In October 2011, the White House announced, “Currently, more than 36 million Americans have federal student loan debt.” By the end of 2011, student loan debt had exceeded $1 trillion. Two-thirds of college seniors graduate with student loans, including over 62 percent of public university graduates. According to the Project on Student Loan Debt, they carried an average of $25,250 in debt in 2010, but many have far greater debt than that average. And nowadays, with high unemployment, even higher underemployment, the inability to pay bills, and accumulating interest and penalties, the lives of student loan debtors can quickly turn into financial nightmares.
"Indentured Servitude? I’ll be paying for my student loans for the rest of my life....A large portion of my earnings goes to the Wall Street elites that have commoditized and securitized my loans....I knew at the time I signed the student loans (again and again) that I would be responsible...what I didn’t figure was the cost to my children." —Jeff Vincent, AlterNet
Read it at AlterNet
Will the Young Rise Up and Fight Their Indentured Servitude to the Student Loan Industry?
by Bruce E. Levine