Wednesday, January 25, 2012

The Next Crisis — Student Loans

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 
[emphasis added]

Read it at AlterNet
Will the Young Rise Up and Fight Their Indentured Servitude to the Student Loan Industry?
by Bruce E. Levine


Broll The American said...

Lower the age that one can obtain full Social Security and Medicare benefits. Out with the old in with the new... more openings for graduates who can probably be hired at less salary, stay off unemployment, stay out of jail, pay taxes, pay off student loans, move out from Mom and Dad, buy a home, provide for their young families, etc etc.

Tom Hickey said...

As Dr. Housing as pointed out, the student loan crisis is perpetuating and exacerbating the housing crisis. People saddled with student loans are not buying houses and probably won't be anytime soon.

kwikcash said...

Outstanding student loan financial debts are a significant problem for many graduates. It is possible to settle with your lenders and possibly reduce or even eliminate your education mortgage debts. If you're not up to the negotiations yourself, you can hire a roofer to settle with lenders on your behalf.

same day loans said...

It’s not very easy to vanish the student loss. A student loan is really a good facility but student loan debt is really a bad experience.