A short YouTube reaction video (creator: Jayson Lowe) that presents a call-in transcript between Anna and Dave Ramsey about $80,000 in student loans. Anna and her husband paused aggressive repayment while waiting for potential government forgiveness (she mentions a possible $10,000 forgiveness) and report having roughly $90,000 in savings. Dave Ramsey urges immediate repayment. Jayson Lowe then reframes the situation from a banker’s perspective, arguing that keeping cash instead of extinguishing the debt mirrors banking incentives and cites an external claim about unclaimed deposits in Canada (~$1.8 billion as of 2022).
Questions this video answers
Around $80,000.
About $90,000.
$10,000 (potential forgiveness mentioned).
Approximately $1.8 billion in 2022.
Chapters
My husband and I are kind of in a unique position. The only debt we had was student loans, which we were working really hard towards paying off. We know with COVID they end up getting deferred, but we still, you know, took the same amount of money we just put into savings and we.
Why don't you pay them off?
Well, I know that's kind of a touchy topic with you. Our mentality is he's been watching everything with the government. You know, he's waiting to see if the 10 grand's forgiven.
How much do you owe?
His are around 80k and mine.
So what the hell's 10 grand got to do with it? You owe 80 grand?
Well, it could be 10 grand less that we give to them.
How much have you got in the bank?
We. Well, we did have about 90k. We had reached the amount that he had.
So here's the thing, Anna. If you owe $80,000 that you signed up for and you have $90,000 to pay it, you should pay it. You owe the money. I don't want to have to pay it for you. I'm a taxpayer.
That's.
That has to pay this because you're trying to play some freaking game with the government.
I'm no US taxpayer, but I can see Anna has definitely the mentality of a banker. How do bankers think? Bankers have access to money as much as possible. So does Anna. Ideally to cheap or free money. So does Anna. Bankers want to control your money for as long as possible. So does Anna. Bankers will use every single reason not to pay it back. For example, bankers will put limits on how much you can actually withdraw from a bank account or. And bankers will actually, by default, renew your GIC in Canada or CD in United States so that they have control over that money for longer. If bankers can actually get the liability forgiven or forgotten about, they would be really happy. Do banks have such liabilities? Of course. According to national post, as of 2022 in Canada, there were approximately $1.8 billion in banks in the form of unclaimed deposits. Banks have to hold onto this dormant account or unclaimed deposits for 30 to 100 years before they actually give it to the government of Canada for good. Are the bankers using this cash in their favor right now? You guessed it. What they're telling this lady is get back to earth, Think like a borrower, feel guilty, shame on you for holding onto this loan. He says, if you have a liability and you have the same amount of cash, pay it off and you will be debt free. But the problem is, as soon as she is debt free, all this money is gone forever. Think like a banker and don't be fooled by videos like this one.
