fifteen grand at sallie mae all right let's look at inequality how did that hash out when you look at income gains well let's take a look over the century of the night the twentieth century for nine hundred seventy seven thousand nine hundred eighty one you can see the bottom ninety percent was doing ok there meg making out pretty well but let's look at what happens from one thousand nine hundred two to two thousand their piece of the pie was shrinking a look at what happens from two thousand and one to two thousand and eight the bottom ninety percent where's their piece of the pie it's totally gone entirely by the top ten percent now it's far as response to the protest us president barack obama has uttered some words in support of the protests of course we've heard those but you have been gone there he's been out trying to sell his jobs bill to swing states over the last few days a bill that has so far failed in the senate but one sympathiser we could maybe wouldn't expect is here to talk about the issues head on and his solutions my next guests here then finance he's president of st

sallie mae doesn't own it. if you make a payment early on of the 29th, for example, the last day of the month, there is a six-day window that you have to get your payment in. it is before, with sallie mae, if you don't get that in they apply it to the principal and did you this huge $125 late fee and they don't tell you. you are working all the while. your phone goes dead talking to them. it is like six hours on the phone. this is really overdue. it was 1995. this was years ago. the jobs aren't out there. americans have been working two and three jobs straight through this and have not been using their degrees. host: dan, republican in connecticut. caller: good morning. listen, i just wanted to understand -- i worked 40 years of my life, i raised a couple of children, i had both of them go to college. what is happening today, compared to what happened 40 years ago, is the government taking over a lot of things where people expect a handout. the fact is, they have to be more responsible for their own actions. if

sallie mae. that is one. >> greg: is that a woman you met? >> bob: polluted river and food.community sent stuff to rivers. >> andrea: do they mean wall street? >> bob: pardon? >> andrea: do they mean wall street? >> bob: wall street buys the stock and sells them so they can do that. >> andrea: are the protesters upset at wall street for electing barack obama? wall street gave obama -- hold on. way more than john mccain. and goldman sachs, eric, was the number one donor to barack obama. are they a little upset about that? >> kimberly: notice hypocrisy? they put him in. >> bob: they are not against capitalism. most of them aren't. some of them are communists. i agree with you. my cousin, for example. but wait a second. >> greg: you just outed your cousin. >> bob: they're protesting a form of capitalism that favors small percentage of people against rest of us. >> eric: they are against capitalism. >> bob: no. >> eric: countless -- may i? countless interviews with these lefty wacko nut bags, "down with capitalism." capitalism isn't bad. we need to destroy capitalism but what is

the answer to sally mae, freddie mac and the rest come and my hope as this president, and i voted for him, became president but some magic, some sort of fund that would be created to save the students so that the students wouldn't be paying these loans, they can't file bankruptcy because it's almost impossible to get away from a federally funded student loan. there's nothing they can do and if there was some way that someone came up with an idea to free them of these shackles, it would be such an infusion of wealth and spending that's my comment, and your thoughts. i'm sure you've thought about it. thank you again. >> the cost of education, as you say he will of time students are few government programs to get out from under those debts or with whom they can get a grant of those have really been diminishing over the last few decades and it is a tragedy i went to school in an area we have pell grants some of that qualified financially my parents couldn't afford to send me to school i could get a grant and that is to be part of our reinvestment and education. again, you know, we've got

and they answer to sallie mae, freddie mac and the rest. and my hope as this president -- and i voted for him -- became president that there'd be some magic, some sort of fund that would be created to save the students so that the students won't be paying these loans. they can't file bankruptcy because they're, it's almost impossible to get away from a federally-funded student loan. there's nothing that they could do, and if there was some way that someone came up with some idea to free them of this, these shackles, there'd be such an influence of wealth and spending. that's my comment and your thoughts. i'm sure you've thought about it. and thank you again. >> well, the cost of education has, as you say, it's skyrocketed. and a lot of times students are, you know, they are saddled with debt. there are a few programs, there are a few government programs that allow students to get out from from understood neither those departments or from which they can get grants, but, you know, those have really beenty finishing the last few days, and i we

private loan sector is the ones where you go to the banks and usedç to be sally mae, those are folks. and this government program only starts in 2012. if you have debt prior and you are a graduate, that's bad luck. >> if you do qualify what some of the benefits that the president laid out? >> if you do qualify, basically, your income based loan will reduce from right now 15% of your discretionary income, that will reduce to 10%. that will help ease up what you owe on your loan. also, it used to be it was 25 years that you could have the whole debt forgiven now it is 20 years. that helpsç as well. again, these are only direct and guaranteed loans by the government. you have to make sure what you have that you can consolidate for next year. it stars in 2012. >> one of the things we talked about, if you have one of those -- one of those loans that don't qualify, if you own a home lucky enough to get a home equity loan and merge and pay it off is that interest deductible? >> it is. lots of folks do that that is a viable way to help finance through college. the problem is, a lot of us do