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"rahm lever" Discussed on WGN Radio
"The NASDAQ up just shy of 132 points. Current temperatures. 33 at O'Hare 34 midway 32 at the lakefront 34 Waukegan. I'm Steve Roxton on Chicago's very own 7 20, WGN. Gotta money question for Terry Savage. 312981 72 100 will get to your calls and questions coming up. Just wanna say thank you to Terry Savage coming on the show today. Hey, Terry, how are you? I am on this. It's fun. It is fun. You know, you're you're part of Ah, Parent serious program tonight, And these things have been really great. The subjects that they're coming up with one tonight is the price you pay for. Colleges want to get this out there. We can put it up on the WGN radio website, of course, but it's tonight. Seven o'clock, You go to Glenbard GPS that or for the link, it's free and it's virtual. So I mean, wow, free. Great advice from Terry Savage. I'm in Yeah, I'm interviewing Ron Lieber, whose books just debuted today at Number four on the New York Times best seller list. It is called the Price You pay for college if you have a high school student, preferably a freshman or sophomore You absolutely have to read this book. I mean, you know, people make big decisions about their home. But if you have one or two or three kids going to college, you're talking about spending more money than you probably spent on your home. And it's been a blind item. You know which school will give me more? How? What's the real class? What's financial aid? Today. We're dealing with a student debt problem that Are bigger than our national credit card problem. $1.7 trillion in student loans, burying people. And if Ron had written this book 15 years ago if he could have We would have saved so much heartache. And why is that? What is that? We should have known. What should we have known or what could if we knew something, then that we know now what would you do Different Here's the thing. Think about health care costs meant If something's wrong, you go to the doctor assuming of insurance now and then this whole thing about what insurance did you have came up, But you would. You knew that insurance would cover it. So you never Knew that if you walk into you know, Rush Hospital or Northwestern Memorial or whatever. Some people there who were having heart surgery. Have insurance that pays the full tab. No, Some people are on Medicaid. And there's huge discounts for that, And some people are part of group insurance policies that have negotiated lower prices with hospitals and doctors, for example. But since we don't pay when we have health insurance We don't know about the underlying distribution of what stuff clock. And, frankly, unless you call your friend and they know I had my hip replaced here are my knee replaced there. You don't really know There's no way to grade actually the outcomes. Of any process in health care. Well with college. It was the same way except It wasn't insurance paying for it. It was parents. And Rahm Lever has managed Appeal back. What is happening now is your kids apply for college next year or the year after to see Not only the facts, the stuff I write about about financial aid, and it's true costs in the forms, you have to fill out this factual stuff. Let's talk about what's the real value of college. Which may be different for your family or another family. Maybe it's prestige. Maybe it's cost. Maybe it's It can be a number of things that make people Willing to pay more for college. But the question is, Do you get what you paid for? And could you have paid less? Nobody goes out and buys a car at list price. I mean, I'm not a car person, but I know that the stickers right pressure. Gonna pay well, doesn't disappoint there, too. There's an excellent point there, too. I just remember the time I was going to college early nineties, I everyone was. You're supposed to go to college. That's what everyone was supposed to aspire to go to college. It was a sort of like the unwritten rule, and people looked at you other parents would look at you and say Oh, you're not going to come. I mean, like it was one of those things and you're right. It's something to examine. When you look at this year cost of it, and you look at what the payoff is relative to it. My concern here is Terry that the cost of a college education is getting So high and so big and you're looking at a whole generation that's just saddled with all this death. You're seeing people who are low income who are choosing not to go to college or in that middle income. Where they you know, sort of don't qualify for help. Just deciding. You know what I might benefit from college, But I just won't even go for it because I don't want to deal with all of that. Those student loans for our countries as the nation. I mean, in general. Overall, we really do need an educated workforce. But there are a lot of moving pieces in this whole decision. All right. I'm gonna start at the tail end because just because, two weeks ago I put up a column in terry savage dot com. Talking about the incredible Soon loan debt problem where we have people in their forties and fifties and some even approaching retirement and some in retirement. Who I have not paid off their student loan. No simple part about that is they never understood Number one what the cost of interest would be and number two here something that surprises so many people. When you take out a student loan if you took it out 12 or 15 years ago, the interest rate was 8% interest rate stays the same for the life of your student loan federal student loan. And private student loans are equally high, and they don't re finance very easily. So the fact is that what if you took out a mortgage 15 years ago, and you had a 9% right by now You've.