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Paid Off: TV show offers to pay off student debt

Paid Off: TV show offers to pay off student debt

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Media captionHost Michael Torpey tells the BBC’s Jane O’Brien: “This is an unfair burden”

In the sector of TV sport displays, other folks have had their lives modified by way of profitable dear vehicles or homes. In 2018 America, a brand new programme is providing a reasonably other – however in all probability as coveted – prize.

Your student debt paid off.

“It’s a comedic trivia show that’s an absurd answer to an absurd problem,” said actor Michael Torpey, presenter of Paid Off, which premiered this week at the leisure channel TruTV.

The programme sees 3 contestants, typically of their overdue 20s and early 30s, answering elementary basic wisdom questions. As they advance, they get nearer to having their loans – some above $40,000 (£30,000) – absolutely lined.

The concept for the challenge, Torpey mentioned, got here when he met his spouse. She had some $40,000 in loans for levels and was once doing “all sorts of odd jobs” to generate income. At the similar time, she was once additionally running against getting her licence as a psychological well being counsellor.

“I didn’t appreciate what it was to have this burden impact you all day, every day, keeping you from picturing your life moving forward – the ability to have kids, a home, go on vacations, down to the small stuff of having a second cup of coffee.”

So when debt-free Torpey – recognized for his function within the Netflix drama Orange Is The New Black – booked his first business marketing campaign, he knew precisely the place the cash would cross.

“We wrote the cheque, put it in the envelope, and my wife just started crying.”

Image copyright
HANDOUT/TRUTV

Image caption

The programme contains some political messages about student debt

The programme, which can air 15 different pre-recorded episodes, says just about $500,000 in student debt has been burnt up.

The producers tried to pay it directly to the debt-holders, the Washington Post studies, however as a result of logistics and tax implications, the winners are getting a cheque as a substitute.

For now, it’s broadcast handiest in the United States.

How does it impact you?

The pageant is also humorous however the problem is the rest however:

  • Some 45 million Americans have student loans, according to Student Debt Crisis, a non-profit team that offers lend a hand to the ones in debt
  • This quantities to $1.5tn, which is reportedly $620bn greater than the overall bank card debt in the United States
  • The reasonable debt is $37,000, upper than in the United Kingdom ($30,000), Australia ($22,000), Canada ($20,000) or Germany ($2,400), the Student Loan Report says

As a part of the BBC’s Ask America sequence, we’ve got requested our readers if President Donald Trump was once proper to say “there’s never been a better time to be young and American.”

Many have answered negatively, mentioning student debt as probably the most major stumbling blocks (one of the vital solutions were edited for readability).

  • Claire Gear, 21, Milwaukee, Wisconsin: “The cost of a college education is overbearing; I’ll be graduating next year with my undergrad degree and will be over $50,000 in debt, despite making monthly payments. In order to get two-thirds of jobs in the economy, however, this is necessary. Yes, the loans will be paid off eventually but this is a crippling investment; we can’t invest in our retirement funds, buy a house, start a family, buy a car, or further our education”
  • Courtney Kayser, 27, Madison, Wisconsin: “I’m currently over $50,000 in debt from both my bachelor’s and master’s degrees, which makes it extremely difficult, if not impossible, to save up to buy a car or a house. I struggle with rent every month and live paycheck to paycheck. I work every single day and can barely keep myself afloat with rent and loan payments. Most of the time I’m wondering how I’m going to manage and still eat or have a roof over my head”

Some, then again, weren’t so pessimistic.

  • William Larkin, 27, Washington DC: “Some people have chosen to take on crippling debt to get degrees that are worthless in addition to going to schools that are overpriced. I feel that these people made poor decisions. There are many ways that that could have been avoided. Either by military service or working for companies that will help fund your degree. I paid my loans as I worked. I left college with about $20,000 in debt, most of which I’ve since already paid off over the past five years since I left it”

Join the dialog

Has student debt affected your lifestyles? What are the opposite problems that subject to you and your neighborhood?

Send us your feedback or questions to AskAmerica@bbc.co.united kingdom and we can reply to what you let us know, as a part of our Ask America sequence.

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