speaker 1 (13:26):
Well.
So, yes, you got a good pointthere.
So one of the things thatthey're proposing in this that
doesn't make I don't know howthey're they're gonna make this
work is if they are saying thatthe authors who wrote this said
that if there is unpaid studentloan debt, that certain schools
(13:49):
will have to take responsibilityfor having to pay a portion of
that for the students.
Oh yeah, I did read that too.
I read that too.
It's not clear who's going tokeep track of this right?
The Department of Education isalready gutted.
Right Before it was gutted,they barely could follow how
many people were really eligiblefor PSLF, right.
(14:11):
So now you're talking about adepartment of education that
barely exists at this point,right now.
So yeah, if there are asignificant amount of students
who are graduating from yourschool and they are not reaching
certain milestones that arekind of like, you know, can't
find a job, or they have unpaidstudent loan debt and they are
struggling in some form orfashion, and you're increasing
your tuition and you're notshowing that you can reach these
(14:33):
milestones, you as aninstitution may have to pay some
amount, an arbitrary amount.
Speaker 2 (14:39):
Yeah, like a cost share.
Speaker 1 (14:41):
Yeah, and then that money that goes towards?
I don't understand how thisworks, but apparently some of
that money that the institutionis going to have to pay will go
into this pool that'll gotowards schools that are
reaching certain metrics thatthe authors of this bill deem to
(15:02):
be basically worthy to get thismoney.
It's crazy.
I get what they're trying tosay.
Basically, they're saying lookthe schools, y'all need to stop
raising your prices and notoffering any increased value.
And if you're graduating, ifyou have a whole bunch of
students who are graduating withall this debt, they probably
can't find a job or whatever wepropose to be.
(15:23):
They're not getting value.
You're going to have some typeof responsibility.
The problem is you don't haveaccountability.
Right, there is no account oflike.
Who's going to be accountablefor this, this, this is some
type of amorphous thing that'sin the sky.
Speaker 2 (15:37):
You remember, years ago we listened to a podcast
about I get scared when you makecalls like that.
Remember, remember, like a fewyears ago, we listened to this
podcast and it was about thisgentleman who was creating an
online university.
(15:57):
Yes, I forget the name of the.
I feel like it was like MissionUniversity, but there's
something else called MissionUniversity that's not at all
affiliated with what I'm talkingabout, but that university was
supposed to be like 100% free.
And then what they would do isthey would guarantee that you
would get a job.
And once you got a job, whatthey would do is they would say,
(16:22):
okay, a portion of your salary.
Speaker 1 (16:26):
This ain't med school , this was college, yeah.
Speaker 2 (16:29):
Yeah, college.
Speaker 1 (16:30):
Yeah, yeah, it was college.
Speaker 2 (16:31):
Not medical school, I'm talking about college.
I know exactly what you'retalking about.
Yep, yeah, but then a portionof your salary would then go
back to the university toessentially pay the tuition that
you had not paid over the lastfour years.
Okay, but the reason that theydid that was because they
guaranteed that you had a job,that you had a job, so there was
(16:52):
an incentive for the universityto ensure that you would get a
job.
Otherwise, the university wouldnot get paid.
That university doesn'tactually exist, so, or at least
exist anymore.
I don't know if it actuallyever did exist, but it certainly
was something that was talkedabout, but I find it very
(17:13):
interesting that that isessentially what this what is it
?
Speaker 1 (17:18):
Big, beautiful Bill is suggesting yeah, One Big
Beautiful.
Speaker 2 (17:21):
Bill, One Big Beautiful Bill, is suggesting
considering that at least.
At least in that case, yeah, itdidn't work.
Speaker 1 (17:34):
What's good everyone.
This is Dr Nii yo.
This is the end of this segment.
I appreciate you for listening,but this ain't the end.
If you want more, go ahead andclick the next button on your
favorite podcast app.
Listen.
That's next for more banterbetween me and Dr Rene.
That's next for more topics.
That's next for more segments.
Listen.
Did you hit next yet?
Go ahead and click next.
Hit it next.
Peace.
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