America's staggering student loan crisis

Student loan debt stands at $1.2 trillion


This is a rush transcript from "The Five," July 17, 2013. This copy may not be in its final form and may be updated.

DANA PERINO, CO-HOST: OK. Today, as college grads are struggling to find jobs, many are putting off starting families because their education has put them deep in debt. Today, the Consumer Financial Protection Bureau announced the amount Americans owe in federal student loans has topped $1 trillion.

And the number is going to skyrocket. Interest rates double from 3.4 percent to 6.8 percent on July 1st, that was because the Republicans and Democrats didn't come to an agreement.

BOB BECKEL, CO-HOST: The Republicans --

PERINO: No, the Republicans have an offer. The Democrats are --


PERINO: And President Obama had a meeting at the White House last night to tell the Democrats to knock it off.

BECKEL: Can I make a comment?

PERINO: About me or about the story?

BECKEL: You're already gone. You started off like Snow White, now you're down there with whatever.

KIMBERLY GUILFOYLE, CO-HOST: What does that mean? What about the rest of us?


BECKEL: What does it say? Ask yourself that question.

PERINO: Peer pressure.


BECKEL: I happened to co-sign student loans for a couple of people, one of whom died for Sally Mae. Now, Sally Mae is busting my chops every day to pay it back. But I say, I am not paying it back.

PERINO: Bob, did you co-sign a loan? Aren't you responsible?

BECKEL: I didn't know that at the time.

PERINO: OK. Well --

ERIC BOLLING, CO-HOST: Stop it. That's the definition of co-signing. You're being responsible.

GUILFOYLE: Bob, what outcome did you expect in that situation?

BECKEL: I thought when they died, they would feel bad about it and not charge.

BRIAN KILMEADE, GUEST CO-HOST: And the problem with this is if you have a student loan, you're not having kids because you don't feel like having sex. That's exactly it. You don't want to start a family.


PERINO: What are you talking about?

BECKEL: That is your problem. That is your problem.

KILMEADE: I am debt free.

PERINO: The reason they don't start families is they feel they're not financially secure enough to start a family yet, not that they're not having S-E-X.

KILMEADE: How do you have a family?

PERINO: A lot of times they don't feel like having S-E-X.

KILMEADE: Why would you do? You're buried in debt.


GUILFOYLE: You know what? This is the problem. The philosophy from the yellow couch has seeped right in through here at "The Five."

KILMEADE: They will take responsibility for my philosophy.

BECKEL: You bring your personal life to this show? You're the guest here.

KILMEADE: It applies to the talking point, I am moving it forward.

PERINO: OK, let me ask somebody who knows something maybe more about this.


PERINO: You said people don't feel like having S-E-X because they have student loan debt.


PERINO: So, they're not starting families because they --

KILMEADE: How do you start families?

PERINO: I know, but it's not because -- because they used protection.

BECKEL: The immaculate conception.

GUILFOYLE: I have one.

PERINO: What has happened?

BECKEL: Go ahead, ask Eric. Ask Eric.

GUILFOYLE: Immaculate conception.

BECKEL: I bet you have with one of those five husbands you had. Go ahead.


PERINO: If you are a young person and you are starting out on a job, is a student loan holding everybody back because they can't get ahead and they're worried about making that payment every month?

BOLLING: Here's the problem. From mortgage mitigation, to bailing companies out, kids think they're going to get -- they probably will, scary thing is, they're probably going to get bailed out. All they're hearing is President Obama, remember? Get me a phone. He'll --

GUILFOYLE: Birth control. Health care, I live with my parents.

BOLLING: At some point, this is the next shoe to drop. The Obama administration is going to come and say, we have to take care of this huge next balloon or bubble that's going to burst. We're going to bail out student loan debt. They will come with some mitigation, student loan debt.

Because it doesn't work, Bob. Never bailing people out of stuff works. It's anti-capitalism. They take on more debt and then they won't be able to have sex.


PERINO: Kimberly hasn't had a chance.


KILMEADE: I got yelled at once.

PERINO: Stop talking. You're in timeout.

Kimberly, one thing I thought about earlier today so I am asking you is, the problem is student loan debt, but also a problem of jobs. The unemployment rate -- we need job growth, we need the Keystone pipeline, we need fracking, we need other things in order to get the economy moving.

GUILFOYLE: They're shutting it down, things, in fact, that would be good for the economy, stimulate growth, it would be good for jobs.

So, what you have children staying home with their parents forever, and they have no jobs, even you have a hook up, a connection, you know somebody, Bob Beckel can't help you get an internship or a job, that's the problem. The reality is, the demand is high, they don't have enough positions to go to. You have kids going to vocational training, get a certificate.

BECKEL: What's wrong with that?

PERINO: It's not a bad idea.


PERINO: Some certificate programs are ones you won't have to go into a lot of debt to get them. And then there are jobs for it.

But, Bob, what were you doing there?

BECKEL: No, I was following. She talks with her hands. I was trying to do it.

GUILFOYLE: Then he comes out here, tries to smell me all the time.


BECKEL: For example, airline mechanics make a lot of money, you can get that certificate, you don't have to get --

PERINO: And a lot of those companies will help you then pay for a four- year degree.

BECKEL: You could probably take it up yourself, right? Because, you know, you never with your TV career, especially when you beat up the children.

PERINO: Brian, when you had the talk with your children, is that the kind of advise you give them?

KILMEADE: I had something very -- I could have answered the way Kimberly or I answered. I chose --

PERINO: You took the road less traveled.

KILMEADE: Yes. I could have won either way.

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